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BOC named Bank of the Year 2021 – Sri Lanka by ‘The Banker’ 

07 Dec 2021

Bank of Ceylon (BOC) was awarded the coveted title of “Bank of the Year 2021 – Sri Lanka” by The Banker, UK at an event held in London recently. The award is recognition of the bank’s contribution to uplifting the lives of all Sri Lankans, while fulfilling its duty as the premier state bank. This award adds yet another title to the multi-award-winning bank that has been listed in the “Top 1,000 Banks in the World” ranking, consecutively since 2012, with a country ranking of No. 1 by The Banker, UK, as well as being listed as the No. 1 Banking Brand in Sri Lanka by Brand Finance Lanka, with a brand value of over Rs. 53 billion for the year 2021 – the highest-ever brand value recorded by a banking institution. Commenting on being able to achieve this feat despite the economic realities of the pandemic, BOC General Manager K.E.D. Sumanasiri said: “For over eight decades, Bank of Ceylon has worked tirelessly to develop both the nation’s economy and the lives of our people. And, we are justifiably proud to have been named ‘The Best Bank of the year’ by The Banker magazine, UK. We thank the entire staff of the bank and our loyal customers who have contributed to us being honoured with this prestigious award.” BOC has been a true resilient leader in the banking industry in Sri Lanka as the front-runner in Covid-19 relief efforts, economic revival programmes, and moratoriums, in line with Central Bank of Sri Lanka (CBSL) policies, as the single largest lender to Covid-19-affected businesses under the Saubhagya Renaissance Facility with Rs. 39.1 billion disbursed. Of special note are the number of financial assistance and special loan schemes targeting the micro, small, and medium enterprise (MSME) sector, to ensure the sustainability of businesses.   In its broader role as the premier bank in the country, BOC also established a dedicated unit for exporters, under the banner Export Circle. The new unit functions to assist exporters comprehensively to build networks and financial capacity to compete in the international market.  Despite a challenging year, BOC achieved yet another milestone in its asset base, surpassing the Rs. 3 trillion level in the first quarter of 2021 and a growth of 20% during the nine months ended 30 September 2021, backed by a 23% rise in the loan book for the same period. In addition, the bank’s loans and advances stand at over Rs. 2.5 trillion, with a deposit base of over Rs. 2.7 trillion, making BOC the largest and strongest banking and finance institution in the country. The bank posted post-tax profits of Rs. 27,565 million as at end September this year, compared to Rs. 11,676 million in 2020, which is an increase of Rs. 15,889 million or 136%. “Bank of Ceylon has always been a bank of the people. When the world faced the Covid pandemic, Bank of Ceylon was at hand to offer financial relief to large, medium, and small-scale businesses and entrepreneurs across the island. As a bank, we are committed to ensure that the nation and our people are able to rebuild their lives and rise up again,” added BOC Chairman Kanchana Ratwatte.


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