The Bank of Ceylon (BOC) Group net profit declined by 10.8% to Rs.855 million for the three months ended 31 March 2010 compared to net profit of Rs.958 million for the corresponding period in 2009. According to BOC’s financial statements released this week, Group revenue for the period under review also declined by 12.9% to Rs.14.3 billion compared to Rs.16.4 billion last year.
Non interest expenses such as personnel costs, contributions for staff retirement benefits, premises, equipment and establishment expenses increased for the three months ended 31 March 2010. Other operating expenses increased by 40.5% to Rs.853 million.
The total number of deposits decreased marginally by 0.9% to approximately 407.7 million. Of those, demand deposits and savings accounts decreased by 7.7% and 3% respectively. Time deposits and margin deposits increased by 2.7% and 71.4% respectively while other deposits showed the largest decline, decreasing by 96%.