Bank of Ceylon reconfirmed as No.1 in Sri Lanka among the Top 1000 Banks in the World

Bank of Ceylon (BOC) has been yet again reaffirmed its place among the “Top 1000” Banks in the World with the country rank as No.1, denoted by “the Banker” U.K. Magazine. 
The BOC becomes the only Sri Lankan bank to top the country rank continuously. This year the bank has made a significant leap in the TOP 1000 list from 909, the previous year, to 847 this year. Throughout the past nine years BOC continued to hold the No.1 country rank position above all other Sri Lankan banks which have appeared in the list. “Being the only bank to continuously top the list among Sri Lankan banks, BOC without any doubt can boast of its financial and operational strength which is considered to have accounted for this achievement,” the BOC said in a media release.
The BOC recorded an income growth of 8 per cent to Rs. 239.1 billion in 2019, supported by a healthy increase in both Net Interest Income (NII) and Fee and Commission income. The growth in total operating income moderated to 3 per cent in 2019 despite of reduced exchange income compared with previous year.
Despite of the challenging business conditions during the year the bank has recorded pre-tax profit of Rs. 29.7 billion (for 2019), a 11 per cent decrease in YoY. Profit-after-tax however, recorded an increase of 10 per cent to Rs. 23.1 billion due to the reduction in income tax charge for the year. 
Commenting on the achievement, bank Chairman Kanchana Ratwatte said: “The strength of BOC has always been rooted with it being together with our community. Emerging with the country rank No.1 and a leap of 62 places in the ‘Top 1000’ bank list, BOC has been able to build itself through sheer commitment and trust shown towards all stakeholders through its responsible business practices. As a bank with an inherent responsibility towards socio-economic enhancement of the country, we have always been there with our fellow citizens in both good and bad times the country has gone through.”