Bank of Ceylon wins a ‘hat trick’

Friday, 7 December 2012 00:01 - - {{hitsCtrl.values.hits}}

The Bank of Ceylon won a ‘hat trick’ at the National Business Excellence Awards 2012 concluded on 4 December. BOC was awarded three awards under the banking and financial services sector, extra large category and overall winner.

In the banking and financial services sector, BOC emerged the winner in this category by bagging the gold award. This is the second consecutive year that BOC has won this award. The company also won the silver award in the extra large category, and won bronze in the overall winner category.

The bank has reached its pinnacle in 2012 by achieving key milestones. In the last five years, the Bank has doubled its assets, deposits, loans, shareholders wealth, and quadrupled its profits. BOC became the first bank in Sri Lanka to reach a remarkable milestone by achieving Rs. 1 trillion in assets.

This year, the first US dollar bond was issued and brought US$ 500 million to the country. BOC is also ranked among top 1,000 global banks by the world’s premier banking and finance magazine, ‘The Banker’. Brand Finance Lanka has 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.

The 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, the 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.

BOC has constantly succeeded in contributing to the growth of the nation and continues to assist the development of the country and to guide entrepreneurs to reach greater heights which makes Bank of Ceylon the ‘bankers to the nation’. They thank their loyal customers for the trust and confidence placed in them.