Sri Lanka’s Commercial Bank net up 10-pct in March quarter

COLOMBO (EconomyNext) – Sri Lanka’s Commercial Bank of Ceylon said group net profits rose 10 percent from a year earlier to 2.53 billion rupees, helped by other incomes.

The group reported earnings of 2.90 per share.

Commercial Bank said it estimated the hit from a retrospective tax proposed by the new administration to be 2,575 million rupees at company level and 2,610 million for the group.

Group interest income rose 2.9 percent to 15.7 billion rupees and interest expense fell 2.9 percent to 8.4 billion rupees, allowing it to grow net interest income 10 percent to 7.2 billion rupees.

Loans grew just 0.18 percent to 499 billion rupees during the quarter. Financial investments available for sale edged up 0.68 percent, and cash and cash equivalents rose 24 percent to 25.6 billion rupees.

Loan loss provisions were down 16 percent from a year earlier to 1.34 billion rupees.

Fees and commission income rose 20 percent to 1.2 billion rupees. There was a 647 million rupee loss from trading and a 1.82 billion rupee other income, up from 696 million rupees a year earlier.

Gross assets just grew 1.5 percent to 809 billion rupees.

The bank grew deposits 3 percent to 549 billion rupees and cut other borrowings from 136 billion rupees to 127 billion rupees.

Net assets fell 6 percent to 66.5 billion rupees. At bank level Tier I capital was flat at 58.5 billion rupees. Total capital adequacy fell to 15.03 percent of risk weighted assets from 19.97 percent a quarter earlier, but remained above the 10 percent regulatory minimum.

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Gross non-performing loans fell to 3.4 percent from 3.47 percent.

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