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 The Commercial Bank of Ceylon has extended its growth momentum into the second quarter of the year to record robust performance indicators for the six months ending 30th June 2016 amidst increasing costs of funds and shrinking margins.

Sri Lanka’s benchmark private bank has reported profit before VAT and NBT of Rs 10.391 billion recording a growth of 18.91% for the six month period on Gross Income of Rs 42.935 billion, which reflected an improvement of 18.46% over the corresponding six months of last year.

Profit before tax at Rs 8.895 billion for the half year reviewed was up 19.51%, while profit after tax grew by 25.54% to Rs 6.488 billion, the Bank said in a filing with the Colombo Stock Exchange.

Interest income improved by Rs 5.673 billion or 17.84% to Rs 37.461 billion helped by strong growth of the loan book, but the higher cost of funds, particularly time deposits, resulted in interest expenses rising by 25.44% to Rs 21.350 billion in the six months under review, the Bank said. Consequently, net interest income grew by 9.10% to Rs 16.111 billion.

An improvement in the quality of the loan book enabled the Bank to reduce its total impairment charges by a noteworthy 17.55% to Rs 1.546 billion. The total operating income improved to Rs 20.982 billion, a growth of Rs 2.189 billion or 11.65% while the net operating income increased by 14.88% to Rs 19.436 billion.