surpasses 2001 results in 3Q. 2002
The Commercial Bank of Ceylon, Sri Lanka's top corporate and its
subsidiaries and associate companies have declared an impressive
post-tax profit of Rs. 1.103 billion for the nine months ended September
30, up Rs. 361.5 million or 48.71 percent over the corresponding
period last year.
The bank said
one of the key factors in this high growth was the abolition of
the 20 percent surcharge on corporate tax. The group recorded a
pre-tax profit of Rs. 1.324 billion, up Rs. 254 million or 23.76
percent over the corresponding period last year. Post-tax profits
of the bank reached Rs. 951.7 million, up Rs. 240.8 million or 33.87
percent, while gross income totalled Rs. 5.901 billion for the period
under review, according to a statement from the bank.
Deputy General Manager (Finance and Planning) Ranjith Samaranayake
said the bank was able to maintain adequate growth in key business
areas even though the economy did not perform upto expectations,
recording a growth of 18.69 percent in total deposits and 17.59
percent in net advances. In addition, the total assets grew by 20.08
percent to Rs. 69.2 billion during the period under review, he said.
"The effective marketing strategies of the bank and attractive
terms offered to customers in an extremely competitive environment
facilitated business growth," Samaranayake said.
feature of Commercial Bank's performance was that the profit growth
was achieved despite a significant drop in exchange profit by 14.14
percent from lower translation gains during the period under review
due to exchange rate fluctuations against the US dollar being marginal
in comparison to the substantial fluctuations of last year, Samaranayake
The bank's shares
were traded at Rs. 213.00 on 30 September 2002, which was much higher
than the net asset value of Rs. 162.48, he said. "Both net
assets per share and the market value per share of the bank are
considerably above the industry averages. Similarly the bank recorded
impressive earnings per share of Rs. 30.45 for the period under
review as against Rs. 22.74 last year," he added.
Seminar on good governance
The Institute of Chartered Secretaries and Administrators in Sri
Lanka is presenting a symposium on the theme 'Prosperity Through
Good Governance' in Colombo on November 6, with top presenters from
New Zealand speaking of their experiences.
'Governance' and 'Productivity' are two words heard frequently these
days through the electronic and print media and at many a seminar
But, very few
clearly understand them and their significance to build a strong
nation, the organisers said adding that participants would be exposed
to issues relating to good governance and how they can be adopted
in managing institutions in whatever the sectors.
persons are former New Zealand Prime Minister Jim Bolger, Rick Bettle,
who steered the destiny of many an institution in the capacity of
Chairman of The Racing Authority, Totalizator Board, West Coast
Health, Owens, Southland Port and Allied Farms and Restaurants,
Ron Hamilton, ex CEO of the State Owned Enterprises Unit and the
current Director of Appointments and Governance in the Crown Company
Monitoring Advisory Unit (CCMAU), Lt. Col. Geoffrey Bowes, CEO of
the Commonwealth Association of Corporate Governance, and Sri Lanka's
Ranjit Fernando, Secretary to the Ministry of Enterprise Development,
Industrial Policy and Investment Promotion. The Sunday Times is
a media sponsor of the event.
savings account from HSBC
test batsman Aravinda de Silva and his wife with their son
at the HSBC launch of a children's savings account. Pic. by
its children's savings account in Sri Lanka last week in Colombo
with the bank's CEO Mark Humble saying it was not a "gimmicky"
account but one that seriously recognised and addressed the problems
of today's parents when sending their children abroad.
He said the
new account completes a full range of banking services offered to
the whole family by HSBC. "We now have a product portfolio
to suit every member of the family: E saver for first-timers in
the job market, PowerVantage for young executives, and Premier for
customers who require a one-to-one relationship with their bank,"
the CEO said.
Savings Account then brings together a complete range of banking
services for everyone in the family-from toddler to grandparent."
"This account is not just another product offered by just another
bank. It is one that seriously recognises and addresses the needs
and aspirations of today's children - to become global citizens,"
he said. Sampras Avinda, son of former test star Aravinda de Silva
who was the chief guest, received his children's account certificate
from Humble at the launch ceremony.