Be the First to Know

lanka matrimony

ComBank’s 2023 income up 21.82% to Rs. 341.6 Bn.

0 0

The Commercial Bank of Ceylon Group lent Rs. 56.816 billion in the fourth quarter of 2023 at a monthly average of Rs. 18.939 billion to end the year with a loan book of Rs 1.296 trillion, continuing its trend of strong lending growth in support of economic revival.

Robust deposit growth of Rs. 109.408 billion was also witnessed in the three months ending  December 31, 2023 at a monthly average of Rs. 36.469 billion.

The Group, comprising  Sri Lanka’s biggest private sector bank, its subsidiaries and an associate said its total assets increased by Rs 156 billion or 6.24% YoY and by Rs 130 billion or 5.15% in the three months reviewed to reach Rs 2.656 trillion as at  December 31, 2023.

Gross income improved by 21.82% YoY and by 33.44% in the final quarter to total Rs 341.566 billion for 2023, and interest income grew by 33.84% to Rs 297.646 billion, the Group said.

Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs 31.880 billion for the 12 months, an improvement of 41.07% while profit after tax for the year reduced by 10.92% to Rs 20.461 billion.

The Bank reported its Tier 1 and Total Capital Ratios at 11.442% and 15.151% respectively as at December 31, 2023, both above the statutory minimum ratios of 10% and 14% respectively.

Commercial Bank Chairman Prof. Ananda Jayawardane commented. “Our solid performance stands as a testament to our resilience and enduring dedication to serving our customers and stakeholders with distinction.”

Commercial Bank Managing Director/CEO Sanath Manatunge said, “Embracing pivotal reforms and leveraging innovative approaches, we propelled forward, ensuring stability and sustainable value creation for all stakeholders.”

The Group reported a total operating income of Rs 122.070 billion for the 12 months ending December 31, 2023, a decline of 10.66% over the preceding year, but an improvement over the declines of 16.74% and 27.03% recorded at the end of the third and second quarters respectively.

Net operating income for the 12 months, at Rs 83.175 billion reflected an improvement of 28.53%. Total operating expenses increased by 22.07% to Rs 44.290 billion for the 12 months and by 19.95% to Rs 12.314 billion for the fourth quarter.

Consequently, the Group posted an operating profit before taxes on financial services of Rs 38.885 billion for the full year, and Rs 10.193 billion for the fourth quarter, achieving improvements of 36.77% and 253.81% respectively.

Taxes on financial services increased by 26.52% to Rs 4.961 billion. The Group posted an operating profit of Rs 33.924 billion after taxes on financial services, recording a growth of 38.41% over the preceding year.

The Group’s profit before income tax of Rs 33.927 billion for the 12 months recorded an improvement of 38.45%, in contrast to 13.56% at the end of the third quarter. With income tax for the 12 months increasing to Rs 12.027 billion, the Group reported a net profit of Rs 21.900 billion, a decline of 10.25% YoY.

The post ComBank’s 2023 income up 21.82% to Rs. 341.6 Bn. appeared first on DailyNews.

Leave A Reply

Your email address will not be published.