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ComBank surpasses 2001 results in 3Q. 2002
The Commercial Bank of Ceylon, Sri Lanka's top corporate and its subsidiaries and associate companies have declared an impressive post-tax profit of Rs. 1.103 billion for the nine months ended September 30, up Rs. 361.5 million or 48.71 percent over the corresponding period last year.

The bank said one of the key factors in this high growth was the abolition of the 20 percent surcharge on corporate tax. The group recorded a pre-tax profit of Rs. 1.324 billion, up Rs. 254 million or 23.76 percent over the corresponding period last year. Post-tax profits of the bank reached Rs. 951.7 million, up Rs. 240.8 million or 33.87 percent, while gross income totalled Rs. 5.901 billion for the period under review, according to a statement from the bank.

Commercial Bank's Deputy General Manager (Finance and Planning) Ranjith Samaranayake said the bank was able to maintain adequate growth in key business areas even though the economy did not perform upto expectations, recording a growth of 18.69 percent in total deposits and 17.59 percent in net advances. In addition, the total assets grew by 20.08 percent to Rs. 69.2 billion during the period under review, he said. "The effective marketing strategies of the bank and attractive terms offered to customers in an extremely competitive environment facilitated business growth," Samaranayake said.

A noteworthy feature of Commercial Bank's performance was that the profit growth was achieved despite a significant drop in exchange profit by 14.14 percent from lower translation gains during the period under review due to exchange rate fluctuations against the US dollar being marginal in comparison to the substantial fluctuations of last year, Samaranayake explained.

The bank's shares were traded at Rs. 213.00 on 30 September 2002, which was much higher than the net asset value of Rs. 162.48, he said. "Both net assets per share and the market value per share of the bank are considerably above the industry averages. Similarly the bank recorded impressive earnings per share of Rs. 30.45 for the period under review as against Rs. 22.74 last year," he added.

Seminar on good governance
The Institute of Chartered Secretaries and Administrators in Sri Lanka is presenting a symposium on the theme 'Prosperity Through Good Governance' in Colombo on November 6, with top presenters from New Zealand speaking of their experiences.
'Governance' and 'Productivity' are two words heard frequently these days through the electronic and print media and at many a seminar and workshop.

But, very few clearly understand them and their significance to build a strong nation, the organisers said adding that participants would be exposed to issues relating to good governance and how they can be adopted in managing institutions in whatever the sectors.

The resource persons are former New Zealand Prime Minister Jim Bolger, Rick Bettle, who steered the destiny of many an institution in the capacity of Chairman of The Racing Authority, Totalizator Board, West Coast Health, Owens, Southland Port and Allied Farms and Restaurants, Ron Hamilton, ex CEO of the State Owned Enterprises Unit and the current Director of Appointments and Governance in the Crown Company Monitoring Advisory Unit (CCMAU), Lt. Col. Geoffrey Bowes, CEO of the Commonwealth Association of Corporate Governance, and Sri Lanka's Ranjit Fernando, Secretary to the Ministry of Enterprise Development, Industrial Policy and Investment Promotion. The Sunday Times is a media sponsor of the event.

Children's savings account from HSBC

Former test batsman Aravinda de Silva and his wife with their son at the HSBC launch of a children's savings account. Pic. by M.A. Pushpakumara.

HSBC launched its children's savings account in Sri Lanka last week in Colombo with the bank's CEO Mark Humble saying it was not a "gimmicky" account but one that seriously recognised and addressed the problems of today's parents when sending their children abroad.

He said the new account completes a full range of banking services offered to the whole family by HSBC. "We now have a product portfolio to suit every member of the family: E saver for first-timers in the job market, PowerVantage for young executives, and Premier for customers who require a one-to-one relationship with their bank," the CEO said.

"The Children's Savings Account then brings together a complete range of banking services for everyone in the family-from toddler to grandparent." "This account is not just another product offered by just another bank. It is one that seriously recognises and addresses the needs and aspirations of today's children - to become global citizens," he said. Sampras Avinda, son of former test star Aravinda de Silva who was the chief guest, received his children's account certificate from Humble at the launch ceremony.

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