ComBank reports stellar first quarter

Commercial Bank of Ceylon PLC has reported profit before tax of Rs 2.959 billion for the three months ended March 31, reflecting a growth of 56.45 percent over the corresponding quarter of 2010. Profit after tax was up 87.08 percent to Rs 2.060 billion, the bank said in a filing with the Colombo Stock Exchange.

The Performing Loans and Advances portfolio of the bank increased by Rs 6.2 billion in the three months reviewed, from Rs 213.4 billion as at December 31, 2010 to Rs 219.6 billion at the end of 1Q 2011, as against an increase of Rs 316 million in the first quarter of 2010.

Consequently, interest income from this source grew by Rs 864.1 million (15.69 percent) to Rs 6.371 billion, contributing to net interest income of the bank growing 20.83 percent to Rs 4.3 billion.