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Sunday, 22 November 2015

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ComBank nine-month pre-tax profit tops Rs 12 b

The Commercial Bank of Ceylon PLC reported Profit Before Tax of Rs 12.190 billion for the nine months ending September 30, 2015, achieving a creditable 8.72% growth despite narrowing margins and substantially lower capital gains compared to the corresponding period of the previous year.

The Bank's Profit After Tax of Rs 8.426 billion at the end the third quarter reflected growth of 7.96%, while Gross Income at Rs 56.694 billion was an improvement of 4.58%, according to interim financial statements filed with the Colombo Stock Exchange by the bank. Profit Before VAT and NBT was up 8.51% to Rs 14.235 billion.

Interest income for the nine months improved by 4.53% to Rs 48.605 billion, while interest expenses grew by a lower rate of 1.08% to Rs 26.207 billion, helped by the growth of low cost funds in the Bank's deposit mix. Net Interest Income grew by a higher rate of 8.88% to Rs 22.398 billion.

Other income at Rs. 7.432 billion was on par with that of the corresponding nine months of the previous year, during which the bank posted substantial capital gains on bond trading. The figure for 2015 was helped by an increase of Rs 554.6 million in net gains from trading, an increase of Rs 652.8 million in Recoveries, Exchange Profit and Investment Income, and an improvement of Rs 316.434 million in Net Commissions and Fees, the Bank said.

Chairman, Commercial Bank, Dharma Dheerasinghe said, "The figures are a good indication of how the Bank has kept its momentum going in the face of changing conditions and reduced margins. We have also had robust deposit and loan growth and hope to end the year with a characteristically solid result."

Managing Director and CEO, Commercial Bank, Jegan Durairatnam said that the impact of factors such as the absence of bond trading income and less favourable interest rates in 2015 had been effectively mitigated by the Bank's strong attention to improving volumes in core business areas.

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