In the first nine months of 2024, Bank of Ceylon achieved a profit-before-tax (PBT) of Rs. 37.6 billion, marking a 66% increase over the same period in the previous year. Income tax expenses for the period amounted to Rs. 16.1 billion, resulting in a profit-after-tax (PAT) of Rs. 21.5 billion.

The bank’s General Manager/Chief Executive Officer Russel Fonseka said: “Our robust financial results are a testament to the strength and stability we’ve demonstrated in this challenging economic climate. Moving forward, we remain committed to expanding our service offerings, pioneering digital banking solutions, and solidifying our leadership position in Sri Lanka's banking sector.”

The bank successfully re-priced its assets and liabilities, leading to a 85% increase in net interest income to Rs. 94.5 billion, compared to Rs. 51.2 billion in the same period of 2023.

While interest income rose to Rs. 320.2 billion, interest expenses also increased to Rs. 225.7 billion.

Net fee and commission income reached Rs. 15.1 billion, marking a 17% year-on-year (y-o-y) increase from Rs.12.9 billion recorded during the same period of the previous year.

Impairment charges amounted to Rs. 5.8 billion for loans and advances and Rs. 7.5 billion for other financial assets, reflecting challenges faced by sectors still recovering from economic downturns and global disruptions.

However, the impaired loans (Stage 3) ratio increased to 5.80%, indicating potential external economic pressures. 

Moreover, the bank reported total operating income of Rs. 112.4 billion. Operating expenses amounted to Rs. 48.9 billion, marking a 30% y-o-y increase. Despite these higher expenses, the bank was able to maintain a cost-to-income ratio below 50%, consistent with the previous quarter.

As of 30 September, Bank of Ceylon’s total assets reached Rs. 4,587.4 billion, reflecting a growth of 4% from Rs. 4,411.7 billion in December 2023.

Gross loans and advances amounted to Rs. 2,324.9 billion as of 30 September, despite a decrease of 5% in the loan book due to rupee appreciation by 8% and low credit demand. During this period, the bank’s deposit base also stood strong at Rs. 3,964.3 billion.