Profit Gain

September 01, 2014 (LBO) – Sri Lanka’s Bank of Ceylon said profits before tax increased 20 percent to 8.6 billion rupees the first half of 2014 compared to 7.2 billion rupees in 2013. Deposits in foreign currency account for 26 percent with the remaining 74 percent in local currency.

The total customer deposit base has grown from 842 billion rupees in December 2013 to 876 billion rupees at the end of June 2014. Deposit growth rate of four percent which is in line with the industry growth rate of five percent. CASA ratio also has been improved to 41 percent from 38 percent at last year end due to repricing the deposit mix in a favorable way.

Both Return on Assets (ROA) and Return on Equity (ROE) ratios increased to 1.40 percent and 20.62 percent respectively compared to corresponding first half of last year in line with the increase of profit.

The Bank’s domestic liquid asset ratio was 30 percent as at end June 2014 while the offshore liquid asset ratio was 27 percent.

Bank of Ceylon has a network of 600 branches and 500 ATMs with a work force of 8,600 people in the island.

The bank says the profit after tax stood at 6.2 billion rupees for the 1H this yea