ComBank achieves Rs 10 b PAT

The Commercial Bank of Ceylon PLC has established yet another performance milestone, becoming the first private bank in Sri Lanka to surpass Rs 10 billion in net profit.

Commercial Bank Chairman Dinesh Weerakkody

Profit before tax for the 12 months ending December 31, 2012 grew 30.26% to Rs 14.311 billion, while profit after tax at Rs 10.072 billion reflected a growth of 25.15%, the bank stated in a filing with the Colombo Stock Exchange.

Commercial Bank Chairman Dinesh Weerakkody said the Bank's financial results reflect the significant role it now plays in the lives of millions of people and the national economy and its commitment to the concept of 'Banking on You.'

Commercial Bank's Managing Director and CEO Ravi Dias said, "Our aim has always been to focus on our fundamentals, strengthening the balance sheet, ensuring stability and maintaining a strong current and savings account base, which at current levels is probably the best in the industry."

The Bank's total income for 2012 improved by 38.88% to Rs 63.167 billion, with interest Income increasing 37.72% to Rs 51.838 billion and non-interest income composed of foreign exchange and other income, growing by 47.62% to Rs 9.729 billion.

Interest income from loans and advances grew by 45.35% to Rs 41.711 billion. The Bank's total performing loans and advances increased by Rs 48.824 billion or 17.94% over the 12 months. Interest Income from Other Interest Earning Assets such as Treasury Bills and Bonds improved by 13.26% to Rs 10.128 billion.

With the Bank's deposits portfolio growing by Rs 64.262 billion or 20.18%, interest expenses grew by 52.31% in the review period to Rs 29.918 billion.

Consequently, Net Interest Income increased by 21.80% to Rs 21.920 billion.