ComBank net profit up Rs 10b

A characteristically resilient operational performance that gained momentum as the year progressed has enabled the Commercial Bank of Ceylon PLC to end 2013 on a strong note, despite lower demand for credit and thinning margins.

Dinesh Weerakkody

Ravi Dias

The bank reported profit before tax of Rs 14.51 billion for the year ended December 31, 2013, on gross income of Rs 73.16 billion, which was up Rs 9.764 billion or 15.4% over 2012.

Profit after tax at Rs 10.445 billion for the full year, reflected a noteworthy performance amid tough market conditions. Describing 2013 as a period in which a number of factors combined to make it a challenging year for the banking sector, Commercial Bank Chairman Dinesh Weerakkody said, "Against this backdrop, Commercial Bank turned in a healthy performance for 2013."

"The success of the Bank's performance is also reflected in the Group which comprises of the Commercial Bank, its subsidiaries and associates.

The Group post tax profit of Rs 10.573 billion represents a growth of 4.88%," he said. Commercial Bank's Managing Director and CEO Ravi Dias said, "Our efforts to build up a strong balance sheet over with a sustainable cost to income ratio, strong CASA and other positive indicators enabled us to maintain and improve our presence in a competitive market."