ComBank stays on growth trajectory in 2023

The Commercial Bank of Ceylon Group lent Rs. 56.816 billion in the fourth quarter of 2023 at a monthly average of Rs. 18.939 billion to end the year with a loan book of Rs. 1.296 trillion, continuing its trend of strong lending growth in support of economic revival.

Robust deposit growth of Rs. 109.408 billion was also witnessed in the three months ending 31st December 2023 at a monthly average of Rs.36.469 billion, demonstrating the group’s strong deposit franchise and focus on financial intermediation in volatile macroeconomic conditions. Deposits grew by 8.60 per cent YoY to Rs. 2.148 trillion at the end of the review period, it said in a media release.

The group’s profit before income tax of Rs. 33.927 billion for the 12 months recorded an improvement of 38.45 per cent, in contrast to 13.56 per cent at the end of the third quarter. With income tax for the 12 months increasing to Rs. 12.027 billion, the group reported a net profit of Rs. 21.900 billion, a decline of 10.25 per cent YoY.

“We have consistently reinforced our balance sheet strength throughout the year and reaffirmed our position as the leading private sector bank,” Commercial Bank Chairman Prof. Ananda Jayawardane said. “Our solid performance stands as a testament to our resilience and enduring dedication to serving our customers and stakeholders with distinction. We look forward to building upon this foundation of success and charting new heights of prosperity in the future.”

Commercial Bank Managing Director/ CEO Sanath Manatunge noted that the bank continued to demonstrate its unwavering strength and adaptability amidst a landscape of economic revival and reform. “As the country navigated through the aftermath of challenges flowing from the immediately preceding years, our focused strategy and commitment to stakeholder equity remained steadfast,” he said.