Bank of Ceylon records Rs 9.3 billion PBT for 1 Q 2024, a growth of 180 % – leading the way in 2024 with youth empowerment

During the first quarter of 2024, Bank of Ceylon demonstrated impressive growth and resilience, achieving a Profit Before Tax (PBT) of Rs. 9.3 billion, a substantial increase compared to the previous year, illustrating its dedication in challenging economic conditions. As favorable conditions emerge, the Sri Lankan economy is expected to achieve moderate growth in 2024, signaling a pathway towards economic stabilization after setbacks experienced in previous years.

Empowering Youth

Bank of Ceylon Chairman, Kavan Ratnayaka stated that “Youth possess a natural ability to embrace emerging technologies and trends, often leading to the generation of innovative solutions that might not be amply materialized in the industry. Their active engagement in the industries is essential for foster innovation, creativity and overall industry performance. Insufficient funding stands as a primary cause behind the underperforming of youth-led businesses. Inadequate funding poses challenges for startups or companies in sustaining operations and cash flows. Consequently, many youth-led enterprises pursue financing to address their investment and working capital requirements. To bridge this gap, Bank of Ceylon has introduced the BOC Youth concept to develop young entrepreneurs to meet their investment and working capital requirements. Future-focused youth visionaries and entrepreneurs can utilize these low-cost funds to craft new success stories for the country.”

Fund Based & Non- Fund Based Income

The Bank’s interest income for the quarter reached to Rs. 108.6 billion, making a significant contribution to its total income even though reflected a reduction of 21% YoY in line with the low interest regime. Similarly, interest expenses also decreased to Rs. 82.7 billion with 31% reduction, resulting in a Net Interest Income (NII) of Rs. 25.9 billion with 39% growth YoY. The increase in NII showcase the strategic approach and ability of the Bank to handle the low interest rate scenario leading to commendable performance in 1Q of 2024.