Good Harvest

The Commercial Bank Group, its subsidiaries and associate companies, has reported
satisfactory
growth in key performance indicators in the first quarter of 2005,
despite
the adverse effects on its exchange profits by the post-tsunami
appreciation of the Rupee against the US Dollar. The Commercial Bank Group, its subsidiaries and associate companies, has reported
satisfactory
growth in key performance indicators in the first quarter of 2005,
despite
the adverse effects on its exchange profits by the post-tsunami
appreciation of the Rupee against the US Dollar. In results released to the Colombo Stock Exchange on Friday, May 6, the
Group said its first quarter income of Rs 3.271 billion represented a
significant growth of 30.48 per cent or Rs 764.1 million over the
corresponding quarter of 2004.

The Group’s pre-tax profit of Rs 581.3
million was up Rs 76.3 million or 15.11 per cent, while post-tax profit
grew
9.15 per cent to Rs 348.5 million.

Profit growth was adversely affected by an exchange loss of Rs 44.8
million
the Group was compelled to absorb in the period under review.

In
contrast,
the Group posted an exchange profit of Rs 170.1 million in the first
quarter
of the previous year.

Commercial Bank’s Senior Deputy General Manager (Finance an