The Commercial Bank of Ceylon PLC has reported profit of Rs. 9.718 billion before VAT and NBT on financial services for the nine months ending 30th September 2017, a growth of 20.25 per cent on strong operational gains and tight control of expenditure.
Profit before tax grew by 16.88 per cent to Rs. 16.232 billion, amidst an increase in the VAT rate on financial services. Profit after tax for the nine months was up 15 per cent to Rs. 11.675 billion, the bank said in a media release.
Commenting on the bank’s performance, its chairman Dharma Dheerasinghe said the bank had restricted the growth of expenses to 6.88 per cent - just Rs 949.114 million more than that of the corresponding period of last year. “We continue to improve the quality of our loan book leading to further reductions in our NPL ratios and focussed on growing volumes in core business areas,” he said.
Commercial Bank Managing Director Jegan Durairatnam noted that the bank ended the nine months with capital ratios that were substantially higher than those required under Basel III which came in to effect in July this year. He also disclosed that the bank’s capital funds stood at over Rs. 90 billion and hence was well above the Rs. 20 billion specified under the minimum capital standards announced in a recent regulation for licensed banks in Sri Lanka.
Commercial Bank’s assets grew by Rs. 86.785 billion or 8.57 per cent over the nine months to Rs. 1.099 trillion as at September 30.
Net loans and receivables from customers stood at Rs. 707.431 billion at the end of the review period, recording an increase of Rs 91.413 billion or 14.84 per cent since end December 2016.
Total deposits of the bank grew by Rs. 79.001 billion or 10.68 per cent since end December 2016 to Rs. 818.564 billion as at end September.
At group level, Commercial Bank, its subsidiaries and associates reported profit before tax of Rs. 16.406 billion for the nine months reviewed, an improvement of 17.13 per cent. Profit after tax for the period was up 15.49 per cent to Rs. 11.774 billion.
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