ComBank on the cusp of Rs. 3 Tn. assets milestone
View(s):The Commercial Bank of Ceylon Group has made a strong start to 2025, recording healthy profit and balance sheet growth in the first quarter of the year. Comprising Sri Lanka’s largest private sector bank, its subsidiaries and an associate, the group reported in a filing with the Colombo Stock Exchange that assets reached Rs. 2.999 trillion as at March 31, 2025, it said in a media release.
With income tax increasing by 27.92 per cent to Rs.7.58 billion, the group reported net profit of Rs.14.97 billion for the quarter reviewed, reflecting bottom line growth of 38.52 per cent. Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs.21.88 billion and profit after tax of Rs.14.50 billion for the three months, posting growths of 35.10 per cent and 38.71 per cent, respectively.
Commenting on these results, Commercial Bank Chairman Sharhan Muhseen said: “While nearing the milestone of Rs.3 trillion in assets – a first for a private sector banking group – is a significant achievement, it is equally noteworthy that the bank’s impaired loans (stage 3) ratio has declined and net interest margin has improved in tandem with balance sheet growth.”
Commercial Bank Managing Director/CEO Sanath Manatunge noted that the group had achieved substantial growth in its loan book in the first quarter, continuing the trend of 2024; had reversed a net loss of Rs.1.9 billion on trading incurred in the corresponding quarter of the previous year; nearly tripled net other operating income, and continued to maintain the best CASA ratio despite greater demand for fixed deposits.
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