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. |
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