Big Step

August 22, 2006 (LBO) – Commercial Bank of Ceylon Tuesday posted a 69 percent rise in group profits for the six months to June boosted by growth in net interest income and foreign exchange gains. Sri Lanka's most profitable commercial bank said group post tax profits advanced 68.8 percent to 1,475.1 million rupees over the corresponding period 2005.

During the period, the bank booked profits by partly selling off shares held in DFCC Bank.

¦.and FYI:
During the three months to March 2006, Commercial Bank made a similar transfer of its entire investments in Commercial Leasing Co. Ltd an associate company to its trading portfolio and recognized mark-to-market gains.

However, the mark-to-market gains which arose from this transfer and were shown under other income in the quarterly accounts published as at March 31, 2006 were reversed in the second quarter of 2006.

This was done in accordance with the revised Sri Lanka Accounting Standard No. 38 on Non Current