Bank of Ceylon stands out as winner for economic contribution and economic sustainability at BCCS Aw

The Bank of Ceylon won two awards at the Best Corporate Citizen Sustainability Award Ceremony 2017 held recently at the Cinnamon Grand, Colombo. The Bank of Ceylon was recognised as the winner of the ‘Triple Bottom Line – Economic Sustainability (Profit) award’ and also recognised as a ‘category winner – Economic Contribution award’. These two awards were awarded to the bank in recognition of its sustainable business growth, economic value creation and contribution towards national economy. 

Organised by the Ceylon Chamber of Commerce the event was graced by Japanese Ambassador in Sri Lanka Kenichi Suganuma, as the Chief Guest. The keynote speaker was David Bent, a Global Expert on Corporate Sustainability. The award ceremony recognises business entities that have shown exemplary performances as sustainable corporate entities. By recognising these corporate entities the Ceylon Chamber of Commerce encourages companies to follow triple bottom line – People, Profit and Planet – sustainability practices and build a sustainable cycle where the company’s long term sustainability thrives as much as it gives back to the community and every possible stakeholder.

“Living up to its promise as “Banker’s to the Nation”, the Bank of Ceylon has strategically built its three pillars around its entire scope of operations to reap benefits for all its stakeholders. As a State Bank, BOC’s objective is to assist the Government of Sri Lanka’s economic objectives that get translated into the whole country’s socio-economic development. Therefore, final beneficiaries of this whole process are all Sri Lankans in general. Currently BOC is the highest profit earning single business entity in the country. Its PBT of the year 2015 and 2016 were calculated as Rs. 25.3 billion and Rs. 31.2 billion respectively,” stated General Manager D.M. Gunasekara. The bank brought forward the digital infused transformation that has enabled the bank to reduce operational costs and contribute more towards its main stakeholder, the Government of Sri Lanka. With its ability to reach every economic segment in the country successfully with island wide network of branches and its vast array of products that can genuinely address the needs of these segments, Corporate Social Responsibility is actually an every-day business practice for BOC.

‘BOC’ from being a responsible services provider for its customers, whose integrity has been tested over a span of 78 years, the bank has evolved to deliver a service which goes beyond mere banking to its community. BOC has been with Sri Lankans throughout their joys and sorrows with great empathy and helped them to outgrow their shells of socio-economic obstacles and become more economically-able to achieve their individual visions.   

Moving forward the bank has formulated its comprehensive sustainability policy to address strategic placement of procedures and processes to strengthen the triple bottom line: Social, economic and environmental pillars. Strategic Corporate Social Responsibility is embedded into Sustainability Policy of the bank. The strategic implementation of digital transformation that commenced in early 2014 gradually replaced many of traditional procedures, policies and technologies and has laid down a solid foundation for the bank to embark on ‘Green Banking’. The Bank of Ceylon has been engaged in green initiatives such as paper recycling, E-waste management, installing eco-friendly equipment, installing energy efficient lighting systems in branches and the head office, maintaining green gardens at selected branches with rain water harvesting systems. The solar powered system in selected branches is also a recent addition to the bank’s Green Banking process. Engaging the society to walk along with this noble initiative the bank planted 100,000 trees in line with the bank’s 75th anniversary in 2014 gathering school children and public from all over the country. 

The bank’s Kilinochchi branch was endorsed as a green branch recently as it was designed to have a solar energy system and utilises space and architectural design to obtain more natural light and air, vertical green garden to keep the interior cool, rain water harvesting system and a SmartZone for digital banking. So far the bank has established Solar Power renewable energy systems at twenty branches, including Thissamaharama and Kekirawa branches. BOC was also recognised as the highest financial assistance provider for Solar Power technology, at the ceremony held to mark the generation of 100Mega Watts through renewable energy organised by the Ministry of Power and Energy. 

By increasing its CDM/ATM network to reach over 900 machines throughout the country, encouraging customers to enrol with “Online Banking”, introducing “no passbook” SmartGen account option, workflow automation and Document Management Systems the Bank of Ceylon has not only promoted green banking but also promoted sustainable and inclusive economic growth. 

For “BOC”, improving social and economic wellbeing is an integral part of its core operations. In this regard the bank ensures that it follows ethical guidelines to sustain customer relationships. Whilst providing a dedicated banking service to its community BOC looks into the sustainability of their customer’s business as well. The bank at all times encourages environmentally friendly projects and sees that loans and advances are granted to deserving environmentally friendly projects that reap greater benefits for the community. 

Education is the way forward for any nation. BOC has strategically placed several programs after a study of the education system, to improve channels of delivering knowledge and enhancing skills of children. As early as in 2002 the bank presented two strategic scholarship schemes, one targeting Grade 5 scholarship examination and the other targeting the A/L examination. The A/L examination scholarship program was named after 18 Plus account, in which has awarded to 427 A/L highflyers annually and the Grade 5 scholarship was named as the Ran Kekulu Scholarship program in which it annually recognises 2000 highflyers of the said examination. 

Understanding the need to ease the tension of facing the Grade 5 examination the bank formulated yet another program to coach students who are preparing themselves for this competitive examination. All these programs are highly recognised and praised by participants throughout the country as it is strategically formulated to evolve with the rising needs of the community. 

Living along side with fellow Sri Lankans the bank sometimes takes a philanthropic route to address urgent needs of the community. These activities range from providing prompt disaster relief, to campaigns to address immerging social needs and donations. BOC continues to look for different ways to support the community it lives in and the bank absolutely lives to its promise; “Banker’s to the Nation”.