Sri Lanka’s Commercial Bank accelerates into 2018 with impressive growth
Sri Lanka's Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 7.677 billion and profit before tax of Rs 6.337 billion for the first quarter of 2018, with growth of 21.07% and 21.36% respectively signaling an exceptionally strong start to the financial year 2018.
Gross income for the three months ending 31st March 2018 was up 19.03% to Rs 32.096 billion, with interest income improving by a robust 20.59% to Rs 28.567 billion, the country's benchmark private bank said in a filing with the Colombo Stock Exchange (CSE).
The Bank attributed the increase in interest income to vigorous growth in interest-earning assets in the quarter under review and higher yields on such assets.
The Bank had been successful in containing growth in interest expenses to 13.12% desp...
