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Sri Lanka's Commercial Bank profits flat in Dec

Feb 25, 2016 08:02 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Profits at Sri Lanka's Commercial Bank of Ceylon was flat at 3.4 billion rupees in the December 2015 quarter from a year earlier, but the bank has cut a part of its bond portfolio during the quarter.

Interest income rose 13.7 percent to 17.51 billion rupees and interest expenses rose 9.33 percent to 9.5 billion rupees and net interest income rose 19.3 percent to 8.0 billion rupees

Fee and commission income were up 17 percent to 1.6 billion rupees.

Loans grew 25 percent to 508 million dollars during the 12-month to December

The bank made a 987 million rupees provision for specific losses in the quarter up from 195 million rupees a year earlier.

Financial investments available for sale were reduced to 204 billion rupees by December 2015, from 236 billion in September. The bank lost 6.6 billion rupees in fair value at comprehensive income level.

Gross assets grew 11 percent to 882 billion rupees and net assets were flat at 71 billion rupees.


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