Sri Lanka’s Commercial Bank net up 18-pct in June quarter

Commercial-Bank

Aug 14, 2017 (LBO) – Sri Lanka’s Commercial Bank group net profit increased 17.86 percent to 3.8 billion rupees in the June quarter from a year ago, the bank’s interim results showed.

The group has reported basic earnings of 4.15 rupees per share for the quarter compared with 3.59 rupees per share posted a year ago.

Net interest income increased 15.34 percent to 9.3 billion rupees and the group reported 33.38 percent increase in net fees and commission income to 2.0 billion rupees.

Net income from others dropped 88.40 percent to 271.0 million rupees in the quarter.

Individual impairment charges (loan loss provisions) were down 98.13 percent to 60 million rupees for the quarter while collective impairment charges were up 124.27 percent to 648.0 million rupees.

VAT and NBT charges rose 64.31 percent to 1.15 billion rupees.

Loan book grew 8.57 percent to 673.2 billion rupees as of 30th of June 2017 against 31st December 2016 while deposits grew 8.24 percent to 804.5 billion rupees.

Total assets were up 7.26 percent to 1,095.1 billion rupees as of 30th of June while total liabilities were up 5.98 percent to 997.4 billion rupees.

In the six months to June, the group reported earnings of 8.27 rupees per share on equity holder’s profits of 7.6 billion rupees, up 17.47 percent against previous year.

Net non-performing advances ratio of the bank as at 30th June was 1.05 percent, against 1.09 percent reported on 31st December 2016.

Return on equity was 17.43 percent as at 30th June, against 19.52 percent reported on 31st December 2016.