Sri Lanka Bank of Ceylon net down 34.7-pct in March 2023 quarter

Sunday May 21, 2023 1:10 pm

ECONOMYNEXT – Sri Lanka’s state-run Bank of Ceylon group has reported net profits of 3.66 billion rupees in the March 2023, down 34.7 percent from a year earlier amid a contraction in net interest income and some forex losses, interim accounts show.

Net fee and commission income went up 12.9 percent to 4.43 billion rupees.

At bank level, interest income grew 61 percent to 137.7 billion rupees, interest expenses went up at a faster 161 percent to 119 billion rupees and net interest income fell 53.1 percent to 18.6 billion rupees.

Bank of Ceylon said it did not pass on “the full impact of the increase in the market interests to its loyal customers in order to revive their businesses in this trying time despite many headwinds to the Bank’s current operating environment.”

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