BOC records 106.9 billion rupees Profit in 2024

The Bank of Ceylon (BOC) showed strong financial results in 2024.

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Russel Fonseka, GM/CEO, BOC emphasized, "Our robust financial results demonstrate our strength and stability in this challenging economic climate. Looking ahead, we are committed to expanding our services, pioneering digital banking solutions, and solidifying our leadership position in Sri Lanka's banking sector."

Signifying its agility in adapting to market dynamics, the Bank successfully repriced its assets and liabilities, leading to a momentous 84 percent increase in net interest income to 167.6 billion rupees compared to 91.2 billion rupees in 2023.

Notably, net interest income surged by 84 percent to 167.6 billion rupees, despite a 12 percent YoY decline in interest income due to lower loan and securities yields. A 32 percent reduction in interest expenses contributed to this increase. Net fee and commission income rose by 17 percent to 20.6 billion rupees, fueled by growth in card transactions and digital banking adoption. The Bank also recorded a net gain of 3.4 billion rupees from trading, demonstrating its capability to capitalize on market opportunities, although exchange losses occurred due to LKR appreciation.