Fitch affirms BoC’s National Long-Term Rating at ‘A(lka)’ with stable outlook

Fitch Ratings (Fitch) has affirmed the National Long-Term Rating at ‘A(lka)’ with a Stable Outlook, the Long Term Foreign Currency Issuer Default Rating(IDR) at ‘CC’, the Long-Term Local-Currency IDR of ‘CCC-’ with a Stable Outlook, and the Short-Term IDR at ‘C’ for Bank of Ceylon (BoC).

This rating affirmation is backed by the fact that “Sri Lanka banks’ operating environment continues to show signs of stabilization, supporting the recovery in banks’ operational flexibility” and “There are sustained improvements in reported headline macro variables, but persistent delays in the completion of the sovereign debt restructuring exercise could potentially impede the progress made thus far”, in Fitch’s view.

Since 1939, BoC has continuously interacted with individuals from diverse backgrounds in Sri Lanka, demonstrating a steadfast commitment to generating value for all stakeholders. Its goal is to be the “preferred financial partner “for customers and to uphold its dedication as “Bankers to the Nation.”

With an extensive footprint consisting of a network of over 2,200 direct customer touch points, including fully-equipped and mobile branches, SME centers, ATMs and CRMs island-wide, the Bank promotes financial inclusion across the country.

During the first quarter of 2024, BoC demonstrated impressive financial performance, achieving a Profit Before Tax (PBT) of Rs. 9.3 billion with 180% substantial growth compared to the 1Q- 2023.

As of the end March 2024, the Bank maintained a strong financial position, with total Assets amounting to Rs. 4.3 trillion and total Deposits of Rs. 3.7 trillion.

The post Fitch affirms BoC’s National Long-Term Rating at ‘A(lka)’ with stable outlook appeared first on DailyNews.