A strong second quarter, during which its loan book crossed the milestone of Rs 1 trillion, has generated growth in key indicators for the Commercial Bank of Ceylon Group for the six months ended June 30.
ComBank Group comprising the bank, its subsidiaries and an associate, reported gross income of Rs 79.931 billion, a growth of 6.34% over the corresponding six months of 2020 and an improvement of 11.23% in the second quarter of 2021.
The Group converted the first quarter’s negative growth of 2% in interest income to an improvement of 9% in the second quarter, to end the first half of 2021 with interest income of Rs 63.355 billion, an increase of 3.2% over the first half of last year. With interest expenses for the six months down 16.65% to Rs 32.197 billion, the Group posted a net interest income of Rs 31.158 billion, achieving a growth of 36.86% and 57.06% respectively for the six months and the second quarter.
Total operating income of the Group for the six months grew by 30.78% to Rs 46.344 billion, while impairment charges and provisions for other losses rose by 47.44% to Rs 13.654 billion consequent to a management decision to make provisions on a prudent basis, for exposures to identified risk-elevated industries.