Bank of Ceylon wins a ‘Hat Trick’

The Bank of Ceylon won a ‘hat trick’ at the National Business Excellence Awards 2012 which concluded recently. BOC has been awarded ‘three awards’ under Banking and Financial Services Sector, Extra Large Category and Overall Winner.

* Banking and Financial Services Sector - Gold Award (BOC is the winner in this sector). This is the second consecutive year that BOC won this award.

* Extra Large Category – Silver Award

* Overall Winner – Bronze Award

The Bank has reached its pinnacle in 2012 by achieving key milestones. In the last five years it has doubled its assets, deposits, loans, shareholder’s wealth and quadrupled its profits. BOC became the first bank in Sri Lanka to reach a remarkable milestone by achieving Rs. 1.0 trillion in assets.

This year the first US Dollar bond was issued and brought US Dollars 500 million to the country. BOC is ranked among top 1000 global banks by the world’s premier banking and finance Magazine, ‘The Banker’, Brand Finance Lanka ranked, BOC as the number one brand in Sri Lanka for the last four consecutive years.

Bank of Ceylon has concluded its third quarter reporting a remarkable performance with competitive financial results in the industry. Compared to the same period of the last year pretax profit grew by 62.8% to Rs.16.3 billion reporting the highest profit among the peers. Bank’s revenue for the first three quarters reached Rs. 78.8 billion, 50.8% growth over the corresponding period of last year.

Net interest income increased by 38.4% to Rs.23.7 billion and non interest income increased by 54.4% to Rs.12.9 billion.

At the end of third quarter Bank’s asset base increased by 24.2% to Rs. 1.04 trillion creating a record breaking balance sheet.

The loan book expanded in September 2012 by Rs. 122.6 billion or 22.2% over December 2011. Key indicators such as Return on Average Assets and Return on Average Equity have improved significantly over December 2011.