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BoCís PAT up

To Rs. 1,793m in 1H, 2009:

At a glance

* Pre-tax profits recorded as Rs. 2,707 m
* Total revenue reached Rs 32b
* Sharp increase in foreign exchange income

The Bank of Ceylon (BoC), the largest state-owned diversified financial institution in Sri Lanka, which is celebrating its 70th anniversary recorded a healthy performance across all its businesses in the six months ended June 30, 2009. The Bankís pre-tax profits for the first half of 2009 recorded Rs. 2,707 million compared to Rs. 1,809 million for the corresponding period in 2008, an increase of Rs. 898 million or 50 percent.


BoC head office

In terms of post tax profit, the half year results amounted to Rs. 1,793 million compared to Rs. 917 million reported for the corresponding period in 2008, an impressive post tax profit growth of Rs. 876 million or 96 percent.

At the fully consolidated level, the BoC Group pre-tax profit was Rs. 2,870 million for the first half of 2009, an increase of Rs. 807 million or 39 percent over the corresponding period in 2008.

Among the notable factors contributing to the fast-growing profit is the total revenue, which reached Rs. 32 billion, an increase of 19 percent over the corresponding period of the previous year. Such increases were derived not only from interest income but also from other sources such as fees, commissions and foreign exchange.

The Bank managed its fund-base well with net interest rising from Rs. 5,939 million in the first half of 2008, to Rs. 7,155 million in the corresponding period in 2009 reflecting a significant growth of Rs. 1,216 million or 20 percent.

The other income of the Bank increased from Rs. 3,744 million in the first half of 2008 to Rs. 5,134 in the corresponding period 2009, a growth of Rs. 1,390 million or 37 percent. In terms of foreign exchange income, a sharp increase from Rs. 413 million in the first half of 2008 to Rs. 1,223 million in the corresponding period of 2009 was recorded with a growth of Rs. 810 million or 196 percent.

The Bankís continued effort in NPA recoveries enhanced the amount by 24 percent over the corresponding period 2008 while investment in government securities yielded a capital gain of Rs. 1,504 million resulting from decling interest rates. The fee based income streams also continued their momentum reporting Rs. 1,734 million for the first half 2009.

In terms of operating expenses in aggregate, excluding loan loss provisions, the amount increased by 10 percent over the previous year. The increased expenditure resulted in line with rising business volumes. Despite such increased expenditure, the cost to income ratio improved to 61 percent for the period under review due to expansion of business activities and resulting income.

The BoCís achievement in mobilizing deposits is significant, which displays customer confidence. The BoC increased its deposits to Rs. 359 billion by the end of first half 2009, a growth of Rs. 47 billion or 15 percent against the corresponding figure reported in 2008.

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