BoC makes great strides, achieves Rs 20b profit

By Sanjeevi Jayasuriya

The Bank of Ceylon has made great strides in the banking industry and is set to achieve Rs 20 b profit for 2012.“The Bank has been benchmarked as a profitable state venture and the profit for 2012 will be seven times more than six years ago. The next stage of development for BoC will be to venture out. It is looking forward to

consolidate its international presence, BoC Chairman Dr. Gamini Wickramasinghe said. “We will target the 1.5 million migrant workforce and plan to set up 20 outlets around the world where Sri Lankans are living.

The Bank of Ceylon will be a regional player where it will branch out into neighbouring countries, he said.Wickramasinghe the fourth longest serving Chairman will retire prematurely on January 8.On a personal note, he said, “I have achieved all the targets for BoC. Capital adequacy improvement is necessary for the Bank to progress.

We have submitted proposals to the relevant authorities and they were accepted by the Treasury. However, it has not been given due consideration.”

The country is on a development path and banks are able to raise funds internationally which BoC has done successfully.Among the contributions by the Bank is the loan assistance given to the North and the East to the tune of Rs 140 b since 2009.The non-performing loans ratio in the North and the East remains less than one percent and recovery is satisfactory.

We also lent to the Government and it was never a problem. We charge interest and it is a profitable business, he said.BoC is a major contributor to Government revenue.