Commercial Bank picks up pace with 15% increase in 1H post-tax profit
Strong second quarter growth in fund based operations has enhanced the half year performance of Commercial Bank of Ceylon PLC, enabling Sri Lanka’s largest private sector bank to post profit before tax of Rs 7.443billion for the six months ending 30th June 2015, an increase of 14.97% over the corresponding six months of the previous year.
Profit after tax grew by a noteworthy 15.38% to Rs 5.168 billion on gross income of Rs 37.017 billion, the bank said in a filing with the Colombo Stock Exchange (CSE) and also released to the media.
Figures for the second quarter (April – June 2015) reflect robust year-on-year (YoY) growth, with profit before tax for the three months up 21.37% to Rs 3.864 billion, and profit after tax growing 20.85% to Rs 2.659 billion, the Bank said.
Total interest income for the six months ended 30th June 2015 improved by 2.59% to Rs 31.788 billion, and with interest expenses reducing by 1.62% to Rs 17.021 billion in the review period, the Bank increased its net interest income to Rs 14.768 billion, a growth of 7.91%. Net interest income in the second quarter amounted to Rs 7.535 billion, an improvement of 5.92% over 2Q 2014.
Deposits from customers increased by an even more impressive Rs 39.721 billion or 7.5% since December 2014 to Rs 569.082 billion, averaging Rs 6.6 billion per month during the period reviewed. Deposit growth over the preceding 12 months was Rs 81.483 billion or 16.71%.
“Commercial Bank continues to be one of the strongest mobilisers of savings in Sri Lanka and one of the country’s biggest lenders,” the Bank’s Chairman Mr Dharma Dheerasinghe commented. “The volumes achieved in the first half of 2015, supported by solid fee- based operations are responsible for the significantly improved performance reflected by these figures.”