The Commercial Bank of Ceylon PLC, one of the biggest privately owned banks in the country, has reported that the banking industry had continued to experience narrow margins and recorded comparatively lower growth in business volumes during the second quarter of the current year.
This was reflected in its half-year bottom line which was down from a year earlier despite marginal net interest growth and 8.6% deposit growth.
"Despite the challenging environment that prevailed in the industry, the bank was able to record a healthy net interest income of Rs.11.932 billion for the first half of 2013, compared to Rs.11.231 billion recorded in the corresponding period last year," the bank said in a statement included with its second quarter financials.
Total Deposits grow - 8.64%
"During the period under review the total deposits of the bank continued to grow and stood at Rs.429.537 billion as at June 30, 2013 reflecting a growth of Rs.34.162 billion or 8.64% compared to Rs.395.375 billion recorded as at December 31, 2012.
The loans and Advance to increase - 4.46%
"The loans and advances too recorded an increase of Rs.16.576 billion or 4.46% during the review period and reached a figure of Rs.390.119 billion as at the end of June 2013, compared to Rs.373.544 billion recorded as at December 31, 2012."
Pre-Tax Profit Down 12.89%
The Commercial Bank group had recorded a pre-tax profit of Rs.6.55 billion in the first half of this year, down from Rs.7.52 billion earned a year earlier.
Post-Tax Profit 12.98%
The group’s after-tax profit of Rs.4.49 billion compared to Rs.5.16 billion recorded in the first half of 2012.
The DFCC Bank remains the single largest shareholder of ComBank with 14.85% followed by EPF with 9.56% and the Franklin Templeton Investment Fund with 7.21%. The Life and General Funds of the Sri Lanka Insurance Corporation has a stake over 10%.
The directors of the Bank are: Messrs. D.S. Weerakkody (Chairman), K.G.D.D. Dheerasinghe (Deputy Chairman), W.M.R.S. Dias (MD/CEO), Prof. U.P. Liyanage, L. Hulugalle, M.P. Jayawardena, S. Swarnajothi and J. Durairatnam.
Commercial Bank 1st half year performane
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