State-owned lending giant, the Bank of Ceylon (BoC) is trying to restructure its investment unit, while trying to bring in a new look with a ‘slight change’ possibly to its logo, BoC Chairman, Gamini Wickramasinghe says.
“We’re awaiting Treasury approval to restructure BoC’s investment unit and also regroup our investment function," he told the Business Times. He added that this is a major reason that BOC had slowed its investment activities. “Also at present, the share market isn’t doing well, which doesn’t show good cause for investing,” Mr. Wickremasinghe added.
He noted that BoC has test marketed its new look in some areas, but didn’t divulge what it was, but sources said that the bank will slightly alter its logo.
“We’re trying to being in a more focused and a distinct element to BoC,” Mr. Wickramasinghe added. He noted that BoC this year has granted some “Rs. 1 billion’ for fishing line boats. “For the small and medium sector we granted Rs. 50 billion in loans this year,” he said.
BoC Group financials reported a pre tax profit of Rs. 6, 583 million for the six months ended 30th June 2011 versus Rs. 4,073 million for the same period in 2010, an increase of Rs.2, 510 million or 61.6%. Its total revenue reached Rs.33 billion, an increase of 10.9% over the comparable period of the previous year.
For the second quarter 2011, BoC profit amounted to Rs.4, 042 million compared to Rs.2, 195 million reported for the comparable period in 2010, which reflects an increase of Rs.1, 847 million or 84.2%.