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Bank of Ceylon to expand digital channels as operating profits rise

The Bank of Ceylon reported Rs 260.5 billion in interest income in 2021, a 15% increase over the previous year, owing primarily to loan growth and continuous credit monitoring efforts. Overdrafts, term loans, and personal loans were the main contributory portfolios.

“Availability of banking services was ensured even during lockdowns without compromising on the customer needs. The digital delivery channels were enhanced to cater to the unprecedented demand and the greater customer adoption rates to digital platforms. We continue to stand by our valued customers,” stated Kanchana Ratwatte, Chairman, Bank of Ceylon.

KED Sumanasiri, General Manager/CEO, stated: “During the period our CRM (Cash Recycler Machine) network has expanded by 104 more machines facilitating the growing demand for digital channels. The bank was able to show a notable increase in both its fund-based and fee-based income during the year and recorded Rs 43.2 billion profit before tax (PBT), with the growth of 80% in operating profits. Further, the bank’s asset book surpassed Rs 3 trillion during the year surpassing another milestone in our journey.”

Under the “new normal,” the bank will focus more on expanding its digital and virtual delivery channels while striving for greater efficacy in all of its banking services.

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