BOC reports Rs. 40.3 bn profit in 2023
View(s):The Bank of Ceylon (BOC) has reported a Profit Before Tax (PBT) of Rs. 40.3 billion for the year ended 31st December 2023 demonstrating a strong and steady performance across various dimensions.
BOC Chairman Ronald C Perera said, “The bank has successfully navigated all headwinds it came across during the past few years and immediate measures were taken strategically to ensure business continuity and uninterrupted services to our valuable stakeholders.”
In a media release, the bank said its PBT was driven by a significant 15 per cent increase in interest income. However, despite this growth, a sharp rise in interest expenses resulted due to the lag effect in repricing the time deposits mobilised at higher rates. The bank experienced an approximately 49 per cent increase in worker remittances.
Emerging from the economic turmoil, the bank implemented proactive measures to mitigate the credit risk by applying management overlays to identify risk-elevated industries, reassessing exposures to high-risk borrowers and implementing stringent monitoring mechanisms.
The bank provided considerable level of impairment provision in previous years and by the start of 2023, the bank had maintained provision coverage of 60 per cent for stage 3 loans. Owing to these efforts, the bank witnessed a noteworthy net reversal of impairment provisions for loans and advances amounting to Rs. 2.7 billion during the year.
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!