A challenging year it has been to Sri Lanka’s Banking Sector giant as they have once again impressed many with its leadership, invigorating our country’s economy.
While the bank recorded the highest industry profit last year, its continued focus during the year was to ensure the integrity of the country’s banking sector, while aiding with economic revival through SME and developing local entrepreneurship.
The implementation of the CBSL Moratorium is great to conduct in reviving the economy. Bank of Ceylon further topped the industry with the Saubagya Working Capital Loan scheme, stretching its hands out to needy customers, in addition, a special loan scheme for businesses affected by the Covid-19 Pandemic was also introduced.
Given the measures taken to avoid the risk of procuring the virus, the bank ensured all its digital and virtual channels were up and running for people to serve their banking requirements as to social distancing limited visits to branches. The year 2020 was also the year that the bank reaped the harvest of heavy investments made on digital infrastructure development over the years.
Despite unexpected challenges, the bank’s operating profit stood at LKR 29 billion and reported LKR 23.6 billion as profit before tax for the year 2020, managing to move forward with stable performance, whilst managing headwinds caused by low-interest rates, cashflow deferments, and operational restrictions. Reaching another milestone, the bank’s loan book crossed the LKR 2.0 trillion mark during the year and closed with LKR 2.1 trillion of gross loans and advances to customers. Both the government and private sector lending contributed to growth during the year, while working capital and personal lending had gradually risen in all segments.
Leading Sri Lanka’s banking industry, Bank of Ceylon continues to be recognized as the highest-ranked local bank with over 81 years of experience. Serving Sri Lankans, helping them build their lives, providing financial stability, and uplifting the country’s economy, the Bank of Ceylon continues to fulfill its role as the most trusted and stable banking entity in the country.
Bank of Ceylon stands ready to meet the challenges of 2021, forging ahead as “Bankers to the Nation”