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The Commercial Bank of Ceylon has announced that 50 of its branches and Supermarket Banking counters will be kept open to serve customers on 5th November, Deepavali day, a statutory bank holiday.
The Bank said all over-the-counter banking transactions could be conducted on that day at 25 branches in the Colombo and Gampaha districts, the foreign branch at the Head Office, the Bank’s 25 Supermarket Banking counters and its 365 day banking centers at Colombo 07, Ampara, Negambo, Galle City, Kandy City, Majestic City and Jaffna.
The branches that will stay open in Colombo and Gampaha Districts include the Foreign branch and branches at Wellawatte, Kollupitiya, Kotahena, Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwala, Moratuwa, Nittambuwa, Kiribathgoda, Avissawella and Piliyandala.
A spokesman for the Bank said “As a bank that is committed to service, we strive to ensure that customer needs are served and met virtually every day of the year. Our corporate and retail customers alike have welcomed this service, which Commercial Bank pioneered.”
The Bank also offers comprehensive internet banking services 24 hours a day, 7 days a week via its website www.combank.net
Commercial Bank of Ceylon PLC owns a network of 185 branches and Supermarket Banking counters and operates an automated teller network of 385 terminals in Sri Lanka.
Higher credit demand, internal measures and better conditions spur profit of benchmark bank
A strong focus on core banking operations and a resurgence of credit demand have generated solid growth in key performance indicators for the Commercial Bank of Ceylon PLC at the end of the third quarter of 2010.
Sri Lanka’s benchmark private sector bank has reported pre-tax profit of Rs 6.519 billion for the nine months ended 30th September, recording an impressive growth of 30.5 per cent over the corresponding nine months of last year. The Bank’s post tax profit grew 27 per cent to Rs 3.727 billion in the same period.
Financial statements filed with the Colombo Stock Exchange indicate that growth was particularly strong in the third quarter, with the Bank’s profit before tax growing 54.8 per cent to Rs 2.494 billion, and its post-tax profit improving 47.8 per cent to Rs 1.414 billion over the corresponding three months of 2009.
One of the principal contributors to this performance was the robust growth of the Bank’s loan book in the 3rd quarter as well as over the nine month period, Commercial Bank’s Chief Financial Officer Mr. Nandika Buddhipala said.
He disclosed that Gross Loans and Advances increased by Rs 18.135 billion in the three months, from Rs 186.635 billion at 30th June to Rs 204.770 billion at 30th September, a growth of 9.72 per cent. Within these three months alone, non-performing loans reduced by Rs 2.602 billion or 13.65 per cent, Mr. Buddhipala said.
Gross Loans and Advances for the full nine months reflected a growth of 11.91 per cent over the figure of Rs 182.9 billion at 31st December 2009.
Total Deposits grew by 7.6 per cent to Rs 252.617 billion at 30th September 2010, an increase of Rs 17.873 billion over the nine months reviewed.
Taken as a Group, the Commercial Bank, its subsidiaries and associates posted pre-tax profit of Rs 6.547 billion at the end of 3Q 2010, recording a growth of 29 per cent. Profit after tax for the period was up 25 per cent to Rs 3.735 billion.
Elaborating on some of the other contributory factors to growth, Mr. Buddhipala said Net Interest Income had increased by 32.5 per cent for the nine months to Rs 11.705 billion. The interest expenses of the Bank recorded a drop of 23.78 per cent responding to the low interest rate regime that prevailed during the period under review compared to the corresponding period of last year. Interest income on loans and advances also recorded a drop of 16.70 per cent. However, interest income on other interest earning assets which mainly consist of treasury bills and bonds, increased by 29.87 per cent, restricting the drop in total interest income to 5.38 per cent, he explained. As a result, the net interest margin of the Bank improved to 4.57 per cent during the period under review.
Net Interest Income growth was more pronounced in the third quarter, he said, disclosing that increased lending had generated Net Interest Income of Rs 4.312 billion in the three months ending 30th September 2010, a growth of 41.5 per cent compared to the corresponding period of last year.
Total net income of the Group for the review period stood at Rs 15.768 billion, reflecting a growth of 13.77 per cent. Total assets reached Rs 364.614 billion as at 30th September 2010, an increase of 13 per cent since 31st December 2009.
Growth in the non-interest expenses was limited to 4.5 per cent despite additional expenses incurred on expansion of the branch network.
Net provisions on account of Bad and Doubtful Debts decreased by Rs 218 million or 44.5 per cent. “The improved quality of loans and advances portfolio due to the actions taken by the Bank has resulted in comparatively lower specific provisions in 2010,” Mr. Buddhipala said.
He disclosed that these measures, coupled with improved macro economic conditions in the country had enabled the Bank to bring down its gross and net non-performing advances ratios to 5.02 per cent and 3.36 per cent respectively by the end of the third quarter from levels of 6.84 per cent and 4.89 per cent at the end of the previous year.
Commercial Bank of Ceylon PLC has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinananceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.
The Bank’s operations in Sri Lanka consist of 185 branches and supermarket banking counters and an ATM network of 385 terminals. The Bank also operates seven branches, two booths, two off-shore banking units and six SME Centres in Bangladesh.
Commercial Bank has launched its Information Centre on 26th September 2010. Customers can now obtain information on banking products and services that they need, by calling the information centre
The Commercial Bank of Ceylon has opened a branch in Eheliyagoda, in a spacious building with ample parking facilities at No, 71, Main Street, Eheliyagoda.
The Bank’s 182nd branch in Sri Lanka is linked to all other Commercial Bank branches and Supermarket Banking counters islandwide permitting online real-time banking. It is also equipped with two ATMs linked to 370 ATMs of Commercial Bank and over one million ATMs belonging to the Cirrus (Mastercard network) and Visa networks worldwide.
Picture shows the Commercial Bank’s Managing Director Amitha Gooneratne opening the new branch. The Branch Manager Darshana Wickramasinghe (left) and Regional Manager - Uva Sabaragamuwa Region Chanura Wijetillake are also in the picture.
Commercial Bank has been named the Best Bank in Sri Lanka by Euro money, one of the world’s most respected financial publication
Our Pelmadulla branch was opened at No. 17, Main Street, Pelmadulla on 3rd October 2008
Our new Supermarket counter was opened at Arpico Super Centre, No. 153, St. Joseph's Street, Negombo on Monday, 1st December, 2008.
The South Asian Federation of Accounts awarded the Joint Overall winner, the Platinum Award and the Banking sector winner the -Gold Award, for the Bank's best presented accounts in 2007
The Institute of Chartered Accountants of Sri Lanka had adjudged the Bank's Annual report for 2007, the Joint Overall winner - Gold Award, the Winner - Gold Award in the Banking sector and Joint Runner-up Silver Award.