“In addition, moratoriums provided for facilities were valued at over LKR 550 billion during the first pandemic wave and it was over LKR 250 billion during the second pandemic wave. With COVID-19 pandemic challenging the operational system of all industries, the Bank continued to support economic revival through many other frontiers as well,” said Deputy General Manager (Finance & Planning) Bank of Ceylon, M. P. Ruwan Kumara.
The “Mithuru” Micro Finance programme of the Bank also served over 2,155 small groups, with prominence given to the Northern, Eastern, North Central and Central provinces. Total disbursements amount over LKR 536 million up to Q2 of 2021.
The outgoing General Manager, BOC, D. P. K. Gunasekera has assumed duties as the General Manager of Bank said that amidst unexpected challenges, the Bank’s Profit Before Tax for the six months ended June 30, 2021 stood at LKR 27.1 billion, moving forward with stable performance, while managing headwinds caused by low interest rates, cash-flow deferments and operational restrictions. Profit After Tax (PAT) for the period was LKR 22.1 billion.
The Bank’s total assets grew by 11% and reached the LKR 3.3 trillion levels, reaching another milestone and preserving its industry leadership. The Bank’s gross loan book surpassed the LKR 2.0 trillion mark during the year 2020 and now stands at LKR 2.5 trillion reporting 16% growth.
The Bank’s deposit base (more than 23% of the industry) increased during the period despite low interest rates.
The new General Manager Bank of Ceylon veteran banker Dhanapala Sumanasiri said he is taking over at a time when there are tremendous challenges. “With Covid -19 pandemic challenging the operational system of all industries we see tough times ahead but the bank will continue to support the economic revival of Sri Lanka through many frontiers,” he said. (SS)