brand logo

ComBank reports robust growth in 1Q’21

12 May 2021

  • Bank records PAT of Rs. 6.66 b; Group PAT at Rs. 6.8 b

  [caption id="attachment_135489" align="alignright" width="562"] Commercial Bank Chairman Justice K. Sripavan (left) and Managing Director S. Renganathan [/caption] Commercial Bank Group, the holding company of Commercial Bank of Ceylon PLC, reported a gross income of Rs. 40.905 billion for the three months ended 31 March 2021 (1Q’21), with net interest income growing by a substantial 21.08% to Rs. 15.477 billion. This was consequent to interest expenses reducing by 17.14% to Rs. 16.218 billion, in contrast to a marginal decline of 2.04% in interest income to Rs 31.695 billion due to the reduction in interest rates.  Commercial Bank Group posted a profit after tax (PAT) of Rs. 6.797 billion for the three months reviewed, recording a growth of 78.20%. Taken separately, Commercial Bank of Ceylon PLC reported profit before tax (PBT) of Rs. 8.183 billion for the quarter, a growth of 56.51%, and PAT of Rs. 6.658 billion, an improvement of 79.63%. Among other components of gross income, other income (comprising net gains/losses from trading, net gains/losses from derecognition of financial assets and net other operating income) grew by 22.58% to Rs 5.661 billion, while net fees and commission income improved by 23.55% to Rs. 3.023 billion, the bank said in a filing with the Colombo Stock Exchange (CSE). Interest continued to be the dominant source of income, accounting for 77.48% of gross income, while net interest income accounted for 64.06% of total operating income. Commenting on the results achieved, Commercial Bank Chairman Justice K. Sripavan said: “Our performance in the latter part of 2020 laid the foundation for this growth, which has been achieved by a careful balancing of several countervailing factors arising from developments impacting the market and our response to them, including judicious provisioning for impairment on the expected credit losses. We expect to maintain this trajectory of growth in the short term, provided that there are no major shocks ahead of us.”  

Kapruka

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!


More News..