The bank reported earnings of 2.66 rupees for the quarter. It closed at 116.00 rupees down 1.20.
Interest income rose 25 percent to 14.4 billion rupees and interest expenses rose at a faster 44 percent to 8.8 billion rupees and net interest grew only 1.7 percent to 5.6 billion rupees.
Fee income rose 6.7 percent to 909 million rupees. Net gains from trading fell to 98 million rupees from 993 million rupees with other operating income falling 25 percent to 1.1 billion rupees.
The banks said in a statement that forex income had fallen 1.47 billion rupees in the current quarter as the rupee appreciated. Last year large forex profits were made when the rupee fell.
Chief executive Ravi Dias said the fall in forex profits were expected with the rupee stabilizing.
Under International Financial Reporting Standards banks no longer have to disclose forex profits separately.
Banks also no longer disclose total bad loans in the balance sheets under IFRS nor a break down in the type of deposits making it less easy for shareholders and analysts to readily calculate the deposit mix (CASA ratio).
Analysts are therefore forced to call banks up for basic information readily available under earlier rules, unless they voluntarily release the information through separate statements as Commercial Bank had done.
Loans and advances rose by a strong 4.2 percent to 388 billion rupees during the quarter from December.
Loan loss provision fell to 511 million rupees from 1,030 million with changes in accounting rules also helping, the banks said.
The gross non-performing loan ratio at stand alone bank level rose to 3.59 percent from 3.37 percent and net non performing ratio to 2.0 percent from 1.84 percent.
Gross assets of Commercial Bank group, Sri Lanka's largest privately owned lender rose 4.8 percent to 537.2 billion rupees and net assets were flat at 52.9 billion rupees.