Sri Lanka’s No.1 Bank, the Bank of Ceylon was named as the only “Strongest Bank” in Sri Lanka for the year 2015 by the Asian Banker, in an independent research carried by the region’s most authoritative provider of strategic business intelligence to the financial services community. The announcement was made at a ceremony held in conjunction with SWIFT’s SIBOS convention at Sands Expo and Convention Centre, Marina Bay Sands, Singapore.
The Asian Banker 500 ranking is the most comprehensive annual evaluation that captures the quality and sustainability of the balance sheets of the banks in the region. All data are sourced from Central Banks and miscellaneous publications or via informed estimates. The evaluation was based on the balance sheet growth, scale of operations, risk profile, profitability, asset quality and liquidity for the year 2014. The Bank of Ceylon is among the winners, who are Standard Chartered Bank Hong- Kong, HSBC Hong-Kong, Bank of China, DBS Group, West-Pac Banking Corporation-AUS, ANZ Bank New Zealand and May Bank Malaysia.
The Bank of Ceylon closed its 75th year on a magnificently high note in 2014, by recording the highest ever profit before tax (PBT) in the bank’s history as well as in the Sri Lankan banking industry of Rs.20.3 billion, achieving a growth of 29% compared to the previous year. This was the highest profit earned by a single Sri Lankan business entity for the year. Post tax profit stood at Rs. 13.6 billion -a 12% growth. Banks assets grew by 11% to Rs.1.3 trillion for the year 2014.
The Bank has grown enormously in scale and sophistication in both operations and products and services offered over its years. Being true to its title “Bankers to the Nation”, the Bank of Ceylon offers banking products to a broader spectrum of customers, from individuals, SMEs to Corporate businesses. BOC has over 1000 customer touch points including, 622 branch network across the country, SME Centres, its own 522 island-wide ATM Network and newest Cash Deposit Machines. With this vast network BOC has been able to provide banking services to a wider customer base of over ten million, coming from all walks of life. The first Sri Lankan Bank to operate its branch overseas BOC London branch was established in 1949 and later converted into a fully owned banking subsidiary. Since then bank’s overseas branch network has been expanded to Male, Chennai and Seychelles.
Whilst catering to its individual and SME sector through retail banking services Bank of Ceylon’s Corporate banking division is dedicated to cater the country’s larger businesses to fulfill their financial and cross-boarder trade requirements. The Bank has had its name established as the Banker for specialized banking areas such as trade operations, treasury, investment and wealth management and International (Inward Remittances and foreign currency transactions) and also the market leader in these areas of operations.
“With this latest ranking BOC has set an unparalleled benchmark in the Sri Lankan banking industry as the Strongest Bank in the country, which stands along with other banking giants in Asia Pacific region. And we are proud not only on part of the bank but also on part of the country’s economic profile for uplifting the Sri Lankan Banking industry in the international arena” Stated the Chairman Bank of Ceylon, President’s Counsel Mr. Ronald C. Perera. “I must say we are further encouraged by this achievement to serve our customers and all our stakeholders with exceptional care and commitment to enrich their achievements” the Chairman further stated.
“BOC topped as the strongest bank in Sri Lanka, based on our financial results for the year 2014. Over years the Bank has increased its overall balance sheet strength with strong improvements in profitability, capitalization and liquidity. Owning the highest asset base in the country we have closed the year 2014 on an exceptionally high note on the balance sheet. After observing our latest results with the corresponding year I am confident that we will end 2015 with magnificent results in terms of Profit and Balance sheet.” Stated the General Manager Mr D.M. Gunasekara.
“Being a responsible state Bank, We are always very keen on providing the best financial solution in the most comprehensive and qualitative way possible to our customers whilst delivering value to our main stakeholder, the Government of Sri Lanka.” Stated Deputy General Manager Finance and Planning Mr. Russel Fonseka.
Depicting Bank’s Credit profile, BOC was assigned AAA (SL) by ICRA Sri Lanka, the highest quality rating to be awarded to a commercial bank by the issuer. The Bank of Ceylon earned global recognition as one of the top 1000 banks in the world, (Country rank No.1) as listed by “The Banker Magazine” (UK) respectively in 2012, 2013, 2014 and 2015. The Bank claimed its award as the only Sri Lankan brand recognized as one of Asia’s Best Brands in 2013 by the Chief Marketing Officer’s Council (CMO Council) based in Mumbai, India. Brand Finance Lanka ranked Bank of Ceylon as the country’s No. 1 brand for the last seven consecutive years. Focusing on the Banks achievement, Fitch Rating Lanka ranked the Bank of Ceylon at AA+(lka) which is the highest rating awarded to a local commercial bank. (Media Release)
The bank of Ceylon Deputy General Manager Finance and Planning Mr. Russel Fonseka (middle) receiving the award at the ceremony. Mobasher Zein Kazmi, Head of Research, The Asian Banker Brett King, Founder & CEO of Moven and international best selling author of Bank 3.0 and Mr. Foo Boon Ping, Managing Editor, The Asian Banker are also in the picture.
