Strong year for BoC in 2021; pre-tax profit at over Rs.43.2 billion
View(s):“During this difficult situation the Bank of Ceylon stamped its class by continuing to play the role of being bankers to the nation and supported the nation to deliver its mandate of uplifting the COVID-19 hit economy. Availability of banking services was ensured even during lockdowns without compromising on the customer needs,” said Kanchana Ratwatte, BoC Chairman, in a media release issued by the bank.
He said the bank worked tirelessly worked on ensuring that maximum benefits of the Central Bank-announced moratoria were being transferred to customers with least possible time lags.
Speaking on the bank’s performance for the year 2021, BoC General Manager/CEO K.E.D. Sumanasiri said the bank was able to reiterate its position as the undisputed market leader in Sri Lanka’s banking sector, demonstrating its unparalleled ability to truly support its customers and the overall economy in trying times.
The BoC was able to show a notable increase in both its fund-based and fee-based income during the year and recorded Rs. 43.2 billion profit before tax (PBT), regardless of headwinds created by market interest rates fluctuations and stressed portfolio quality emanating from COVID-19 related economic impacts. “Further, the bank’s asset book crossed Rs. 3 trillion during the year surpassing another milestone in our journey,” he added.
The bank has considerable exposure to investments in foreign currency denominated sovereign instruments by way of Sri Lanka Development Bonds and International Sovereign Bonds. As per the regulatory and Accounting Standards requirements a significant amount of provision amounting to Rs. 8.3 billion was made for investments in aforesaid instruments accounting the impact of sovereign downgrade.
The operating expenses of Rs. 41.7 billion consists of personnel costs, assets maintenance, deposit insurance and other overhead expenses.
During the period the bank’s total assets grew by 27 per cent and reached Rs. 3.8 trillion, preserving its industry leadership.
The bank’s gross loan book surpassed the Rs. 2 trillion mark during the year 2020 and now stands at Rs. 2.6 trillion, a 22 per cent growth during 2021.
The bank’s deposit base during the year has increased to Rs. 2.9 trillion with a 16 per cent YoY growth and 77 per cent of the deposit base comprises of local currency deposits.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!