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COMBank Group post tax profits up 170.6% to Rs 943.1m in 1Q,
2006
The Commercial Bank Group comprising Sri Lanka's benchmark private sector
bank, its subsidiaries and associate companies, has reported spectacular
growth in pre and post-tax profit in the first quarter of 2006.
In results released to the Colombo Stock Exchange, the Group reported a
post-tax profit of Rs 943.1 million for the first quarter of 2006 as against
Rs 348.5 million reported in the first quarter of last year, a growth of Rs
594.6 million or 170.6 per cent.
The pre-tax profits of the Group for the period rose to Rs 1.404 billion
from Rs 581.3 million, a growth of Rs 822.7 million or 141.5 per cent.
The Group's superlative performance was underpinned by mark to market
gains totalling Rs 667.2 million which arose from transferring part of the
investments made in DFCC Bank and the full investment in Commercial Leasing
Company Limited to the trading portfolio of the Bank. Discounting the mark
to market gains and the special VAT thereon, the post-tax profit of the
Group for the quarter was Rs 387.1 million, an increase of Rs 38.6 million
or 11 per cent compared to the first quarter of 2005.
On the same basis, the pre-tax profit of the Group for the quarter was Rs
848.1 million, an increase of Rs 266.8 million or 46 per cent, compared to
the first quarter of 2005.
Additionally, exchange profit recorded a substantial growth of Rs 238.2
million to Rs 193.4 million as at March 31, 2006 as against an exchange loss
of Rs 44.8 million reported in the first quarter of 2005, the Bank said.
At Bank level, the Commercial Bank reported healthy growth in
profitability with pre-tax profits of Rs 1.570 billion for the first quarter
of 2006, an increase of Rs 1.022 billion or 186.4 per cent from Rs 548.5
million reported for the first quarter of last year.
Discounting the mark to market gains and the special VAT thereon, the
pre-tax profit of the Bank for the quarter was Rs 1.014 million, an increase
of Rs 466.3 million or 85 per cent compared to the first quarter of 2005. |
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