Sri Lanka's People's Bank reported a 10.1% year-over-year rise in net profit for the quarter ended March 31, on the back of higher net fees and commission income.
The bank said in a May 28 report that group net profit attributable to equity holders grew to 4.48 billion rupees, from 4.07 billion rupees in the year-ago period. EPS however slipped to 18 rupees from 28 rupees.
Net interest income rose to 17.73 billion rupees from 14.79 billion rupees, while net fee and commission income jumped to 1.76 billion rupees from 1.08 billion rupees.
Impairment for loans and other losses also jumped to 1.92 billion rupees, from 1.16 billion rupees as of March 31, 2017. Net operating income for the latest quarter grew 13.8% to 19.96 billion rupees, from 17.55 billion rupees a year ago.
The group's interest margin inched up to 4.3%, from 4.1% as of Dec. 31, 2017.
At the end of March, the group's gross nonperforming advances ratio stood at 2.2%, up from 2.0% at end-2017. Its net nonperforming advances ratio was 1.2%, up from 1.0% over the same period.
The group's total capital adequacy ratio as of March 31 remained unchanged from 13.7% at end-2017. Its tier 1 and common equity Tier 1 ratios each slipped to 10.7% from 11.5%.
As of May 28, US$1 was equivalent to 157.95 Sri Lankan rupees.
