Financial Times

Good 1Q growth at Commercial Bank
The Commercial Bank Group has reported satisfactory growth in key performance indicators in the first quarter of 2005, despite the adverse effects on its exchange profits by the post-tsunami appreciation of the Rupee against the US Dollar.

In a statement, the Group said its first quarter income of Rs 3.271 billion represented a significant growth of 30.48 percent or Rs 764.1 million over the corresponding quarter of 2004. The Group's pre-tax profit of Rs 581.3 million was up Rs 76.3 million or 15.11 per cent, while post-tax profit grew 9.15 per cent to Rs 348.5 million.

Profit growth was adversely affected by an exchange loss of Rs 44.8 million the Group was compelled to absorb in the period under review. In contrast, the Group posted an exchange profit of Rs 170.1 million in the first quarter of the previous year, it said.

Deposits surpassed the milestone Rs 100 billion mark and stood at Rs 105.2 billion, as at March 31, 2005.

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