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Commercial Bank of Ceylon Q2 net profit rises YOY amid trading gain

Commercial Bank of Ceylon PLC reported a year-over-year rise in net profit for the second quarter ended June 30, helped by a net gain from trading.

The Sri Lankan lender said net profit attributable to equity holders increased to 3.84 billion Sri Lankan rupees from 3.26 billion rupees in the year-ago period. EPS for the quarter went up to 4.14 rupees from 3.59 rupees.

Net interest income came in at 9.30 billion rupees, up from 8.07 billion rupees, while net fee and commission income also grew to 2.02 billion rupees from 1.52 billion rupees.

The group reported a net gain from trading amounting to 482.0 million rupees, compared to a net loss of 1.89 billion rupees a year earlier.

Net operating income for the quarter rose to 11.38 billion rupees, from 9.51 billion rupees in the prior-year period.

Interest margin for the period inched down to 3.43% at the end of June from 3.47% as of Dec. 31, 2016.

The bank's gross nonperforming advances ratio fell to 2.12% as of June 30 from 2.18% at the end of the prior year, while its net NPA ratio also slipped to 1.05% from 1.09% as of Dec. 31, 2016.

As of June 30, the lender's total capital adequacy ratio stood at 17.23%, up from 15.90% at the end of 2016. Its core capital adequacy ratio clocked in at 13.28%, up from 11.56% over the same period.

For the first half, the group's net profit attributable to equity holders totaled 7.66 billion rupees, up year over year from 6.52 billion rupees. EPS for the first six months rose to 8.26 rupees from 7.19 rupees a year earlier.

As of Aug. 11, US$1 was equivalent to 153.05 Sri Lankan rupees.