Foreign exchange profits and book gains in investments has boosted profits of Commercial Bank in the first quarter of 2005. Undaudited Group post-tax profit of 943.1 million ruees for the first quarter of 2006 was a 170 percent increase over the Rs 348.5 million reported in the first quarter of last year, the bank said.
Of the total 667.2 million rupees came from recognizing the gains from transferring a part of the investments made in DFCC Bank and the full investment in Commercial Leasing Company Limited to the trading portfolio of the Bank.
Even without that, the post-tax profit of the Group for the quarter was 387.1 million rupees, an increase of 38.6 million rupees or 11 per cent compared to the first quarter of 2005, the bank said.
At the Bank level (without group companies) post-tax profit Without the investment gains was 558.8 million rupees, or an increase of 232 million rupees or 71 percent.
Higher profits at the bank level, was a result of the share of profit of Commercial Leasing Company investment gains, already recognised over the years under the Equity Method of accounting being set off ag