Com Bank posts Rs 4.1 b profit in 2009
Commercial Bank Group has demonstrated resilience to maintain
profitability in the year ending December 31, 2009 despite testing
conditions on the local and global fronts and lower demand for credit.
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Chairman
Mahendra Amarasuriya |
In results released to the Colombo Stock Exchange, Commercial Bank of
Ceylon PLC, its subsidiaries and associates reported a post-tax profit
of Rs 4.193 billion and pre-tax profit of Rs 7.129 billion for the year,
with the Bank posting a particularly strong performance in the final
quarter. The Bank, a private sector benchmark, reported profit after tax
of Rs 1,370.8 million for the three months ending December 31, 2009, a
growth of 26 per cent over the corresponding quarter of last year.
The Bank’s operations in Bangladesh, described as ‘the jewel in the
crown’ of Commercial Bank, and now comprising 15 delivery channels and
13 ATMs, achieved a net profit of Rs 624.6 million, contributing 14.51
per cent to Commercial Bank’s bottom line. Commercial Bank Bangladesh
was ranked No 1 for the sixth year under the CAMEL rating system by the
Central Bank of Bangladesh in 2009.
The Group also benefitted by its strategic investments in government
bonds, the income and capital gains of which are exempt from tax.
Total income for the year reached Rs 43.614 billion. Operating income
increased by 2.44 per cent to Rs 20.121 billion, helped by a growth of
57.9 per cent in Other income, and exchange profit which grew 12.49 per
cent to Rs 2.9 billion.
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