Business
Bank of Ceylon ends 1Q-2023 on positive note
BOC has reported Rs. 3.3 billion asProfit Before Tax (PBT) for the three-month period ended March 31, 2023 amid unprecedented challenges that prevailed from the previous year.
A BOC press release explained: “The interest income of the Bank grew by 61% to Rs. 137.8 billion primarily due to the increase in AWPLR comparing to the corresponding period of the previous year. However, interest expenses grew by 162% as the funding mix has been repriced at higher rates, resulting high cost of funding and led to 53% decline in net interest income by Rs. 21.2 billion compared to 1Q -2022 since the Bank has not transferred the full impact of the increase in the market interests to its loyal customers in order to revive their businesses in this trying time despite many headwinds to the Bank’s current operating environment.
“Net fee and commission income amounted to Rs.4.4 billion with 13% growth mainly backed by increase in commission income from card related transactions and travel and remittance related services. Income from trading and investment activities and other operating income resulted in a negative note due to exchange loss reported during 1Q- 2023 in line with the 10% LKR appreciation.
“Chairman, President’s Counsel Ronald C Perera stated that, “the Bank’s concerted efforts on supporting the customers to revive through the never expected economic turmoil will be continued to ensure the survival of their businesses and proactive measures taken during the previous years helped the Bank to manage its stage 3 loan ratio at 5.34% as of end 1Q-2023 (31 December 2022: 5.27%). Our key focus and policy direction is to support all stakeholders of the Bank. This effort may have resulted a short-term cost to the Bank, but with our long-lasting relationship with all stakeholder will bring prosperity to all groups in times to come.”
“Nevertheless, the Bank has maintained prudent level of impairment provision for the expected loss from loans and advances and investments.
“Operating expenses for the quarter reported an increase of 16% in the backdrop of cost escalation due to inflation. Accordingly, the Bank has reported the PAT of Rs. 3.3 billion with 39% decline over 1Q-2022. At the end of 1Q-2023, the Bank’s asset base recorded a negative growth of 6% reflecting the impact of LKR appreciation as around 30% of total assets comprises foreign currency denominated Loans and advances and Investments. Amidst the high competition prevailed in the market, the Bank’s deposit base stood at Rs. 3.3 trillion as of end March 2023.
“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 12.74% and Total Capital Adequacy Ratio of 15.66%. Meanwhile, all the liquidity ratios also improved given the positive market liquidity vibes conquered during the period under review.
“General Manager/ Chief Executive Officer of the Bank, Russel Fonseka highlighted that, “despite never experienced challenges the Bank has been able to maintain its position and steering the Bank strongly and prudently in the next few years is of utmost importance and is on a pathway to stable growth with a growing market share and an increasing asset base made possible through scaling up of digitization, pursuit of operational efficiencies, and expert capacity of the cadre”. Further he stated that, “the Bank has already identified key challenges yet to be faced by the banking industry due to contraction of the economy and slow growth, debt restructuring programme and other Government fiscal reforms. Based on these challenges, the Sri Lankan banking industry will have to face a never experienced operating context. BoC as the largest local commercial bank of the country, it is vital to carefully manage the banking activities to support economic recovery and revival at large. Hence, in next couple of years the Bank’s key focus will be strengthening its Balance Sheet instead of short-term profitability. Similarly, the Bank has adopted the same strongly during last few years too.”
Senior business leaders, economists and international development experts, alongside the Prime Minister of Sri Lanka, will headline the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12 and 13 October at the Shangri-La Colombo.
The Summit will open with a keynote address by T. Krishnakumar, Chief Executive Officer, Reliance Consumer Products Ltd, who brings more than four decades of experience in the consumer brands and FMCG sectors. Having previously served as President of Coca-Cola India and Southwest Asia, with extensive experience in building businesses and driving growth across emerging markets, Krishnakumar, more popularly known as Kk, now leads Reliance Consumer Products as it expands across categories and builds new customer, partnership and market opportunities.
Day 2 will bring together four international perspectives across discussions on economic resilience, regional connectivity, sector growth and digital transformation.
Lilia Aleksanyan, Senior Country Economist for Sri Lanka at the Asian Development Bank, will open the day’s discussions with a focus on Sri Lanka’s economic resilience. Her work covers the country’s macroeconomic outlook, policy advice and macro-fiscal and financial-sector reform. Her international policy experience also includes roles at the French Ministry of Finance and the French Central Bank.
