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The Bank of Ceylon (BoC), the country's premier bank and its Group has recorded a post-tax profit of Rs. 893 million in 2001, according to the financial statement released to the public. BoC's income increased to Rs. 28,606 million in 2001 from Rs. 22,998 million in 2000. This presents a 24.39% growth over the previous year. This is mainly due to high interest income from advances. Non interest revenue too recorded an increase of 19% mainly due to foreign exchange income.

On the other hand, the total expenses has increased considerably as a result of high interests cost on borrowings on repurchase agreements during 2001. Operating costs increased by 14% as a result of the increase in personal cost and increased contribution to the pension fund.

A significant feature in the Accounts is that BoC has adequately provided for all loan losses. This provision is over and above the industry standard and that of regulatory norms.

Out of the Post Tax Profits Rs. 673 million has been paid as dividends to the Government of Sri Lanka. BoC has also transferred Rs. 164 million to the Permanent Reserve Fund. The Capital and Reserves of the Bank have increased by Rs. 132 million during the year to reach Rs. 11,245 million.

A very noteworthy feature of BoC is that it has the largest assets base among all banks in Sri Lanka. The assets have increased from Rs. 232,917 million in 2000 to Rs. 237,673 million in 2001 and accounted for 28.95% of the total banking assets in the country. Loans and advances including foreign currency loans expanded by 24.4%to Rs. 154,266 million in 2001.

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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