Three pronged plan by Bank of Ceylon to increase revenue

The Bank of Ceylon is to adopt a three pronged strategy to increase revenue through its personalised service with decentralised operations. Disclosing details of this short term strategy at a media conference held in Colombo, the new Chairman of the Bank Gamini Wickremasinghe said that action will be taken to bring down the Non Performing Loan (NPL) ratio, now at 5.7 percent. He revealed that the amount of NPLs was around Rs 14 billion.

He said retired officers of the bank will be deployed to strengthen the existing monitoring process of NPLs.

The BOC will personally provide all banking and financial requirements for the corporate sector to attract corporate customers offering them world class business facilities through Sri Lanka’s largest online branch net work. The third strategy of the bank is to increase its foreign exchange income by encouraging Sri Lankan expatriates to open NRFC accounts. The bank has market share of 32 percent in NRFC accounts.