State-owned Bank of Ceylon yesterday revealed that its assets had crossed the Rs. 3 trillion milestone in the first quarter, whilst loans and deposits by end 2020 had surpassed Rs. 2 trillion.
As at 31 December 2020, BOC’s assets base grew by 24% to Rs. 2.9 trillion, primarily backed by an increase of 28% in the loan book. Yesterday BOC Chairman Kanchana Ratwatte disclosed that during the just ended first quarter, the asset base crossed the Rs. 3 trillion mark, creating banking history.
BOC said as per audited accounts for 2020, its loan book crossed the Rs. 2 trillion mark and closed 2020 at Rs. 2.1 trillion. Both Government and private sector lending contributed to growth during the year, while working capital and personal lending showed a boost in all segments, including retail and corporate financing.
The bank’s deposit base (more than 23% of the industry) increased by 23.4% to Rs. 2.47 trillion in 2020 despite low interest rates. Of the deposit base, 35% was the current and savings deposit (CASA) base offering the bank funds at low cost.
“Year 2020 was a year of many unforeseen challenges, resulting in economies around the world contracting due to persistent lockdowns following the COVID-19 outbreak. However Bank of Ceylon yet again stamped its resilient leadership position by navigating an exhausting year carefully, but with great strength, continuously powering the wheels of the Sri Lankan economy,” Chairman Ratwatte told the media yesterday.
He said local policymakers implemented promising measures to provide a much-needed push to the economy by way.