Branch Benefit

April 21, 2012 (LBO) - Sri Lanka's biggest lender, state-owned Bank of Ceylon, has reported a sharp increase in the profits of its two overseas branches in neighbouring south India and the Maldives last year. Bank of Ceylon group after tax profit in 2011 was 11.

5 billion rupees, up 66 percent from 2010.

Deposits in the bank's foreign branches represented 1.8 percent of the bank's deposits while gross loans and advances made from foreign branches represented 1.5 percent of the bank's net loans and advances.

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Bank of Ceylon's Chennai branch profit increased by 43 percent to 133 million Indian rupees in 2011 from the year before.

The branch's capital also increased to 25 million US dollars from 10 million dollars, according to the bank's annual report.

Bank of Ceylon's Malé branch profit doubled to 109 million Maldivian rufiyaa in 2011 from the previous year and its capital increased to 150 million rufiyaa by infusion of retained profit of the Malé branch.

Apart from the two branches in Malé and Chennai, Bank of Ceylon has a fully-owned foreign subsidiary based in London.

Operating profit of foreign branches accounted for 3.

1 percent of the bank's operating profits in 2011. <