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Pardons to those who rally Kirulapana


srilankamirror.com
12 May 2016


Commercial Bank makes confident start to 2016 with strong profit & asset growth

Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 5.377 billion for the three months ending 31st March 2016, commencing the year with a robust 27.89% growth, made possible by notable improvements in business volumes and reduced growth in charges.
Sri Lanka’s largest private bank’s profit before tax for the quarter was up 27.95% to Rs 4.579 billion, and profit after tax grew by 28.92% to Rs 3.234 billion, according to a filing with the Colombo Stock Exchange (CSE).
A record Rs 101 billion Year-on-Year growth in its loan book resulted in interest income increasing by Rs 2.415 billion or 15.45% in the quarter to Rs 18.050 billion, the Bank said. Net interest income for the three months was Rs 8.113 billion, a growth of 12.17%, the lower growth rate due to an 18.27% increase in interest expenses (Rs 9.937 billion) consequent to a rise in rates.
Total operating profit for the period reviewed at Rs 10.979 billion reflected an improvement of 13.39%, with the Bank achieving a noteworthy reduction of 25.17% in total impairment charges through a reversal in the provision for individual impairment due to an improvement in NPLs. Net operating income grew by 19.53% to Rs 9.983 billion.
“This is a solid start to the new year, particularly when viewed against the prevailing market conditions,” Commercial Bank Chairman Mr Dharma Dheerasinghe said. “The Bank’s ability to increase volumes in all key areas of business, thereby minimising the impact of a drop in gains from bond trading, indicates an operational strength that augurs well for the rest of the year.”
Commercial Bank Managing Director/CEO Mr Jegan Durairatnam described the Bank’s first quarter performance as “creditable and confident” and said projections based on the steady growth of its asset base indicated the Bank is poised to record significant improvements in all areas in the current year.
Total assets grew by Rs 45 billion or 5.09% from 31st December 2015 to Rs 924.575 billion at 31st March 2016. Gross loans and advances increased by Rs 29.317 billion over three months from Rs 526.167 billion at the end of 2015 to Rs 555.484 billion at the end of the quarter under review, growing by a monthly average of Rs 9.77 billion.
Deposit growth over the three months averaged a similar Rs 9.65 billion per month, taking the Bank’s total deposits to Rs 653.040 billion as at 31st March 2016.

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