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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ComBank posts strong first quarter 2012

ComBank posts strong first quarter 2012

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1ComBank posts strong first quarter 2012 Empty ComBank posts strong first quarter 2012 Sat Jun 09, 2012 9:01 pm

CSE.SAS

CSE.SAS
Global Moderator
Forex income up over threefold

Commercial Bank of Ceylon PLC has built on its strong 2011 performance in the first quarter of the current financial year growing pre and post tax profits – the pre-tax profit by 40.04% and the after-tax profit by 37.99% from earnings an year earlier.

An interim financial statement now with shareholders indicated that the bank’s pre-tax profit was over Rs.4.1 billion during the quarter under review while the after-tax profit was over 2.8 billion, a performance that the bank described as "commendable growth."

Net interest income had topped the Rs.5 billion mark growing by nearly 17% (Rs.735.6 million) from 1Q2011 with earnings from the bank’s loans and advances portfolio up 42.4%, the interim statement revealed.

"This was mainly due to the increase in the performing loans and advances portfolio of the bank by Rs.19.36 billion, or 7.11% during the three months period under review," a review issued with the interim financials said.

Interest expenses too had grown 37.5% to (nearly Rs.1.7 billion) during the quarter under review due to the volume of deposits in the bank moving up 10.2% to top Rs.351 billion together with increase in the market interest rates.

ComBank’s foreign exchange income had more than trebled by nearly Rs.1.8 billion mainly as a result of translation gains following the depreciation of the rupee against the US dollar during the first quarter of this year.

Other income, mainly commission and investment income, too had increased by Rs.140.5 million (14.3%) to top Rs.1.1 billion. Provisions on account of bad and doubtful debts net of recoveries had increased by Rs.704.6 million during the quarter from a year earlier.

ComBank had Rs.351 billion in deposits as at March 31, 2012, reflecting a growth of 10.23% on the deposit base at the close of the last financial year while advances were up 7.19% to Rs.308.7 billion from a year earlier.

Total assets of the bank were up 7.67% to Rs.475 billion as at March 31, 2012.

The DFCC Bank which reduced its shareholding of the ComBank to below 15% last year remains the major voting shareholder of the bank with 14.89% followed by the EPF with 9.58% and the International Financial Corporation, a World Bank affiliate, with 7.57%.

Other state entities within the top 20 voting shareholders include the Life Fund (5.0%) and General Fund (4.37%) of the Sri Lanka Insurance Corporation and the ETF with (0.86%). A number of foreign funds are among the major shareholders.

The directors of the bank are: Messrs D.S. Weerakkody (Chairman), K.G.D.D. Dheerasinghe (Deputy Chairman), W.M.R.S. Dias (MD/CEO w.e.f. 28.04.2012). U.P. Liyanage, L. Hulugalle, N.P. Jayawardena and J. Durairatnam (w.e.f. 28.04.2012).
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54007

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