Super Profits

August 02, 2007 (LBO) – Sri Lanka’s Commercial Bank reported net profit for the second quarter ended June 2007 shot up 52 percent to 1.1 billion rupees from 753 million in the same 2006 period. Net interest income for the quarter soared 66 percent to almost three billion rupees, according to interim results released to the Colombo Stock Exchange.

Exchange profits of the Group rose 27 percent to 443 million rupees in the June quarter.

“The continued momentum of its fund-based operations have generated strong growth for the Commercial Bank Group enabling (it) to post exceptional pre- and post-tax profits for the first half of 2007,” the bank said in a statement.

The post-tax profit of the Group in the first half of the year grew 44.41 percent to 2,173 million rupees.

“Notably, post-tax profit for the second quarter of the current year too surpassed the one-billion rupee mark, the second successive time that the Group has notched up a billion rupees in post-tax profit for a three-month period.”

Commercial Bank’s Senior Deputy General Manager Finance and Planning, Ranjith Samaranayake said the rate of post-tax profit growth was higher than the growth achieved in pre-