Commercial Bank of Ceylon Ltd on Wednesday notched a 25 percent profit growth and said it was taking a bold step to move towards triple bottomline reporting.
Sri Lankas most profitable private bank said its turnover topped Rs. 8.1 bn, and post tax profits clocked in Rs. 1.3 bn during the period under review.rn
rnldblquote We did well last year due to lower interest rates and an improvement in our trade finance activities. But our bottomline may remain the same this year due to the new value added tax on banks, dblquote Chairman, Mahendra Amarasuriya told journalists.rn
rnAmarasuriya estimates the 10 percent VAT to eat up around Rs. 250 mn of its profitability this year.
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rnDeposits in 2002, surged by 17.8 percent to Rs. 54.5 bn and net advanced rose 27.8 percent to Rs. 51.7 bn. Fee based and commissioned income was up 29.
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6 percent to Rs. 824 mn.rn
rnBut interest expense picked up marginally by 1.58 percent to Rs. 6.61 bn. ldblquote We had to re-price our products when interest rates fell cont