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Commercial Bank of Ceylon Q1 net profit rises 13.6% YOY

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Commercial Bank of Ceylon Q1 net profit rises 13.6% YOY

Commercial Bank of Ceylon PLC posted a 13.6% year-over-year increase in net profit for the first quarter amid higher net interest income and net fee and commission income.

Profit attributable to equity holders of the bank climbed to 4.34 billion Sri Lankan rupees, or 4.32 rupees per share, from 3.82 billion rupees, or 4.14 rupees per share.

The group's net interest income rose to 11.73 billion rupees from 8.79 billion rupees, while net fee and commission income ticked up to 2.45 billion rupees from 2.06 billion rupees.

Net operating income went up to 13.27 billion rupees from 11.44 billion rupees. Total operating income jumped to 14.89 billion rupees from 11.69 billion rupees.

Impairment charges for loans and other losses amounted to 1.62 billion rupees, up from 251.9 million rupees.

As of March 31, the group's interest margin stood at 3.97%, up from 3.62% as of Dec. 31, 2017.

The bank's gross nonperforming advances ratio for the quarter clocked in at 2.20%, up from 1.88% from the prior-year quarter. Net NPA ratio came in at 1.24%, up from 0.92%.

The group's total capital ratio as of March 31 was 14.73%, down from 15.70% as of Dec. 31, 2017. Both common equity Tier 1 and Tier 1 capital ratios for the quarter were 11.32%, compared with 12.12% in the fourth quarter of 2017.

As of May 15, US$1 was equivalent to 158.10 Sri Lankan rupees.