A growth in fee-based income and faster recoveries helped the Bank of Ceylon double its bottomline for the quarter ending March 31, 2004.
The state-run banks net profits jumped 109.6 percent to Rs. 371 mn, over Rs. 177 mn reported during the corresponding period 2003.rn
rnBut the banks revenue was flat during the year at Rs. 5,095 mn.rn
rnNet interest income fell 6.1 percent to 1,802 mn while other income jumped 45.1 percent to Rs. 1,303 mn.rn
rnBut provisions for non-performing assets fell 42.5 percent to Rs. 336 mn, as the bank felt it had adequately provided for them during the year ending 2003. rn
rnAs it stepped up its recoveries drive, outstanding gross non-performing assets fell 5.3 percent to Rs. 12,226 mn and interest in suspense also dropped 7.4 percent to Rs. 16,990 mn during the period ending March 2004.rn
rnThe banks deposit base grew at a steady 11.7 percent to Rs. 191,859 mn. rn
rnThe bank has Rs. 14.0 bn in net assets, allowing it to meet Central Banks capital adequacy stand