Wednesday, 19 May 2021 22:48

ComBank makes strong start in 2021 Featured

The Commercial Bank Group has generated strong growth in fund-based operations in the first quarter of 2021

with the continuing trend of interest expenses reducing at a significantly higher rate than interest income combined with judicious management of core banking operations.

Comprising Commercial Bank of Ceylon PLC, its subsidiaries and the associate, the group reported a Gross income of Rs.41 billion for the three months ending March 31, 2021, with net interest income growing by a substantial 21.08 per cent to Rs.15.4 billion consequent to interest expenses reducing by 17.14 per cent to Rs.16.2 billion in contrast to a marginal decline of 2.04 per cent in interest income to Rs.31.7 billion due to the reduction in interest rates.

“The growth in net interest income was achieved despite a substantial increase in deposits and excess liquidity being invested in low-yielding treasury assets in view of the conditions that prevailed in the market during the three months reviewed,” the bank said in a media release.

The group posted profit after tax of Rs.6.8 billion for the three months reviewed, a growth of 78.20 per cent. Taken separately, Commercial Bank of Ceylon PLC reported profit before tax of Rs.8.2 billion for the quarter, a growth of 56.51 per cent and profit after tax of Rs.6.6 billion, an improvement of 79.63 per cent.

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