Kavan Ratnayaka, Chairman, BOC stated that, "Inspired by 85 years of excellence, the Bank of Ceylon continues to foster progress and innovation. Further initiatives are focused on supporting youth financing, empowering women entrepreneurs, and nurturing startups. Special attention is given to advancing green finance and supporting sustainable development goals, ensuring that growth contributes to environmental sustainability and the well-being of society. These efforts are crucial to driving broader economic growth and creating sustainable opportunities for all. The commitment to these priorities highlights the Bank's role in shaping a prosperous future for the community.
During the first half of 2024, the Bank achieved a PBT of 22.4 billion rupees. Demonstrating its ability to reprice its assets and liabilities in line with market condition, net interest income rose significantly to 57.5 billion rupees, marking a 101 percent increase compared to 28.6 billion rupees in the same period of 2023. This growth underscores the Bank's improved profitability despite the challenging economic environment. The increase in interest income, which rose to 213.1 billion rupees, was partially offset by a rise in interest expenses, which totaled 155.6 billion rupees. This uptick in interest expenses reflects the Bank's strategic decision to remain competitive by offering attractive deposit rates, crucial for retaining and expanding its deposit base. Net fee and commission income remained robust contributors, amounting to 9.9 billion rupees. This was largely driven by increased activity in card-related transactions and retail banking services. The Bank's ongoing investment in digital banking has also played a crucial role, as more customers turned to digital channels for their banking needs, further boosting fee and commission income.
This story is from the September 2024 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2024 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Argentina Rebounds: Record USD 888M Trade Surplus Marks Economic Turnaround
In October 2024, Argentina recorded a remarkable trade surplus of USD 888 million, marking a significant recovery from the USD 442 million trade deficit in October 2023. This shift in trade dynamics underscores Argentina's economic resilience and the effectiveness of recent policy measures aimed at bolstering exports and managing imports.
Global Logistics Costs to Grow by 12 percent and hit USD 14.4 Trillion by 2029
AIthough companies actively work to reduce logistics costs, they remain a significant expense on their income statements. In 2024, businesses across the globe collectively spent USD 12.8 trillion on logistics, USD 330 billion more than last year, and this massive figure will become even bigger in the next five years.
Heart To Heart Trust Fund: Saving Lives for a Decade
As the Heart To Heart Trust Fund celebrates a decade of transforming lives, it remains a testament to the power of community, compassion, and unwavering dedication.
Driving Sustainable Finance: The Partnership Between the IMF, the World Bank, and Bloomberg Philanthropies
In an era where sustainable development is no longer a choice but a necessity, the International Monetary Fund (IMF) and the World Bank are pioneering a new path in global finance. With the support of Bloomberg Philanthropies, their joint efforts are not just transforming economies but reshaping how the world views sustainable growth. As IMF Managing Director Kristalina Georgieva succinctly put it, \"This is how we do it\" a bold declaration of leadership and action in the face of unprecedented global challenges.
Trump Victory fuels 40 percent Surge in Dogecoin Millionaires
Following Donald Trump's 2024 presidential victory, Dogecoin (DOGE) experienced a significant boost, both in price and in the number of millionaire wallets.
President Dissanayake Urges IMF to Strike a Balance in Economic Recovery Program
The Government of President Anura Kumara Dissanayake reaffirmed its readiness to collaborate with the International Monetary Fund (IMF) to advance Sri Lanka's economic recovery within the context of the mandate. Peter Breuer, Senior Mission Chief and the IMF delegation met with President Dissanayake and key ministers of the newly-formed government at the Presidential Secretariat, to discuss the next steps in the IMF program.
Historic Donald Trump Comeback Creates Over 11,000 new Bitcoin Millionaires
While Bitcoin (BTC) attempted a breakout already as Americans were casting their ballots, the true rally came once President-Elect Donald Trump's lead in the electoral college started becoming overwhelming.
Responsibility at the Heart of Power: President Dissanayake's Call to Action for Ministers
The Weight of Responsibility - President Dissanayake highlighted the importance of wielding the immense power granted to ministers with responsibility. He reminded the new Cabinet Ministers that their victory marks the beginning of a collective journey toward uplifting the nation.
BOC PBT is up by 66 percent in Third Quarter of 2024
In the first nine months of 2024, the Bank of Ceylon skillfully navigated Sri Lanka's complex economic terrain. The Bank achieved a remarkable Profit Before Tax (PBT) of 37.6 billion rupees, a substantial 66 percent increase over the same period in the previous year. This exceptional performance highlights the Bank's resilience and adaptability in the face of volatile market conditions and numerous challenges.
Top Trends Tourists Prioritize when Selecting a Destination
The tourism industry has experienced a fundamental shift in recent years, largely influenced by changing traveler preferences and new insights from Online Travel Agencies (OTAs), the World Tourism Organization (WTO), and digital channel managers. As destinations and providers look to cater to these evolving demands, understanding the primary trends is essential for tapping into the modern traveler mindset.
