COMBank post-tax profits grow 39.46% to Rs. 2.37 b in nine months

The Commercial Bank Group comprising the country's benchmark private sector bank, its subsidiaries and associate companies has continued its robust financial performance in the first nine months of 2006, and reported noteworthy increases in profits and income.

In results released to the Colombo Stock Exchange, the Group reported a pre-tax profit of Rs 4.05 billion for the first nine months of 2006 as against Rs. 2.60 billion earned during the corresponding period last year, a growth of Rs. 1.45 billion or 55.57 per cent.

The post-tax profits of the Group rose to Rs. 2.37 billion as at September 30, 2006 from Rs. 1.7 billion in the first nine months of 2005, an increase of Rs. 671.40 million or 39.46 per cent. Based on these results, the Board of Directors of the Bank has declared an interim dividend of 15 per cent which is to be paid this month.

Commercial Bank's Senior Deputy General Manager (Finance and Planning) Ranjith Samaranayake said this significant profit growth was partly due to profit from the sale of part of the investments in the shares of DFCC Bank in the second quarter of 2006 and recognition of mark to market gains, which arose as a result of transferring a further portion of shares to the trading portfolio of the Bank during the third quarter of 2006.