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| Sunday, 6 November 2005 |
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ComBank pre-tax profits up 34% to Rs. 2.6 billion in 3Q The Commercial Bank Group comprising Sri Lanka's benchmark private sector bank, its subsidiaries and associate companies, has reported excellent growth in profits and other key performance indicators for the first nine months of 2005. In results released to the Colombo Stock Exchange the Group reported a pre-tax profit of Rs 2,605 billion as against Rs.1.932 billion recorded in the corresponding period of last year, an impressive growth of Rs. 673 million or 34.86 per cent. Total revenue at 11,348 billion was up 26.58 per cent. The post-tax profit of the Group increased by a significant Rs. 430 million or 33.89 per cent to Rs 1,701 billion in the period under review as against Rs. 1,271 billion in the first nine months of last year. Strong profit growth was achieved despite an increase in corporate tax liability from Rs 660.9 million last year to Rs 904 million this year and a drop in the exchange profit of Rs 319.6 million from Rs 707.7 million to Rs 388.1 million. This was due to the translation losses recorded in January 2005 consequent to the sharp appreciation of the Rupee against the US Dollar resulting from the inflow of foreign funds to the country in the aftermath of the tsunami in December 2004 and losses in the conversion of the accounts of the Bangladesh operations into Sri Lankan Rupees. The Group's net interest income, its principal source of income, rose to Rs 4,273 billion as against Rs 3,354 billion recorded during the first nine months of 2004, a substantial increase of Rs 919 million, which represents a percentage growth of 27.39 per cent. The fee-based and other income of the Group amounted to Rs 1,563 billion for the period under review, as against Rs 1,296 billion reported for the corresponding period last year. This represents a growth of Rs 267 million or 20.65 per cent. Commercial Bank's Senior Deputy General Manager (Finance and Planning) Ranjith Samaranayake said that the growth in the net interest income was facilitated mainly by the impressive growth recorded by the bank in all key business areas, namely deposit mobilisation and advances. The total deposits of the Group increased 18.7 per cent to Rs. 117.1 billion as at September 30, 2005. The total gross advances of the Group stood at Rs. 112 billion as at the end of the quarter, as against Rs. 96.1 billion reported at the end of 2004 reflecting a growth of 16.54 per cent. |
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