Sri Lanka’s Commercial Bank profits up 78-pct before windfall tax

ECONOMYNEXT – Sri Lanka’s Commercial Bank of Ceylon has reported profits of 6.5 billion rupees, up 78 percent from a year earlier, before a 25 percent windfall tax which is to be charged for the current financial year.

The group reported earnings of 5.52 rupees for the quarter. For the 9-months to September Commercial
Bank reported earnings of 15.78 rupees on total profits of 18.8 billion rupees which grew 70 percent.

Interest income grew 3.89 percent in the September quarter and interest expenses fell 6.34 percent, allowing the bank to grow net interest income 16 percent to 16.3 billion rupees.

Loans grew 9.9 percent in the nine months to September to 999 billion rupees.

The non-performing loan ratio fell to 1.83 percent in September from 2.18 percent in December.
Fee and commission income grew 7.9 percent.

Impairment charges were 4.3 billion rupees for the quarter, down from 7.4 billion a year earlier.
Commercial Bank provided 2.4 billion rupees in income tax.

The budget for 2022 said a 25 percent windfall tax called a 25 surcharge will be applied retrospectively for this year.

Group debt portfolio grew to 356 billion rupees from 302 billion rupees.

Gross assets 11.3 percent to 1.96 billion rupees and net assets grew 4.36 percent to 1.962 billion rupees. (Colombo/Nov15/2021)

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