Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, recorded a profit after tax of Rs. 18.8 billion and a pre-tax profit of Rs. 28.8 billion for the first quarter of 2026, the lender said in a results announcement on Friday.
The three months ended 31 March 2026 results were attributed by BOC to a “stabilising macroeconomic environment” and the bank’s continued role as the country’s banking sector leader. The state bank said the period reflected “resilience, strategic focus, and sustained business momentum through disciplined execution, enhanced operational efficiency, prudent risk management, and strong customer confidence.”
BOC characterised the performance as reinforcing its position as Sri Lanka’s banking leader, with the announcement framed around financial stability, sustainable growth and contribution to economic progress. Detailed line-item disclosures including net interest margin, fee income and loan-book growth were not included in the front-page release.
The Q1 result lands during a turbulent week for the Sri Lankan banking sector. Friday saw the official CBSL dollar selling rate climb to Rs. 331.15 — the highest since December 2023 — while commercial banks quoted retail selling rates approaching Rs. 332. The Colombo Stock Exchange’s All Share Price Index closed flat at 22,905 on Friday, with banking counters mixed.
The state bank’s profitability also contrasts with the ongoing reputational and capital concerns at private peer National Development Bank, whose disclosure of a Rs. 13.2 billion alleged fraud earlier this month prompted CBSL to commission a forensic audit and a Fitch downgrade. BOC’s full Q1 interim financial statements are expected to be released to the Colombo Stock Exchange separately.
Source: Daily FT.
