● Commercial Bank's (COMB) net profit has grown by 3.6% YoY to LKR971.0 mn in 3Q2009 despitethe cumulative 1-3Q2009 net earnings still down by 2.3% to LKR2,984.6 mn.
● The net profit growth in the latest quarter is inline with our forecast and was driven by a 65.5% YoY dip in total provisioning cost and a 21% YoY re duction in the total tax cost.
● Continues to be the largest private sector bank with a total asset base of LKR311 bn and 184 strong branch network
● Enjoys a relatively lower cost/income ratio of 49% and remains well capitalised with a Core CAR of 10.9% and a Total CAR of 13.5%
● Both the voting and non-voting shares continue to be attractive with the voting share trading on 9.9X forecast 2009 net profit, 9.0X projected net earnings, 1.4X PBV with the non voting share trading on 6.5X forecast 2009 net profit, 5.9X projected 2010 net earnings and 0.9X PBV
SRI LANKA EQUITY ANALYTICS
World Trade Center
Colombo
Sri Lanka
Email: sriventure@gmail.com
Web: www.srilankaequity.com
Saturday, November 14, 2009
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