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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ »  Commercial Bank posts Q1 pre-tax profit of Rs. 3.3 bln

Commercial Bank posts Q1 pre-tax profit of Rs. 3.3 bln

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Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

The Commercial Bank of Ceylon PLC said last week that it has “made a measured start to 2014 despite excess liquidity, lower demand for credit and thinning margins”.

In a media statement, the bank reported operating profit before VAT and NBT of Rs 3.897 billion for the three months ended 31st March 2014, reflecting growth of 4.73 per cent over the first quarter of 2013. Operating profit after VAT and NBT (PBT) grew by a modest 1.88 per cent to Rs. 3.291 billion, with VAT and NBT for the three months totalling Rs. 606.3 million, an increase of 23.53 per cent.

The bank’s profit after tax for the quarter reviewed was up 1.68 per cent to Rs. 2.279 billion on gross income of Rs. 17.760 billion.

Commenting on these results, Commercial Bank Chairman Dinesh Weerakkody said: “The bank performed well this quarter, despite a very challenging environment. We continued to grow our business volumes as well as strengthen our key performance indicators. As we move into the second quarter, we expect to grow in the areas where we have a long track record of strong earnings, and will continue to execute on our strategic priorities.”

http://www.sundaytimes.lk/140525/business-times/commercial-bank-posts-q1-pre-tax-profit-of-rs-3-3-bln-99912.html

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