ComBank PAT grows 15.38%, to Rs 5.168 billion

Strong second quarter growth in fund based operations has enhanced the half year performance of Commercial Bank of Ceylon PLC, enabling the bank to post profit before tax of Rs 7.443 billion for the six months ending June 30, 2015, an increase of 14.97% over the corresponding six months of the previous year.

Profit after tax grew by 15.38% to Rs 5.168 billion on gross income of Rs 37.017 billion, the Bank said in a filing with the Colombo Stock Exchange (CSE).

Figures for the second quarter (April-June 2015) reflect robust year-on-year (YoY) growth, with profit before tax for the three months up 21.37% to Rs 3.864 billion and profit after tax growing 20.85% to Rs 2.659 billion, the Bank said.

Total interest income for the six months ended June 30, 2015 improved by 2.59% to Rs 31.788 billion and with interest expenses reducing by 1.62% to Rs 17.021 billion, the Bank increased its net interest income to Rs 14.768 billion, a growth of 7.91%. Net interest income in the second quarter amounted to Rs 7.535 billion, an improvement of 5.92% over 2Q, 2014.

Deposits from customers increased by Rs 39.721 billion or 7.5% since December 2014 to Rs 569.082 billion, averaging Rs 6.6 billion per month. Deposit growth over the preceding 12 months was Rs 81.483 billion or 16.71%.

Total assets grew by Rs 18.231 billion to Rs 813.841 billion as at June 30, 2015.

Asset growth over the preceding 12-month period was Rs 130.261 billion or 19.06%.

"Commercial Bank continues to be one of the strongest mobilisers of savings in Sri Lanka and one of the country's biggest lenders," the Bank's Chairman Dharma Dheerasinghe said.

"The volumes achieved in the first half of 2015, supported by solid fee-based operations are responsible for the significantly improved performance reflected by these figures," he said.

Managing Director and CEO, Commercial Bank, Jegan Durairatnam added, "Given the progressively reducing interest margins witnessed over several quarters and the appreciation of the Rupee in the review period, the Bank's performance becomes particularly noteworthy and is a reflection of the resilience that comes from strong management and a large base."