COLOMBO: Bank of Ceylon has recorded the highest ever profit before tax (PBT) in the bank’s history as well as in the Sri Lankan banking industry of Rs.20.3 billion, achieving a growth of 29% compared to the previous year. Post tax profit stood at Rs. 13.6 billion, a 12% growth.
The Group has reported Rs.21.4 billion PBT recording a 33% growth over last year with the Bank dominating the results of the Group accounting for 95% of earnings and 97% of the Group’s assets.
“It is evident that the bank made a strong progress on all fronts to make the highest ever profit by a single entity in Sri Lanka.
Currently we are in a transformation process which is gradually taking us to the position of a provider of fully fledged digital banking to deliver to our customers, best-in-class banking services with a novel experience.
“Our earnings benefit the nation directly. The Rs. 16.5 billion dividend the bank pays to the government is used for development activities bringing benefits to all the people of this country,” Chairman Ronald C. Perera PC said.
Despite the dip in interest margin due to the low interest rate regime, PBT was boosted by fee income, trading income and gains from financial investments.
Fee income increased by 42% to Rs.9.2 billion due mainly to the increase in export and import transactions and guarantees fees. Net gains from trading in treasury bills and dealing securities grew by 50% to Rs.4.9 billion. Increase in these income bases shows the Bank’s ability to find alternative income generating channels at difficult times.
Amidst the challenging operating environment which prevailed throughout most of the year, the Bank’s assets grew by 11% to Rs.1.3 trillion.
The bank is the first domestic bank to achieve a trillion assets balance sheet and continues as the only bank to have done it so far. BOC is the largest provider of finance to both Government and private sectors. Loans and advances account for 56% of the Bank’s one trillion asset base and gross loans stood at Rs.777.5 billion as at end 2014.
Bank of Ceylon’s brand value has increased significantly to Rs.38 billion in 2015 compared to Rs.31 billion in 2014. Bank of Ceylon is also the first among all local banks to enter the ranks of top 1000 banks.
