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BoC records highest ever profit

Bank of Ceylon (BoC) recorded the highest ever profit in its track record for the financial year 2010. Profit before tax for the year crossed the Rs 10 billion mark, to Rs 10.1 billion - a 138.9 percent growth over 2009. Profit after tax at Rs 6.4 billion, is an increase of 106.4 percent over the last year.

The main contributors to the profit growth are sound management of margins, volume growth in core banking and diversification of revenue into non-interest income, while offering the lowest interest rates to boost credit growth of the country, the bank press release said.

This profit was derived after several interest rate reductions to induce credit growth in the country and offering significant assistance in support of various government initiatives.

All subsidiaries and associates of the BoC Group recorded excellent performance in 2010, the press release said. BoC retains the largest asset base in Sri Lanka’s bank sector.

Fitch Ratings Lanka Ltd has revised BoC’s outlook to positive from stable and simultaneously affirmed its National Long Term rating at AA(lka), reflecting the Bank’s strong financial profile supported by sound capital base, profitability and asset quality. BoC, for the second consecutive year won the prestigious Trade Finance Award which recognizes the bank as the best Sri Lankan Trade Bank for 2010, which was conducted by Trade Finance, the Global Magazine for exports and commodity finance.

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