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Commercial Bank of Ceylon's Q4'17 net profit rises YOY

Commercial Bank of Ceylon PLC's net profit for the fourth quarter of 2017 rose 12.30% year over year on the back of higher net interest and net fee and commission incomes.

Profit attributable to equity holders climbed to 4.84 billion Sri Lankan rupees from 4.31 billion rupees in the prior-year period. EPS rose to 5.05 rupees from 4.70 rupees.

Net interest income for the quarter rose to 10.92 billion rupees from 8.67 billion rupees in the year-ago period. The bank said net fee and commission income increased to 2.61 billion rupees from 2.31 billion rupees in the prior-year quarter.

Net operating income climbed to 13.65 billion rupees from 12.38 billion rupees.

Impairment charges for loans and other losses totaled 606.9 million rupees, compared to a reversal of impairment charges for loans and other losses of 237.5 million rupees in the prior-year period.

For the full year, profit attributable to equity holders rose 14.44% to 16.61 billion rupees, or 17.27 rupees per share, from 14.51 billion rupees, or 15.77 rupees per share, in 2016.

Net interest income for 2017 climbed to 39.57 billion rupees from 33.13 billion rupees. Net fee and commission income jumped to 8.92 billion rupees from 7.09 billion rupees in the prior-year period.

As of the end of 2017, the bank's interest margin rose to 2.15% from 2.12% at the end of 2016. The bank's stand-alone gross nonperforming advances ratio dropped to 1.88% from 2.18% in the year-ago period, while its net NPA ratio declined to 0.92% from 1.09% over the same period.

The group's consolidated core capital adequacy ratio stood at 12.12% at the end of 2017, while its total capital adequacy ratio clocked in at 15.70%.

As of Feb. 23, US$1 was equivalent to 155.18 Sri Lankan rupees.