BOC only Sri Lankan bank among Top 1,000 Banks in the World 2023

Monday, 7 August 2023 00:16 - - {{hitsCtrl.values.hits}}

Chairman Ronald C. Perera

General Manager Russel Fonseka

Bank of Ceylon, Sri Lanka’s No. 1 Bank was once again ranked by ‘The Banker’ UK magazine, among the world’s top 1,000 banks while becoming the only Sri Lankan bank to be included in the global list in an extremely challenging year.

With this year’s achievement the Bank of Ceylon completes an unblemished 12th consecutive year with the country’s No. 1 rank among the “Top Banks 1000 in the world”.

The bank’s ranking by the prestigious Banker Magazine UK reconfirms its robust Tier.1 capital adequacy and asset base, which is testament to BOC’s resilience and success of strategies put in place to navigate through multiple headwinds caused by the unprecedented economic crisis and adverse operational environment in the country.

The ranking has been regarded as the primary source for global bank financial position and is widely used by the vast majority of international organisations in their assessments of banks. Compiled annually from a database of over 5,000 banking entities from across the globe, The Banker Magazine’s Top 1,000 World Banks listing is widely regarded as the most comprehensive guide to a bank’s standing globally, which is used by the majority of international organisations in their assessments of banks.

“Reviewed against a tightened monetary policy on the backdrop of unprecedented economic turmoil in the country, the ranking is a clear indication of BOC’s strong financial position and the measures undertaken by Bank of Ceylon to remain resilient by overcoming multiple challenges,” said BOC Chairman Ronald C. Perera PC.

“Despite the adverse headwinds, the bank has complied with regulatory capital requirements above the stipulated norms by maintaining the Tier I Capital Adequacy Ratio of 12.4% and Total Capital Adequacy Ratio of 15.4% in 2022. Similarly, BOC was also able to improve all the liquidity ratios given the positive market liquidity vibes conquered during the concerned year,” said General Manager Russel Fonseka.

Expressing his views on the way forward with the Domestic Debt Optimisation (DDO) program that is underway, Fonseka stressed the importance of taking this strategic route to establish the much needed economic stability and a stronger financial structure.