Strong Q1 growth at ComBank
View(s):The Commercial Bank of Ceylon Group has ended the first quarter of 2024 with a loan book of Rs. 1.316 trillion, continuing the bank’s focus on lending in a period where the appreciation of the rupee negatively impacted the value of the loan book and resulted in a contraction of the balance sheet.
Taxes on financial services increased by 153.64 per cent to Rs. 2.719 billion, leading to a profit before tax of Rs. 16.738 billion for the three months at group level, an improvement of 148.28 per cent.
Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs. 16.195 billion and profit after tax of Rs. 10.451 billion for the quarter, posting growth of 155.56 per cent and 155.47 per cent, respectively, for the reviewed quarter.
The group reported a net increase of Rs. 20 billion in its loan book in the first three months of the year and Rs. 129 billion in the 12 months ending 31st March 2024, averaging Rs. 10.75 billion per month and achieving YoY growth of 10.87 per cent in gross loans and advances, the bank said in a media release.
The group posted gross income of Rs. 80.208 billion for the quarter under review, down 4.68 per cent over the corresponding period of 2023 primarily due to a decrease in interest income to Rs. 70.391 billion.
“Factors such as the strengthening of the rupee and changes in impairment provisioning, necessitated by the dynamics of the country’s macro-economic situation, continue to impact key indicators more than usual,” Commercial Bank’s newly-appointed Chairman Sharhan Muhseen said.
Commercial Bank Managing Director/CEO Sanath Manatunge added: “Our first quarter performance illustrates the results of strategies implemented to align the bank’s portfolios towards improving the contribution from fund-based operations, which helped us to record a noteworthy improvement in our bottom line.”
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