June 18, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the island’s largest commercial bank has topped a trillion rupees (7.6 billion US dollars) in assets by the end of May 2012, officials said. Chairman Gamini Wickramasinghe said a target for one trillion in assets and ten billion rupees in profits was set for 2012 in 2009, but at the time many people thought it was not achievable.
“We were able to do it because of because the earlier management had put a good foundation,” Wickramasinghe said.
“We have achieved this growth without compromising on asset quality or undermining risk management. Our non performing loans are about 2 percent.”
Wickremasinghe said the bank was lending to all sector of the economy and also to customers in the former war torn areas in the North and the East.
The bank has a loyal customer base in the area as it was one of the few banks to operate in even separatist controlled areas during the island’s 30-year war.
Wickremasinghe said the bank was looking to boost its capital.
“We hope the government will re-invest our dividends as equity,” he said.
Chief financial officer Asoka Rupasinghe said though its capital was strong, to grow f