Financial Times

BOC 1Q09 net profit soars by 107%


The Bank of Ceylon (BOC) net profit in the first quarter of 2009 soared by 107%, year on year, to Rs.958 million against the same months in 2008.

According to the BOC’s interim financial statements for the three months ended 31 March 2009, the Group revenue for the period under review increased by 20% to Rs.16.4 billion from the same period last year. The Group’s profit before taxes increased by 70.9% to Rs.1.4 billion from Rs.863.9 million the previous year. The financial statements also show that taxes increased by 34.1% to Rs.517 million in the first quarter of 2009 from Rs.386 million in 2008. The Group’s foreign exchange income also grew by 1033.8% to Rs.892.3 million from Rs78 million.

According to the statements, the Group’s total assets for the three months ended 31 March 2009 was Rs.501 billion, up from Rs.450.6 billion from last year. The Group’s total liabilities increased to Rs.474.7 billion from Rs.427.2 billion in 2008. The BOC’s cash flow statement shows that the Group has cash and cash equivalents of Rs.30.8 billion, down from Rs.49.8 billion the previous year.

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