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Charging Ahead

Commercial Bank of Ceylon on Tuesday reported a 34 percent net profit growth for the nine months ending September 30.

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rnThe bank said net profits surged to Rs. 952 mn from Rs. 711 mn in 2001 due to higher volumes, prudent management decisions and the removal of a 20 percent surcharge on income tax.

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rnRevenue increased to Rs. 5.90 bn, compared with Rs. 5.86 bn the previous period due to 18.

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69 percent riser in loans and advances.

Total assets grew 20 percent to Rs. 69.2 bn.rn

rnNet interest income rose by 15 percent to Rs. 2.0 bn, while provisions for possible doubtful debts was 32 percent higher at Rs.

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240 mn. rn

rnThe rupee taking a 3.3 percent dip against the US dollar during the nine month period pushed the bank quote s foreign exchange profits down to Rs.

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726 mn.rn

rnWith the Central Bank aggressively pursuing for lower interest rates, Commercial Bank says "interest margins and the depreciation of the rupee against the U.S. dollar during the fourth quarter of the year are expected to be lower

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