Bank of Ceylon 1H2023 PBT down sharply
View(s):The Bank of Ceylon (BoC) has reported Rs. 10.5 billion in Profit Before Tax (PBT) for the six-month period ending June 2023 amidst the unprecedented challenges that continued to prevail from the previous year.
Operating expenses for the period reported an increase of 12 per cent in the backdrop of cost escalation due to inflation. The bank’s PBT of Rs. 10.5 billion is a 52 per cent decline over H1-2022. At the end of H1-2023, the bank’s asset base recorded a negative growth of 7 per cent reflecting the impact of the Rupee appreciation, the bank said in a media release.
The interest income of the bank grew by 32 per cent to Rs. 259.7 billion primarily due to the increase in AWPLR compared to the corresponding period of the previous year. However, interest expenses grew by 98 per cent as the deposit mix has been repriced at higher rates, resulting in a high cost of funding and led to 65 per cent decline in net interest income compared to H1-2022.
Net fee and commission income amounted to Rs.8.7 billion with 11 per cent growth mainly backed by increase in commission income from card related transactions and travel and remittance related services. Income from trading and investment activities and other operating income resulted in a negative note due to exchange loss reported during H1-2023 in line with the 15 per cent LKR appreciation.
General Manager/ Chief Executive Officer of the Bank, Russel Fonseka highlighted that, “Bank of Ceylon remains committed to deliver on its mandate of fostering the SME sector and ensuring funding of large infrastructure development in the nation despite the challenging operating environment. Further, the bank has recently introduced a new bank funded loan scheme to grant credit facilities for Micro, Small and Medium Enterprises in the name of “SME Energizer” in order to promote economic sectors and export earnings leading the revival of economy”.
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!