Growing Sideways

Defaulters’ turning a new leaf and government lending, has helped Bank of Ceylon’s bottomline grow by 20 percent for the nine months to Sept.’05. Defaulters’ turning a new leaf and government lending, has helped Bank of Ceylon’s bottomline grow by 20 percent for the nine months to Sept.’05. Sri Lanka’s largest bank, also saw its balance sheet cross the Rs. 300 billion mark, the bank said in a statement on Wednesday.

The state-run bank’s group net profits jumped to Rs. 1.68 billion, while revenues topped Rs. 9.68 billion during the period under review.

As it stepped up its recoveries drive, the bank was able to write back about Rs. 480 million in non-performing assets, which helped expand its bottomline.

During the period, the bank’s total borrowings jumped Rs. 25 billion to Rs. 61 billion, as it tapped local and overseas markets (it borrowed US$ 130 million via a syndicated loan).

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