BOC deposit base hits Rs 1 t mark

The Bank of Ceylon (BOC), the Sri Lankan banking giant has scored its second trillion by its deposit base reaching over Rs. one trillion. With this achievement Bank has created history by being the first and the only bank in Sri Lanka to pass this milestone.

The Bank's historic first Trillion was achieved in year 2012 by earning a Rs. one trillion asset base which was the first time any corporate entity had achieved a Rs. one trillion balance sheet in Sri Lanka. Despite the many challenges faced by the bank due to volatility in socio-economic conditions and in the banking and financial industry, BOC has made a steadfast growth, strategically aligning its resources to achieve these targets whilst being the largest contributor to the national economy.

With this record breaking achievement BOC has set a benchmark in the banking industry uplifting the country's whole economic profile.

Along with this achievement the bank made another headline by earning the highest ever profit made by a single Sri Lankan business entity which is Rs. 25.3 Billion PBT, bettering its own record set by its 2014 profit before tax of Rs.20.3 Billion. This was a 25% growth over the previous year. BOC owns a strong balance sheet comprising robust savings deposits in both local and foreign currencies. BOC currently holds the largest foreign currency deposit base to its credit.

Bank's Chairman Ronald C.Perera said, "Our strategic objectives have always been in line with the Government's economic development initiatives. The country is in a progressive path for a refined and long term economic and social development. In this ambitious journey the Bank is connected with each one of the economic and social areas directly or indirectly and we are bound to ensure that we maintain our performance at the highest level to fulfill our duty towards the country."