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Interest income generated by the growth of its loan book, gains from the reduced effective tax rate and a noteworthy contribution from non-interest income have enabled Commercial Bank of Ceylon to accelerate profit growth in the first nine months of 2011 and post sector-leading financial results.
Releasing its interim income statements for the nine months ending September 30, 2011, bank announced that Profit Before Tax had grown by nearly Rs 2 billion or 33.7 per cent over the corresponding period of last year to reach Rs 8.717 billion.
Profit after tax increased by an outstanding 63.56 per cent to cross Rs 6 billion (Rs 6.097 billion) as against Rs 3.727 billion for nine months of 2010, as the effective tax rate for the review period, including the Bank’s operations in Bangladesh, reduced to 30.05 percent from 42.82 percent in the previous year as a result of the reduction of the corporate tax rate and VAT on financial services.
Total Income of the Bank for the nine months was Rs 32.904 billion, reflecting a growth of 8.53 percent. The Interest Income component recorded growth of 7.63 percent to Rs 27.548 billion as at September 30, 2011, with Interest Income from Loans and Advances increasing by a healthy 20.63 percent (more than Rs 3.5 billion) to Rs 20.589 billion and Non-interest Income (commission, investment and foreign exchange income) growing by 11.13 percent to Rs 4.501 billion. Net Interest Income improved by 14.36 percent to Rs 13.420 billion.
The Bank attributed the lower rate of growth of total interest income comparative to the growth of some of the individual components that make up the total, to reduced Interest Income from other interest-bearing assets such as Treasury Bills and Bonds due to the lower yields on these assets in the review period. Interest income from this source declined from Rs 8.528 billion at the third quarter of 2010 to Rs 6.960 billion for the nine months reviewed.
Commercial Bank Managing Director Amitha Gooneratne said: “What we are witnessing is the combined effect of size and momentum, supported by a solid foundation of customer trust and unwavering commitment to excellence in operational fundamentals. Although our operations are expanding rapidly, entailing higher capital and recurrent expenditure, and yields from interest-bearing investments are lower, the Bank has stepped up the pace growth.”
http://www.dailynews.lk/2011/11/15/bus03.asp
Releasing its interim income statements for the nine months ending September 30, 2011, bank announced that Profit Before Tax had grown by nearly Rs 2 billion or 33.7 per cent over the corresponding period of last year to reach Rs 8.717 billion.
Profit after tax increased by an outstanding 63.56 per cent to cross Rs 6 billion (Rs 6.097 billion) as against Rs 3.727 billion for nine months of 2010, as the effective tax rate for the review period, including the Bank’s operations in Bangladesh, reduced to 30.05 percent from 42.82 percent in the previous year as a result of the reduction of the corporate tax rate and VAT on financial services.
Total Income of the Bank for the nine months was Rs 32.904 billion, reflecting a growth of 8.53 percent. The Interest Income component recorded growth of 7.63 percent to Rs 27.548 billion as at September 30, 2011, with Interest Income from Loans and Advances increasing by a healthy 20.63 percent (more than Rs 3.5 billion) to Rs 20.589 billion and Non-interest Income (commission, investment and foreign exchange income) growing by 11.13 percent to Rs 4.501 billion. Net Interest Income improved by 14.36 percent to Rs 13.420 billion.
The Bank attributed the lower rate of growth of total interest income comparative to the growth of some of the individual components that make up the total, to reduced Interest Income from other interest-bearing assets such as Treasury Bills and Bonds due to the lower yields on these assets in the review period. Interest income from this source declined from Rs 8.528 billion at the third quarter of 2010 to Rs 6.960 billion for the nine months reviewed.
Commercial Bank Managing Director Amitha Gooneratne said: “What we are witnessing is the combined effect of size and momentum, supported by a solid foundation of customer trust and unwavering commitment to excellence in operational fundamentals. Although our operations are expanding rapidly, entailing higher capital and recurrent expenditure, and yields from interest-bearing investments are lower, the Bank has stepped up the pace growth.”
http://www.dailynews.lk/2011/11/15/bus03.asp
