ComBank’s gross income grows to Rs.84.149 bn
View(s):The group, comprising Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, has reported noteworthy operational gains for the three months ending March 31, 2023, with gross income up 54.20 per cent to Rs.84.149 billion, interest income growing by 100.65 per cent to Rs.75.939 billion and fee and commission income improving by 35.37 per cent to Rs.7.301 billion compared with the first quarter of 2022, it said in a media release.
A revaluation of the group’s assets in foreign currency in the context of the appreciation of the Rupee in the review period resulted in total assets of the group reducing by a marginal 0.29 per cent to Rs.2.492 trillion in the first quarter 2023.
Gross loans and advances of the group also reduced by 4.73 per cent over the three months to Rs.1.187 trillion, partly due to the appreciation of the Rupee. Total deposits of the group grew by 2.31 per cent crossing the Rs.2 trillion threshold for the first time to reach Rs.2.023 trillion as at March 31, 2023, mainly due to an increase in Rupee-denominated deposits, and despite the value of deposits denominated in foreign currency reducing due to the appreciation of the Rupee.
Commenting on these results, Commercial Bank Chairman Prof. Ananda Jayawardane said: “As can be expected, our performance reflects the challenges that stem from volatility in interest and exchange rates and a weakening economy that necessitates higher provisioning for impairment and other losses.”
Commercial Bank Managing Director/CEO Mr Sanath Manatunge added: “Posting operating income of Rs 25 billion for three months can be considered a realistic start to the financial year given the prevailing conditions.”
The group reported an operating profit before taxes on financial services of Rs.7.812 billion for the three months, a decline of 60.07 per cent. Taxes on financial services reduced by 66.03 per cent to Rs.1.072 billion, resulting in profit before income tax for the period declining by 58.91 per cent to Rs.6.741 billion. The group’s net profit of Rs.4.359 billion represented a decline of 62.98 per cent over the net profit reported for the first quarter of 2022.
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