Commercial Bank posts typically robust 9-month results
The Commercial Bank of Ceylon has reported profit of Rs 19.718 billion before VAT and NBT on financial services for the nine months ending 30th September 2017, a growth of 20.25% on strong operational gains and tight control of expenditure.
Profit before tax grew by 16.88% to Rs 16.232 billion, amidst an increase in the VAT rate on financial services from 11% to 15%. Profit after tax for the nine months was up 15.01% to Rs 11.675 billion, the country's benchmark private bank said in a filing with the Colombo Stock Exchange (CSE).
Gross income for the period at Rs 84.568 billion reflected an improvement of Rs 17.700 billion or 26.47% over the first nine months of 2016, with interest income growing by 30.03% to Rs 75.669 billion. Interest expenses increased to Rs 47.427 billion growing...