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| Sunday, 10 April 2005 |
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Bank of Ceylon after tax profits up 20% to Rs. 1.97 billion The Bank of Ceylon (BoC) announced after tax profits of Rs. 1.97 billion reflecting a 20% increase over the previous year and the fifth successive year of improving profits. This achievement made the Bank of Ceylon the most profitable Sri Lankan commercial bank during 2004. Pre tax profit was Rs. 2.56 billion - a 42% increase over the previous year. The Bank's results were supported by satisfactory contributions from members of the group and were after making a provision of Rs. 300 million for tsunami loan losses. A spokesman for the bank attributed the increase to a significant improvement in non interest income including recoveries of Rs. 1.5 billion from non performing loans. The bank also achieved two milestones during the year. Firstly, by becoming the first Sri Lankan commercial bank to have customer deposits in excess of Rs. 200 billion. |
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