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. |