BoC profits to top Rs 3 billion this year

The Bank of Ceylon (BoC) has recorded a 1.3 billion profit before tax for the first half of financial year 2005 the Bank's General Manager S.N.P Palihena said yesterday. He said Accordingly the Bank is expected to make profits of over Rs. 3 billion by the end of the financial year.

"The BoC which commemorates its 66th anniversary on August 1, is the first bank to exceed the Rs. 200 billion customer deposit level. We are planning to open a new branch in Yakkala to mark the anniversary," Palihena said.

He said the BoC launched Ethera Thilina rupee savings account for the benefit of Sri Lankan migrant workers. "We hold a market share of 33 percent of the total foreign currency deposits of all the Commercial Banks in Sri Lanka and approximately 60 percent of the total inward remittances into the country. We have modified facilities provided under NRFC account scheme to enhance its value," he said.

Palihena also said that the implementation of the `Cheque Imaging and Truncation (CIT)' project in 2005 whereby cheques deposited by customers relating to any branch will be realised within a maximum of two days from the current maximum of up to nine days, thus benefiting the customers, the public and overall growth of the economy. (CK)