ComBank ends tough 2021 with solid growth
The Commercial Bank Group has closed 2021 with gross income of Rs. 163.675 billion, an improvement of 7.70 per cent, with interest income accounting for more than 80 per cent of the top line in a year of mixed fortunes.
The group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector bank – its subsidiaries and the associate, reported interest income of Rs.132.818 billion for the year ended 31st December 2021, reflecting a growth of 7.04 per cent.
In a media release, the bank said operating profit before VAT on financial services grew by 33.58 per cent to Rs. 38.801 billion and the group’s VAT on financial services for the year increased by 28.99 per cent to Rs. 5.845 billion, while profit before income tax for the year improved by 34.41 per cent to Rs. 32.957 billion.
The group posted a profit after tax of Rs. 24.290 billion for the year, achieving a growth of 42.16 per cent before providing for the proposed Surcharge Tax, which had not been enacted in Parliament at the time of reporting. It has therefore not been provided for in the year reviewed, the bank said.
Taken separately, Commercial Bank of Ceylon
PLC reported a profit before tax of Rs. 32.001 billion for the year under review, achieving a growth of 36.11 per cent and profit after tax of Rs. 23.606 billion, recording an improvement of 44.17 per cent.