Bank of Ceylon records $7.53B balance sheet

Bank of Ceylon recorded Rs one trillion or US$7.53 biilion balance sheet at the end May, becaming the first corporate entity in Sri Lanka to do so.

“. . .  this could be attributed to strong foundation during the 70 year banking history and working towards a corporate plan. In keeping with the 011012 target – Rs one trillion balance sheet, Rs 10 billion profit and 2012 as the time frame, we were able to achieve both the targets well before the target time,” said Bank of Ceylon Chairman Dr. Gamini Wickramasinghe.

“We achieved the Profit of Rs 10 billion in 2010 and Rs 15 billion in 2015. We are now looking at Rs 2.5 trillion Balance Sheet to complement the government’s efforts to double the per capita income to US $ 4,000, he said.

The bank also plans to attract foreign clients and will open three branches in India and is eyeing the re-opening of its Pakistan branch, which is under consideration.

“We are focusing on the SAARC region and will be seriously looking at Russia. The branch expansion plan also includes USA, Canada, Australia, Singapore, Hong Kong, Italy and France. We will concentrate on countries that Sri Lankans are residing on a prioritize basis,” he said.

The country needs foreign exchange and the bank was able to secure 50 percent of the total remittances to the country. “The government’s consideration for more capital infusion to the bank will enable it to play a wider role in lending and other activities.

The bank intends to increase the capital base and the government support is vital as it will also help create more liquidity,” Dr. Wickramasinghe said.

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