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Commercial Bank of Ceylon Q2 profit drops 10.73% YOY on higher impairments

Commercial Bank of Ceylon PLC reported a 10.73% year-over-year decline in profit for the second quarter ended June 30 amid a rise in impairment charges and expenses.

The group on Aug. 15 reported a profit attributable to equity holders of 3.45 billion Sri Lankan rupees, down from 3.87 billion rupees in the prior-year period. EPS fell to 3.36 rupees from 3.83 rupees.

Net interest income for the quarter rose to 12.03 billion rupees from 11.39 billion rupees, while net fee and commission income dropped to 2.39 billion rupees from 2.55 billion rupees.

Gross income rose to 38.09 billion rupees from 33.49 billion rupees. Total operating income climbed to 17.00 billion rupees from 15.29 billion rupees, while net operating income grew to 13.37 billion rupees from 13.05 billion rupees. Operating profit after taxes on financial services fell to 7.14 billion rupees from 7.26 rupees.

Expenses climbed year over year to 6.22 billion rupees from 5.79 billion rupees. Impairment charges and other losses for the quarter climbed to 3.63 billion rupees from 2.24 billion rupees in the same period the prior year.

The bank's standalone gross nonperforming advances ratio came to 4.86% as of June 30, up from 3.24% at Dec. 31, 2018, while its net NPA ratio rose to 2.96% from 1.71% over the same period.

As of June 30, the group's total capital ratio clocked in at 16.514%, up from 15.623% at the end of 2018. Over the same period, the group's Tier 1 ratio and common equity Tier 1 ratio both climbed to 12.496% from 11.431%.

As of Aug. 15, US$1 was equivalent to 177.18 Sri Lankan rupees.