ComBank accelerated lending sees loan book grow by Rs. 56.8 bn

The Commercial Bank of Ceylon Group continued its strong lending growth, extending loans amounting to Rs 56.816 billion at a monthly average of Rs 18.939 billion. 

This performance contributed to the group’s year-end loan book reaching Rs 1.296 trillion, reflecting its commitment to supporting economic revival.

During the same period, the group also experienced significant deposit growth, totaling Rs 109.408 billion at a monthly average of Rs 36.469 billion. 

This underscores the group’s solid deposit franchise and its strategic focus on financial intermediation, particularly in volatile macroeconomic conditions. Notably, deposits grew by 8.60 percent year-on-year, reaching Rs 2.148 trillion by the end of the review period.

The Group, comprising of Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, reported in a filing with the Colombo Stock Exchange (CSE) that total assets increased by Rs. 156 billion or 6.24 percent YoY and by Rs. 130 billion or 5.15 percent in the three months reviewed to reach Rs. 2.656 trillion as at 31st December 2023. 

Gross income improved by 21.82 percent YoY and by 33.44 percent in the final quarter to total Rs. 341.566 billion for 2023, and interest income grew by 33.84 percent to Rs. 297.646 billion, the Group said. 

With interest expenses increasing at a higher rate of 53.37 percent over the year to Rs 211.231 billion, net interest income grew by a marginal 2.07 percent to Rs. 86.415 billion. This was however, a reversal of the negative growth recorded at the end of the preceding quarter, and was made possible by net interest income of Rs. 25.534 billion in the fourth quarter, an improvement of 16.85 percent. Read ‘ComBank stays on growth trajectory in 2023 with notable Q4 performance’ on page 10 for more details on the financial performance.