Thursday, 28 February 2013 10:35
The Commercial Bank of Ceylon PLC said this week it became the first private bank in Sri Lanka to surpass Rs 10 billion in net profit, following a solid all-round 2012 performance.
Profit before tax for the 12 months ending 31st December 2012 grew 30.26 per cent to Rs 14.311 billion, while profit after tax at Rs 10.072 billion reflected a growth of 25.15 per cent, the bank said in a statement.
Commercial Bank Chairman Mr. Dinesh Weerakkody said the bank’s financial results reflect the significant role it now plays in the lives of millions of people and the national economy, as well as its commitment to the concept of ‘Banking on You.’
Commenting on the 2012 performance, Mr. Weerakkody said: “The bank's stellar
performance this year amply demonstrates the 'value' of long standing relationships that the bank has built over the years.”
Commercial Bank’s Managing Director and CEO Mr. Ravi Dias noted that: “Our aim has always been to focus on our fundamentals – strengthening the balance sheet, ensuring stability and maintaining a strong current and savings account base, which at current levels is probably the best in the industry.”
The bank’s total income for 2012 improved by 38.88 per cent to Rs 63.167 billion, with interest Income increasing 37.72 per cent to Rs 51.838 billion and non-interest income composed of foreign exchange and other income, growing by 47.62 per cent to Rs 9.729 billion.
With the bank’s deposits portfolio growing by Rs 64.262 billion or 20.18 per cent, interest expenses grew by 52.31 per cent in the review period to Rs 29.918 billion.
The growth in non-interest income was attributable principally to increased foreign exchange income. A high volume of Treasury operations and translation gains generated foreign exchange income of Rs 4.752 billion, an increase of 104.69 per cent.
Total Loans and Advances of the Bank improved by 17.67 per cent over the 12 months to Rs 338.843 billion at 31st December 2012.
The bank’s total deposits stood at Rs 382.723 billion at 31st December 2012.
Total Assets of the bank crossed the Rs 500 billion milestone during the year to Rs 510.75 billion, reflecting a growth of 15.79 per cent. Commercial Bank is the first private bank in Sri Lanka to exceed Rs 500 billion in assets.