The Asian Banker names BOC the “Strongest Bank” in Sri Lanka
04 Nov 2015 - {{hitsCtrl.values.hits}}
BOC Deputy General Manager Finance and Planning Russel Fonseka (centre) 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 Foo Boon Ping, Managing Editor, The Asian Banker are also in the picture
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 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 percent 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 percent growth. Banks assets grew by 11 percent to Rs.1.3 trillion for the year 2014.
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.
“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,” said the Chairman Bank of Ceylon, President’s Counsel 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,” said the General Manager 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.
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