Bank of Ceylon scores Rs. 1 trillion deposits

• Becomes first and only bank to reach milestone; passed same target for assets in 2012

The Bank of Ceylon, the Sri Lankan banking giant, has scored its second trillion by its deposit base reaching over Rs. 1 trillion. With this achievement the bank has created history by being the first and the only bank in Sri Lanka to pass this milestone. 

The bank’s historic first trillion was achieved in 2012 by earning a Rs. 1 trillion asset base, which was the first time any corporate entity had achieved a Rs. 1 trillion balance sheet in Sri Lanka. 

Despite the many challenges faced by the bank due to volatility in socio-economic conditions and in the banking and financial industry, BOC has made steadfast growth, strategically aligning its resources to achieve these targets whilst being the largest contributor to the national economy. With this record breaking achievement BOC has set a benchmark in the banking industry uplifting the country’s whole economic profile. 

Along with this achievement the bank made another headline by earning the highest-ever profit made by a single Sri Lankan business entity which is Rs. 25.3 billion PBT, bettering its own record set by its 2014 profit before tax of Rs. 20.3 billion. This was a 25% growth over the previous year. BOC owns a strong balance sheet comprising robust savings deposits in both local and foreign currencies. BOC currently holds the largest foreign currency deposit base to its credit.

Being the prime State-owned bank in the country BOC plays a pivotal role not only as a financial intermediary but also as a key role player in managing the financial mechanism of the country in aiding the Government to achieve its socio-economic development goals.

“Our strategic objectives have always been in line with the Government’s economic development initiatives. The country is in a progressive path for a refined and long-term economic and social development. In this ambitious journey the bank is connected with each one of the economic and social areas directly or indirectly and we are bound to ensure that we maintain our performance at the highest level to fulfil our duty towards the country,” stated the bank’s Chairman Ronald C.Perera. 

“The Bank of Ceylon did not achieve this target singlehandedly. Therefore we are thankful for the support and trust it received from its main stakeholder the Government of Sri Lanka and its loyal customers ranging from individuals to corporate entities from all walks of life. Most importantly the dedication and the hard work that was rendered by the staff of the Bank was yet another key pillar in achieving this target,” stated General Manager D.M. Gunsekera. “Whilst thanking all our stakeholders who have joined hands with us in this journey, I wish to announce that we are now planning towards our third trillion in near future,” he further added.

During its 76-year journey, the Bank of Ceylon has been able grow enormously in scale and sophistication in both operations and products and services offered over the years. 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, 625 branch network across the country, SME centres, its own 522 island-wide ATM network and newest cash deposit machines. The first Sri Lankan bank to operate its branch overseas, BOC’s London branch was established in 1949 and later converted into a fully owned banking subsidiary. Since then the bank’s overseas branch network has been expanded to Male, Chennai and Seychelles. 

Making a fundamental shift with digital transformation which is very much needed in today’s context, BOC has developed a dynamic business focus with a solid customer centric approach which comes along with a comprehensive digital touch. It has also improved its operational versatility by improvising strategic direction overtime to adapt to the industry environment. It has made itself available to all its customers 24X7 online, Facebook and through a few selected branches.

The bank has been recognised by a number of reputed international and local institutions. The most recent was winning the Overall Gold Award and becoming the winner at the National Business Excellence Awards 2015 organised by the National Chamber of Commerce, in the categories of Banking Sector, Excellence in CSR, Excellence in Local Market Reach and Extra-Large Category and the Runner-Up of Excellence in Capacity Building.

BOC was also named as the ‘Strongest Bank in the Country’ by ‘The Asian Banker,’ making it stand with other banking giants in Asia Pacific region. The bank has been ranked among the ‘Top 1000 Banks’ in the world with the country rank No. 1 by the prestigious UK-based magazine ‘The Banker’. These fortify not only the image of the bank but also that of the country’s economic profile by uplifting the Sri Lankan banking industry in the international arena.