Sri Lanka’s Commercial Bank profits up 10-pct to 2.53bn rupees


May 14, 2015 (LBO) – Sri Lanka’s Commercial Bank reported a profit after tax of 2.5 billion rupees for the three months ended March 31, a rise of 10.1 percent from the same period last year, the bank’s interim results filled with the stock exchange showed.

The growth in deposit and lower cost of funds contributed to this, the Bank said.
The bank’s deposits grew 3 percent to 549 billion rupees.

Net interest income rose to 7.23 billion rupees, an increase of 10.06 percent, during this period.

Profit before tax (VAT and NBT) for the three months was up 7.88 percent to 4.20 billion rupees.

The banks loans growth was 0.18 percent, up to 499 billion rupees during the March quarter, and loan loss provisions were down 16 percent from a year earlier to 1.34 billion rupees.

Gross assets were marginally up 1.5 percent to 809 billion rupees while net assets fell 6 percent to 66.5 billion rupees.

Gross non-performing loans fell to 3.4 percent from 3.47 percent.