Nov 07, 2012 (LBO) – Sri Lanka’s Commercial Bank’s profits rose 11.5 percent to 2.3 billion rupees in the September 2012 quarter from a year earlier, despite a steep rise in interest expenses, interim accounts showed. Performing loans grew 12 percent to 310 billion rupees in the nine months to September.
Non-performing loans grew 18.8 percent to 18.8 billion rupees in the period.
Group gross assets grew 12.9 percent to 498 billion rupees.
Commercial Bank is Sri Lanka’s largest private bank.
The group reported earnings of 2.76 rupees per share. Group profits for the nine months to September were 9.16 rupees per share on total profits of 7.6 billion rupees, which rose 25 percent from a year earlier.
The stock closed at 103.80 rupees unchanged on Wednesday.
Interest income during the quarter rose 40 percent to 13.3 billion rupees and interest expenses rose at a faster 57 percent to 7.8 billion rupees, and the bank grew net interest income 21 percent to 5.5 billion rupees.
Loan loss provisions rose to 242 million rupees from compared to a write back of 180 million rupees a year earlier.
Fee income rose 2.2 percent to 1.58 billion rupees with forex income falling 51 percent to 276 mil