During the first quarter of 2024, Bank of Ceylon showcased remarkable resilience, achieving a Profit Before Tax (PBT) of Rs. 9.3 billion, signaling its commitment in navigating challenging economic conditions. This substantial increase from the previous year’s performance underscores the bank’s dedication to maintaining stability amidst uncertainty.
As Sri Lanka’s economy shows signs of moderate growth in 2024, Bank of Ceylon remains a key player in driving economic stabilization. Chairman Kavan Ratnayaka highlighted the importance of empowering youth-led enterprises through initiatives like the BOC Youth concept, aimed at bridging financing gaps and nurturing young entrepreneurs.
Led by General Manager/ CEO Russel Fonseka, the bank’s strategic management of liquidity and prudent financial practices contributed to robust performance indicators. Despite facing challenges, the bank reported strong results, including a significant growth in Net Interest Income (NII) and steady net fee and commission income.
With a focus on supporting customers through economic turmoil, Bank of Ceylon maintained a strong financial position, reflected in its impressive asset and deposit figures. As the bank continues its journey of growth and stability, it remains committed to serving the needs of its customers and contributing to the overall economic well-being of Sri Lanka.