Commercial Bank reports 1Q pre-tax profit of Rs 3.23 bln
View(s):The Commercial Bank of Ceylon PLC has posted a pre-tax profit of Rs 3.23 billion on gross income of Rs 16.77 billion for the first quarter ending 31st March 2013, the bank said.
It said in a statement on Tuesday that the results came amidst a decline in foreign exchange income by Rs 1.47 billion or 65 per cent over the corresponding quarter of the previous year, due to the appreciation of the Sri Lanka Rupee against the US Dollar during the reporting period as against a depreciation during the corresponding quarter of the previous year.
Interest income improved by 24 per cent. to Rs 14.487 billion in the period under review, but interest expenses increased at a higher rate of 44 per cent to Rs 8.874 billion, exerting pressure on interest margins, the bank said. As a result of these factors, the bank’s post-tax profit was Rs 2.241 billion for the 3-month period, down by Rs 563 million over the same 2012 quarter.
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