Pre-tax profits (PTPs) at three of the four largest banks in Sri Lanka fell last year, as the country struggled to contain the Covid-19 outbreak. The south Asian country’s economy shrank 3.6% in 2020, according to the World Bank.
Bank of Ceylon, Sri Lanka’s largest bank by assets and Tier 1 capital, saw profits fall 29% year-on-year to $119.3m in 2020 from $168.9m in 2019, according to The Banker Database. PTPs at the state-owned bank have fallen 41% between 2017 and 2020.
