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.
Bu hikaye Business Today Sri Lanka dergisinin September 2024 sayısından alınmıştır.
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Bu hikaye Business Today Sri Lanka dergisinin September 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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