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Cargills Bank ups 1Q Profit after Tax by Rs. 116 m to Rs. 162 m
Daily FT
|May 16, 2025
CARGILLS Bank said yesterday its results for the quarter ended 31 March reflected an increase of Rs. 116 million in profitability when compared to the corresponding quarter in 2024 posting a profit after tax of Rs. 162 million for Q1 2025. Net interest income of Rs. 865 million was an increase of Rs. 51 million in Q1 2025 compared with Q1 2024. Market interest rates have witnessed a gradual reduction in line with the CBSL policy directions and the bank's portfolio was repriced to reflect these changes. Whilst the bank continues to focus on maintaining the NIM, a reduction from 4.86% to 4.31% was witnessed reflecting the market interest environment.
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Net fee and commission income of Rs. 254 million for the quarter ended 31 March 2025 recorded Rs. 55 million growth in comparison with the corresponding period in 2024. Concerted efforts to improve trade volumes, loan related fee income, card-related fee income and improved remittance income were among the main contributory factors for this growth of 28% recorded.
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