Bank of Ceylon bestowed with ‘Top Ten Most Admired Companies in Sri Lanka’ for 2nd consecutive year

Chief Financial Officer Russel Fonseka accepting the award

The International Chamber of Commerce Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) together with the Daily FT announced the country’s No. 1 bank, Bank of Ceylon as one of the ‘Top Ten Most Admired Companies in Sri Lanka 2020’. The Bank was conferred this title for the second consecutive year for its excellence in the field of banking and finance in Sri Lanka and for its contribution to the overall economic growth of the country. 

With over 81 years of unwavering service to the Nation, Bank of Ceylon is said to be the highest profit earning single business entity in the banking industry of Sri Lanka. BOC takes greater responsibility in every possible way to assist the Government initiatives towards social and economic development. The Bank’s Chief Financial Officer Russel Fonseka accepted the Award for being one of the ‘Most admired companies for 2020’ from the Chief Guest of the event, Commander of the Sri Lankan Army General Shavendra Silva.

“Being the resilient No. 1 bank in the country Bank of Ceylon has always been in the forefront promoting economic and social wellbeing within the Sri Lankan community. In the times adversities such as the COVID-19 pandemic, the financial and operational strength of the Bank of Ceylon has been a significant strength to maintain an uninterrupted banking service. BOC always tend its purpose as an economic value generator for all its stakeholders with commitments to the Government economic development agenda, that it yields greater good for the public. 

“We have always looked at sustainable growth as a win-win situation for all. Thus, the nature of our operation strives not only for business excellence but value creation for everyone who is involved. Nevertheless, in the pandemic situation BOC focuses on long-term financial soundness encompassing quality of management, good governance, human resources, innovation and ability to attract and build right relationships at all times. We humbly accept this award as token of appreciation for being so and wish to thank every stakeholder including ICCSL and CIMA institutions for encouraging good corporate citizenship among organisations,” stated Chairman Kanchana Ratwatte. 

Commenting on the achievement the Bank’s CEO/ General Manager D.P.K. Gunasekera said, “We have underlying values and beliefs that always keeps us setting unprecedented records. That has kept us moving forward even during this adverse situation, whilst assisting many of our customers with financial relief to come out of this dire predicament. In the meantime, BOC maintained its strong position with regard to financial and operational strength. BOC’s asset base, which has exceeded Rs. 2.8 trillion at the time of writing, is the highest owned by a single Sri Lankan business entity in the banking industry. 

“It also has the highest valued loans and advances portfolio which is Rs. 1.9 trillion and the highest deposit base Rs. 2.3 trillion held by a single business entity in the Sri Lankan banking industry. The bank has a broader perspective in terms of assisting developing entrepreneurship, employment, assisting to sustain social and economic growth and preserving the environment whilst maintaining corporate ethics. This accolade too is very encouraging and we assure that the bank will move forward committed to deliver value and being an exceptional corporate citizen.”

All organisations were shortlisted through a process that evaluated their performance that has gone beyond their profit-making objective to actually create value for the valuing human relationships, commitment to foster teamwork, experiment frugally, fulfil commitments, Fight complacency, win through multiple means and social commitment. The evaluation panel has also been keen on the organisation’s commitment towards good governance in areas of top management commitment to, visionary thinking on sustainability, commitment to fulfil stakeholder interests and commitment to treat every stakeholder fairly and justifiably.