Despite
a robust 29% growth in revenue, industry giant Bank
of Ceylon has seen its net profit dip 17.6% to Rs. 510.6
million in the first quarter of 2008 in comparison to
the corresponding period of last year.
During
the first three months ended on March 31, 2008, total
revenue amounted to Rs. 13 billion, up by 29% from Rs.
10.1 billion in the first quarter of last year. Interest
income was Rs. 9.5 billion, higher compared with Rs.
6.1 billion a year earlier. BoC had also managed to
improve its net interest income from Rs. 2.8 billion
in 2007 first quarter to Rs. 3.1 billion this year.
However in the non-interest income category, foreign
exchange income in 2008 first quarter was only Rs. 78.7
million as against Rs. 357.2 million last year while
other income improved from Rs. 1 billion to Rs. 1.2
billion. Whilst costs had increased by 10% to Rs. 3.3
billion, as per prudent requirements, general provisions
had increased substantially from Rs. 1 million in 2007
first quarter to Rs. 114.2 million. However specific
provisions were down from Rs. 208 million to Rs. 149
million.Full
Story....
During
the first three months ended on March 31, 2008, total
revenue amounted to Rs. 13 billion, up by 29% from Rs.
10.1 billion in the first quarter of last year. Interest
income was Rs. 9.5 billion, higher compared with Rs.
6.1 billion a year earlier. BoC had also managed to
improve its net interest income from Rs. 2.8 billion
in 2007 first quarter to Rs. 3.1 billion this year.
However in the non-interest income category, foreign
exchange income in 2008 first quarter was only Rs. 78.7
million as against Rs. 357.2 million last year while
other income improved from Rs. 1 billion to Rs. 1.2
billion. Whilst costs had increased by 10% to Rs. 3.3
billion, as per prudent requirements, general provisions
had increased substantially from Rs. 1 million in 2007
first quarter to Rs. 114.2 million. However specific
provisions were down from Rs. 208 million to Rs. 149
million. 
