Nov 14, 2013 (LBO) – Profits at Sri Lanka’s Commercial Bank of Ceylon group rose to 2.7 billion rupees, up 21 percent from a year earlier, helped by other operating income, despite higher loan losses, interim accounts showed. The group reported earnings of 3.25 rupees for the quarter. For the nine months to September the group reported earnings of 8.54 rupees per share on total profits of 7.4 billion rupees, down 2 percent from a year earlier.
In the September quarter, interest income rose 16.9 percent to 15.9 billion rupees and interest expenses rose at a faster 18.6 percent to 9.2 billion rupees, and the bank grew net interest income 14.6 percent to 6.7 billion rupees.
Fees and commission income rose 35 percent to 1.3 billion rupees. Other operating income also rose to 1.4 billion rupees from a negative 105 million a year earlier.
Loan loss provisions rose 75 percent to 1.2 billion rupees.
In the nine months loans grew 7.7 percent to 399 billion rupees and financial investments rose 111 percent to 122 billion rupees.
Deposits grew 11.4 percent to 435 billion rupees faster than loans.
Sri Lanka is recovering from a balance of payments crisis, largely triggered by excessive credit taken by sta