Sri Lanka’s Bank of Ceylon placed among the Top 1000 Banks in the World by The Banker UK Magazine
Sri Lanka’s state owned Bank of Ceylon (BOC) has reportedly been placed once again among the Top 1000 Banks in the World with the country rank as number one denoted by The Banker UK Magazine.
Accordingly, BOC has become the only Sri Lankan bank to top the country rank continuously.
The BOC has made a significant leap in the Top 1000 list from 909 in the previous year to 847 this year, local media reports stated.
Local media reports further stated that throughout the past nine years BOC has continued to hold the number one country rank position above all other local banks that have appeared in the list.
Issuing a statement to the media, the BOC has stated that being the only bank to continuously top the list among Sri Lankan banks, BOC without any doubt can boast of its financial and operational strength which is considered to have accounted for this achievement.
BOC has recorded an Income growth of 8 percent to Rs. 239.1 billion in 2019, supported by a healthy increase in both Net Interest Income (NII) and Fee and Commission income. The bank’s Interest Income has increased by 13 percent during the year driven by loan growth of 9% achieving the set Net Interest Margin (NIM) of 3.2 percent for the year.
Despite the challenging business conditions during the year the bank has recorded pre-tax profit of Rs. 29.7 billion, the BOC has noted.
Commenting on the achievement the bank’s Chairman Kanchana Ratwatte has been quoted as saying, “The strength of BOC has always been rooted with it being together with our community. Emerging with the country rank number one and a leap of 62 places in the Top 1000 bank list, BOC has been able to build itself through sheer commitment and trust shown towards all stakeholders through its responsible business practices.”
“As a bank with an inherent responsibility towards socio-economic enhancement of the country, we have always been there with our fellow citizens in both good and bad times the country has gone through. I am thankful for the continued trust and loyalty that has been placed on the bank by its valued customers, loyal staff members and all stakeholders which allows the bank to drive successfully across the country throughout these years,” Ratwatte has added.
The recognition of one of Sri Lanka’s leading state banks is indicative of the strength and growth of the country’s banking sector. A strong banking sector is key to the development of any economy and Sri Lanka’s banking sector is geared to facilitate the financial requirements of the foreign businesses/investors seeking business opportunities in the country.
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