Big Bite

Commercial Bank of Ceylon Ltd., has recorded a pre-tax profit (before the special Value Added Tax on Profit) of Rs 1.6 billion for the nine months ended September 30, a growth of Rs. 276.5 million or 20.9 per cent over the corresponding period last year.
The special Value Added Tax calculated on the basis of 10 per cent of the pre-tax profit and staff emoluments amounted to Rs. 192.2 million or 12.0 per cent of the pre-tax profit, the bank has reported.rn

rnAfter providing for this special Value Added Tax, the profit before corporate tax amounted to Rs. 1.408 billion, a growth of Rs. 84 million or 6.4 per cent. Provision for corporate tax for the period under review resulted in a post-tax profit of Rs. 1.139 billion, a growth of Rs. 36 million or 3.2 per cent. rn

rnCommercial Banks Deputy General Manager endash (Finance & Planning) Ranjith Samaranayake said these results were achieved by the bank despite several constraints including the continuing provision of Rs. 155 million as possible loan los