ComBank accelerates lending in Q3 2024
View(s):In media release it said, the Commercial Bank Group reported net interest income of Rs.88.98 billion for the nine months ended September 30, 2024, an increase of 46.15 per cent, despite declines in interest income and gross income for the period.
Income tax for the nine months increased by 83.13 per cent to Rs.18.80 billion, leading to a net profit of Rs.31.54 billion for the first nine months of 2024, representing a growth of 113.61 per cent over the corresponding period of 2023.
“The challenge for banks operating in periods of low interest rates is to grow their portfolios while managing margins with timely adjustments,” Commercial Bank Chairman Sharhan Muhseen said. “Our record of prudence and fairness along with our demonstrated financial strength continues to drive deposit mobilisation, enabling us to continue to step up lending. The performance for the nine months reviewed flows from these dynamics, underscoring the group’s expertise and resilience.”
Commercial Bank Managing Director/CEO Sanath Manatunge added that vigilant supervision of the quality of the loans portfolio, equitable and forward-looking management of impairment provisioning and timely repricing of assets and liabilities have underpinned the group’s nine-month performance and would continue to be the strategy for the future. “Strong, consistent performance even in volatile conditions enables the bank to continue to accelerate lending, and invest in digital transformation, sustainability and other commitments,” Mr. Manatunge said.
For the nine months reviewed, the group reported gross loans and advances of Rs.1.42 trillion, a growth of Rs.121.06 billion or 9.34 per cent since December 2023, at a monthly average of Rs.13.45 billion. Significantly, 44.20 per cent of loan book growth was recorded in the third quarter of the year. Loan book growth over the preceding 12 months was Rs.177.88 billion or 14.36 per cent, averaging Rs.14.82 billion per month.
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