Com Bank posts Rs 4.1 b profit in 2009Commercial Bank Group has demonstrated resilience to maintain profitability in the year ending December 31, 2009 despite testing conditions on the local and global fronts and lower demand for credit.
In results released to the Colombo Stock Exchange, Commercial Bank of Ceylon PLC, its subsidiaries and associates reported a post-tax profit of Rs 4.193 billion and pre-tax profit of Rs 7.129 billion for the year, with the Bank posting a particularly strong performance in the final quarter. The Bank, a private sector benchmark, reported profit after tax of Rs 1,370.8 million for the three months ending December 31, 2009, a growth of 26 per cent over the corresponding quarter of last year.
The Bank’s operations in Bangladesh, described as ‘the jewel in the crown’ of Commercial Bank, and now comprising 15 delivery channels and 13 ATMs, achieved a net profit of Rs 624.6 million, contributing 14.51 per cent to Commercial Bank’s bottom line. Commercial Bank Bangladesh was ranked No 1 for the sixth year under the CAMEL rating system by the Central Bank of Bangladesh in 2009.
The Group also benefitted by its strategic investments in government bonds, the income and capital gains of which are exempt from tax.
Total income for the year reached Rs 43.614 billion. Operating income increased by 2.44 per cent to Rs 20.121 billion, helped by a growth of 57.9 per cent in Other income, and exchange profit which grew 12.49 per cent to Rs 2.9 billion. - source - www.dailynews.lk
Sri Lanka HNB 2009 net up by 58% to Rs 4.5 b.n.
Sri Lanka's Hatton National Bank (HNB) said group net profits for the 2009 financial year rose 58 percent to 4.5 billion rupees with gains from investments in government securities while the loan book shrank.
The bank said in a stock exchange filing that group December quarter profits shot up 156 percent to 1.8 billion rupees from a year ago.
Basic earnings per share for the year were 19.03 rupees compared with 12.02 rupees the previous year.
Interest income rose six percent to 34.8 billion rupees, with interest income on loans stagnant while there was a 38 percent rise in income from other interest earning assets
Interest expenses were stagnant at 20.3 billion rupees allowing net interest income to rise 16 percent to 14.6 billion rupees during the year.
Non-interest income rose three percent to 5.7 billion rupees with forex income down sharply but fee income growing
HNB showed a reversal of 22 million rupees on general loan provisioning in 2009 compared with a provision of 484 million in 2008 while specific provisions rose eight percent to 730 million rupees.
Performing loans fell four percent to 162 billion rupees as at December 31, 2009 from the beginning of the year and bad loans fell eight percent to 12.5 billion rupees over the year.
Total group assets rose nine percent to 288 billion rupees. - source - www.lbo.lk
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