The Bank of Ceylon (BOC) was commended last week by the Committee on Public Finance (COPF) for ensuring significant growth in profits. 

The COPF, at its meeting chaired by MP Anura Priyadarshana Yapa last week, was told that BOC had reported a net profit of Rs. 19.6 billion in the first quarter of this year ending on the 30 April. In comparison, in 2019, the bank posted a profit of Rs. 29.6 billion, and Rs. 23.5 billion in 2020.

COPF member State Ministers Susil Premajayantha commended the profit made by BOC even amidst COVID-19, while SJB MP Dr. Harsha de Silva pointed out that while the advantages of a State-owned bank making profit amidst a difficult global situation could be seen, the bank should also take steps to provide relief to its customers when they face extreme hardship.

Secretary to the Ministry of Finance and Treasury S.R. Attygalle, Secretary to the Ministry of Economic Policy and Plan Implementation Anusha Pelpita, Secretary to the Ministry of Primary Health Care, Epidemiology and Control of Disease Control Sunethra Gunawardena and other Government officials were present at the meeting which was conducted online. 

BOC overtakes last year’s Rs. 27 b profit in just 1H of 2021