The Summit will then turn to Sri Lanka’s connections with regional markets, with P. D. Singh, Chief Executive Officer, India & South Asia, Standard Chartered Bank, delivering the keynote for the session on trade corridors and value chains. Singh counts close to three decades of experience in banking and finance, with senior leadership roles spanning Standard Chartered, JPMorgan Chase Bank and HSBC.
The Sector Deep Dives will bring international perspectives to discussions on healthcare and energy.
Tushar Shroff, Chief Financial Officer, Zydus Lifesciences Ltd, will deliver the keynote for the healthcare discussion, drawing on more than three decades of experience in corporate finance, strategic investment and financial transformation. His career spans senior finance and leadership roles with ABB, Piramal Healthcare, Intas Pharmaceuticals and Vedanta Group, giving him a broad perspective on the business and investment decisions shaping the healthcare sector.
For the energy-focused deep dive, Edore Onomakpome, Regional Infrastructure Industry Manager for Bangladesh, Sri Lanka and Nepal at the International Finance Corporation, will bring extensive experience in infrastructure investment and project finance across emerging markets. Since joining IFC in 2013, she has held senior roles across Africa and South Asia, including managing IFC’s infrastructure portfolio across 16 countries.
The Summit will conclude its keynote programme with Prime Minister Dr. Harini Amarasuriya, who will deliver the keynote for “Nation Building in the Digital Age.” The Prime Minister also oversees the Ministry of Education, Higher Education and Vocational Education, bringing a direct policy perspective to discussions on digital transformation, innovation, education and the skills needed for a changing economy.
Together, these perspectives will bring regional, international and policy insight to SLEIS 2026 as Sri Lanka considers how to strengthen economic resilience, attract investment, deepen regional connections and develop new sources of growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” SLEIS 2026 will take place on 12 and 13 October 2026 at the Shangri-La Colombo.
The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Microsoft Sri Lanka (Pvt) Limited, Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.
Registrations for SLEIS 2026 are now closed. The Ceylon Chamber looks forward to welcoming participants to the discussions on Sri Lanka’s future trajectory on 12 and 13 October.
Commercial Bank of Ceylon has launched ‘Prestige’, a three-tier banking proposition aimed at high-net-worth (HNW) clients, combining wealth management, advisory services and lifestyle benefits.
The initiative replaces the bank’s existing ‘Elite’ private banking brand with Ruby, Sapphire and Diamond tiers, designed to cater to customers according to their wealth profiles and banking relationships.
The bank said Prestige would provide dedicated relationship managers, priority branch services, preferential rates on loans and deposits, enhanced card privileges, family banking programmes and offshore account solutions.
Its wealth and investment management services include access to capital-protected income solutions, dual-currency investments, institutional deals and estate and portfolio governance.
Clients will also have access to specialist financial and corporate advisory services, including assistance with international relocation, overseas property and capital repatriation.
The programme includes lifestyle benefits such as VIP airport lounge access, travel concierge services, property management and medical coordination, as well as access to selected art and culinary events.
The bank said its flagship Prestige banking residence at R.G. Senanayake Mawatha, Colombo 07, had been refurbished, with the service to be extended to other economically important cities.
Commercial Bank Managing Director/CEO Sanath Manatunge said Prestige was intended to support customers in managing their wealth, business interests, family needs and long-term legacy.
Existing Elite clients are being transitioned to the new programme, the bank said.
Ceylinco Life has rewarded 80 members of its sales force with overseas tours to Vietnam and China for their outstanding performance in the company’s 2025 sales competitions.
The group comprised 62 sales achievers who travelled to Vietnam and 18 who visited China.
The Vietnam tour included visits to Hanoi’s Ho Chi Minh Complex, One Pillar Pagoda, Tran Quoc Pagoda and Hoan Kiem Lake. The group also travelled to Ha Long Bay, where they went on an Aurora Cruise and explored attractions including Sung Sot Cave, Luun Cave and Titop Island.
The tour also featured a sunset party aboard the cruise, with music and refreshments.
The 18 achievers who travelled to China visited several of Beijing’s major historical and cultural attractions, including Tiananmen Square, the Forbidden City and the Summer Palace. They also took a boat ride on Kunming Lake.
A highlight of the China tour was a visit to the Mutianyu section of the Great Wall, including a round-trip cable car ride. The group also attended an acrobatic show at Chaoyang Theatre and visited the Panda Garden at Beijing Zoo.
The company said the tours were organised to recognise and reward sales personnel for their performance and achievements.
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