ComBank remains resilient in volatile 1st half of 2023
View(s):The Commercial Bank of Ceylon Group has reported gross income of Rs. 167.668 billion including a growth in interest income to Rs. 150.812 billion for the first half of 2023, achieving healthy topline growths of 40.29 per cent and 71.15 per cent respectively in a period of significant volatility for the banking sector.
Comprising Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, the group also improved fee and commission income by 22.27 per cent to Rs. 14.377 billion, net fee and commission income by 19.30 per cent to Rs. 10.591 billion, and net other operating income by 236.42 per cent to Rs. 17.086 billion from a loss of Rs. 12.524 billion recorded for the first half of 2022, it said in a media release.
Commenting on these results, Commercial Bank Chairman Prof. Ananda Jayawardane said: “The key performance indicators of banks continue to be influenced by external variables rather than core banking operations. Factors like sharp fluctuations in the value of the Rupee and mercurial interest rates that necessitate repricing of assets and liabilities have a distortionary effect on earnings and profits. However, we remain fundamentally strong in operational terms and are geared to leverage these strengths in the year ahead.”
Commercial Bank Managing Director/CEO Mr Sanath Manatunge elaborated: “We expect interest rates to reduce further in the year ahead to stimulate the economy. Our high liquidity position will be leveraged to increase lending, alongside a repricing of assets and liabilities, generating positive growth in the third and fourth quarters of the year. This would further strengthen the bank’s superior position in the market.”
The group reported an operating profit before taxes on financial services of Rs. 16.024 billion for the six months, a marginal improvement of 0.26 per cent. Taxes on financial services reduced by 25.70 per cent to Rs. 1.934 billion, resulting in profit before income tax increasing by 5.36 per cent to Rs. 14.092 billion. Notably the group converted a net loss of Rs. 2.597 billion for the second quarter of last year to a net profit of Rs. 3.931 billion for the second quarter of 2023.
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