April 21, 2012 (LBO) – Sri Lanka’s biggest lender, state-owned Bank of
Ceylon, has reported a sharp increase in the profits of its two
overseas branches in neighbouring south India and the Maldives last
year. Bank of Ceylon group after tax profit in 2011 was 11.5 billion rupees,
up 66 percent from 2010.
Deposits in the bank’s foreign branches represented 1.8 percent of the
bank’s deposits while gross loans and advances made from foreign
branches represented 1.5 percent of the bank’s net loans and advances.
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Bank of Ceylon’s Chennai branch profit increased by 43 percent to 133
million Indian rupees in 2011 from the year before.
The branch’s capital also increased to 25 million US dollars from 10
million dollars, according to the bank’s annual report.
Bank of Ceylon’s MalÃ© branch profit doubled to 109 million Maldivian
rufiyaa in 2011 from the previous year and its capital increased to
150 million rufiyaa by infusion of retained profit of the MalÃ© branch.
Apart from the two branches in MalÃ© and Chennai, Bank of Ceylon has a
fully-owned foreign subsidiary based in London.
Operating profit of foreign branches accounted for 3.1 percent of the
bank’s operating profits in 2011.