Sri Lanka’s Commercial Bank net down 2.4-pct in Sept quarter

Nov 13, 2015 (LBO) – Sri Lanka’s Commercial Bank group profit decreased 2.4 percent to 3.2 billion rupees for the three months ended September 30 compared with the same quarter last year, the bank’s interim results showed.

The group reported earnings of 3.71 rupees per share for the quarter.

Gross income increased 6.63 percent to 20.3 billion rupees for the quarter and the net interest income increased by 11.09 percent to 7.7 billion rupees.

The group reported 7.01 percent increase in net fees and commission income to 1.3 billion rupees.

Loan loss provisions (impairment charges) rose 49.9 percent to 1.09 billion rupees for the September quarter, the accounts showed.

Trading gains rose 209 percent to 926 million rupees, while gains from financial investments fell 88 percent to 158 million rupees for the quarter. Other income also fell 50.2 percent to 804 million rupees.

The group loans growth was 19.01 percent to 483 billion rupees during the nine months. The group’s deposits grew 11.25 percent to 589 billion rupees by the end of September 2015 against 529.2 billion rupees reported by the end of December 2014.

Total assets were up 9.81 percent to 875 billion rupees by the end of September 2015.

The group’s nine months profit was up 7.43 percent to 8.4 billion rupees.

 “The figures are a good indication of how the Bank has kept its momentum going throughout the review period in the face of changing conditions and reduced margins. We have also had robust deposit and loan growth in the review period and hope to end the year with a characteristically solid result,” the Bank’s Chairman Dharma Dheerasinghe said in a separate release.

Commercial Bank operates a network of 243 branches and 615 ATMs in Sri Lanka and is the country’s largest private bank.

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