May 06, Colombo: The group comprising Commercial Bank of Ceylon, its associates and subsidiaries has reported a pre tax profit of Rs 1,794.1 million for the three months ended March 31, 2008, a growth of 13.7 per cent over the first quarter of 2007. Post tax profit for the quarter, at Rs 1,025.2 million was up by 11.4 per cent.

The Bank said tax on profit on ordinary activities of Rs. 548.6 million published in the first quarter results of last year, has been re-stated as Rs. 657.9 million in the comparative column of the Income Statement of 2007. This was due to reversal of a deferred tax asset recognized on statutory general provisions made as per the new provisioning requirements of the Central Bank of Sri Lanka in the first quarter of 2007, which was subsequently reversed in preparing the Annual Report of the Bank in 2007.

If the restatement of the tax on profit on ordinary activities was not effected, the profit after tax for the first quarter of 2007 would have been Rs. 1,029.2 million.