Business Times

Commercial Bank’s net profit tops Rs 6 billion at 3Q 2011

Commercial Bank of Ceylon PLC has reported pre-tax profit of Rs 8.717 billion in the nine months to September 2011, up 33.7 % from the corresponding period of last year. Post-tax profit gained by 63.56 % to Rs 6.0 billion for the 9-month review period.

Total income of the bank was Rs 32.9 billion, reflecting a growth of 8.53 %. Interest income component recorded growth of 7.63 % to Rs 27.548 billion as at 30th September 2011. Total deposits increased by Rs 42.7 billion or 16.44 % to Rs 302.5 billion as at 30th September 2011.

Commercial Bank Managing Director Amitha Gooneratne, commenting on these results, said: “What we are witnessing is the combined effect of size and momentum, supported by a solid foundation of customer trust and unwavering commitment to excellence in operational fundamentals. Although our operations are expanding rapidly, entailing higher capital and recurrent expenditure, and yields from interest-bearing investments are lower, the Bank has stepped up the pace growth.”

Detailing some of the operational aspects of the bank’s 3rd quarter results, Chief Financial Officer Nandika Buddhipala said an improvement in the deposit mix and careful management of deposit rates had enabled the bank to keep the increase in interest expenses down to 1.93 % from Rs 13.8 billion to Rs 14.1 billion.

“Non-interest expenses had grown by 20.54 % to Rs 8.486 billion, mainly on account of increased expenses linked to the expansion of the bank’s delivery channels in Sri Lanka and Bangladesh and the necessary increase in staff-related expenses,” he said.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Bizarre take-over of Chalmers Granaries land
Hotel Developers, Pelwatte small shareholders get raw deal
Plantation firms prepare road-map; scramble to save the industry
Govt. seeks more budget funds from state insurer
Vehicle imports policy to hurt a million people
NTB in discussions to inject fresh capital
Comment - Rumblings over the expropriation bill
Aussie universities compromise standards to attract foreign students : report
Series of panel discussions after the 2012 budget presentation
Emirates places order for 50 Boeing 777-300
Atlas wins exclusive rights to Spiderman, Ben 10 cartoon characters
CIM’s International Chairman to speak at AmCham seminar
Rating agencies Moody and Fitch say new laws could deter investment
Pagoda and Green Cabin - the legend lives on
Is the new Act to take over underperforming enterprises or underutilized assets an urgent need?
Panic buttons at Colombo bourse, who’s responsible?
New strategies, nationwide ICT development boost PCH earnings
SLPI discussion on global financial crisis
Lankan minister urges Belgium firms to invest here
'Intense' competition, pressure on interest from high liquidity : DFCC CEO
Global hike in commodity prices helps CIC
International quality convention in Sri Lanka next year
Performance testing of four-wheel vehicles first time in Sri Lanka
Energy expert calls on the government to promote Hybrid vehicles
Old “Sri “vehicles get new registration numbers with English letters
Luxury living on wheels gains popularity in Sri Lanka
Vehicle imports to Hambantota means going back in time
KIA Motors (Lanka) to sell 2300 motorcars this year
Sri Lanka’s vehicle registrations hit a new high
Brandix projects doubling in size in 4 years
Arpico plans doubling retail space in 24 months
LOLC reports strong post-tax profit growth for 6 months
Expolanka reports Rs. 668 mln PAT for 1H11
Commercial Bank’s net profit tops Rs 6 billion at 3Q 2011
Union Bank post-tax profits up by 75.4%
Overseas Realty reports 77% profit growth for 9 months
NDB Bank’s post-tax profit up 32% in 9-mth period

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution