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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2587

Bank of Ceylon increases its profits

By Quintus Perera – Asian Tribune

Colombo, 15 January, (Asiantribune.com): Bank of Ceylon (BOC) increased its annual profits before VAT and income tax increased to Rs 5.93 billion from Rs 3.59 billion in 2005. At a press briefing held at its Head Office to announce its financial results for last year indicated that its income grew by 32 percent from Rs 26.78 bilion in 2005 to Rs 35.39 billion in 2006.

Its subsidiaries showed an increase in annual turnover (up to November) of 26 percent from Rs. 1.91 billion in 2005 to Rs. 2.40 billion in 2006 and their profit after tax (up to November) showed an increase of 13 percent, and dividends from subsidiaries (up to November) showed an increase of 98 percent from Rs. 0.13 billion in 2005 to 0.26 billion in 2006.

The bank’s assets grew by 19 percent from Rs. 319.16 billion in 2005 to Rs. 378.23 in 2006.

The dividend, VAT and income tax has been Rs. 3.99 billion a 17 percent increase over the previous year.

BOC’s domestic Rupee deposits has been 171.83 billion and foreign currency deposits has been 72.08 billion in 2006. Private sector lending was Rs. 100.16 billion in 2006.

Bank of Ceylon is fully owned by the Government of Sri Lanka. It has 9 Subsidiaries and 6 Associate Companies dealing with Merchant banking, Property development & management, Leasing, Fund & investment management, Stock broking, Venture capital funding, Travel services, Hotel management and Archives management.

- Asian Tribune -

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