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Commercial
Bank maintains growth Post-tax profits of Commercial Bank, its subsidiaries and associate companies rose seven percent to Rs. 313.7 million, an increase of Rs. 20.3 million compared with the same quarter in 2001. The group's earnings per ordinary share for the quarter reached Rs. 30.45 compared with Rs. 28.48 in the first quarter last year, it said in a statement. The bank's first quarter results revealed that while deposits and advances grew by nearly 22 percent and 20 percent respectively, net interest income, its main source of income, fell by a marginal 0.25 percent, resulting in post-tax profits of Rs. 266.7 million, just one million rupees more than the first quarter of 2001. Commercial Bank's
Deputy General Manager (Finance and Planning) Ranjith Samaranayake
said the results were consistent with projections in the bank's
budget for 2002. They were satisfactory when viewed in the context
of the record growth achieved in the first quarter of last year
as a result of the free float of the rupee in January 2001 and the
high interest rates that prevailed, he said. Samaranayake said that the average annual Return on Investment in government securities and the inter-bank money market had fallen to 12-13 percent this year from well over 18 percent last year. Post-tax profit was boosted by the withdrawal of the 20 percent surcharge on corporate tax, he explained. "The bank is satisfied that the growth in business volumes and profits are in line with the targets for the year and therefore we are confident of maintaining adequate growth in business volumes and profits particularly towards the latter part of the year, when credit demand picks up," Samaranayake said. "At present, banks still carry excess liquidity at very low rates of interest, which impacts adversely on their profitability." Keeping
in touch through SIA An airline statement said the introduction of in-seat e-mail and the short messaging service (SMS) is in line with SIA's commitment to provide inflight connectivity to passengers, to enable them to stay in touch. "SMS is popular because it is simple and convenient. Travelling on SIA will take a new dimension as you can continue to do what you would, as on the ground, and you do not require a laptop," said Yap Kim Wah, SIA's senior vice president, product and services, at a recent launch ceremony of the new product in Singapore. The new messaging service will be offered free during a three-month promotional period on selected flights in July. It will be introduced progressively on SIA's Megatop B747and Jubilee B777 fleet and is available in all three classes of travel. Golden
Key to teach SLIM courses in Kurunegala SLIM considering the problems students were facing selected the Golden Key Institute of Information Technology to be its partner in Kurunegala. During the first stage Golden Key would be given accreditation to conduct tuition for the "Preliminary Certificate in Marketing". Successful conducting of this examination could lead to accreditation to conduct tuition for the Diploma in Marketing (Sri Lanka), a SLIM statement said. Ceylinco
Savings Bank celebrates first anniversary The launch of the anniversary activities on May 13 by Sunimal Fernando, CEO, Ceylinco Savings Bank, signals the start of the programme, which features several novel items that combine awards, cash prizes and other rewards to customers, charity efforts, exiting entertainment with a 30-piece ensemble and the rarely used traditional 'Anna Bera' or town crier to announce proceedings over town. All customers who make a minimum deposit of Rs. 10,000 in a one-year term deposit would qualify to win Rs. 100,000 as first prize or 25 prizes of Rs. 1,000 each during May 13 to 31, said Fernando, explaining the anniversary prize scheme. |
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