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| Sunday, 7 August 2005 |
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COMBank reports strong growth in first half of 2005 The Commercial Bank Group comprising Sri Lanka's benchmark private sector bank, its subsidiaries and associate companies, has reported strong growth in profits and other key performance indicators for the first half of 2005, despite a substantial increase in the effective tax rate and the continuing effects of the post-tsunami appreciation of the rupee against the US Dollar. In results released to the Colombo Stock Exchange (CSE) on Thursday the Group said its income grew by Rs. 1.381 billion to Rs. 7.046 billion, a robust growth of 24.38 per cent over the first half of 2004. This was achieved mainly due to a 32.63 per cent growth in interest income to Rs. 5.903 billion and a 25.88 per cent increase in other income to Rs. 997.2 million. The Group reported a pre-tax profit of Rs. 1.460 billion, an increase of Rs. 355.6 million or 32.2 per cent, over the corresponding half of 2004. The Group's post-tax profit of Rs. 873.9 million for the period under review, reflected a growth of Rs. 152.8 million or 21.19 per cent. This was after providing for an income tax liability of Rs. 586 million as against Rs. 383.3 million last year. The Group said the effective tax rate had risen from 35 per cent last year to 40 per cent in 2005 mainly as a result of recent changes in tax laws. Growth in Pre-Tax Profit was achieved despite translation losses amounting to Rs. 290.3 million which had to be absorbed in the first half of 2005 as against a translation gain of Rs. 53.8 million for the first half of last year. |
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