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Bank of Ceylon reports Rs. 40.3 billion profit in 2023

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Left: Ronald C Perera PC– Chairman BoC and Right: W P Russel Fonseka- General Manager/Chief Executive Officer- BoC

Bank of Ceylon (BOC) reported a Profit Before Tax (PBT) of Rs. 40.3 billion for the year ended 31st December 2023 demonstrating a strong and steady performance across various dimensions, including liquidity, capital, efficiency, profitability and asset quality despite prevailing global and local economic uncertainties.

In a competitive and challenging environment the bank was able to achieve its goals by having a professional and experienced team, which helped to turnaround under-performing business sectors, back into their operations generating profits through the business revival and rehabilitation strategies . This achievement showcases the Bank’s resilience and ability to navigate through challenging times while delivering positive financial results consistently by following the best practices in the banking industry and adopting in to novel technology

The Bank of Ceylon Chairman and President’s Counsel, Ronald C Perera stated that, “The Bank has successfully navigated all the headwinds during past few years and the immediate measures were taken strategically and ensured the Business Continuity and uninterrupted services to our valuable stakeholders. Managing the foreign currency shortage was a challenging task, particularly as being “Bankers to the Nation” we always act with a broader vision. We identified the criticality of uninterrupted energy supply for survival of the economy and social life. In this backdrop the Bank took all its efforts to facilitate foreign currency needs for importing energy and essential goods. Nevertheless, short-term strategies were carefully managed without compromising the Bank’s long-term strategic priorities, with a focus on strengthening the financial position”.

Fund Based & Non- Fund Based Income The Bank achieved a profit before tax of Rs. 40.3 billion, driven by a significant 15% increase in interest income. However, despite this growth, a sharp rise in interest expenses resulted due to lag effect in repricing the time deposits mobilized at higher rates. Accordingly, net interest income decreased by 28% YoY. Moreover, net fee and commission income experienced a growth of 8%, primarily due to increase in card transactions, improved remittance, and greater adoption of digital banking services in retail banking. The Bank experienced approximately a 49% increase in worker remittances, accompanied by a rise in the number of remittances.

Impairment Reversal for Loans and Advances and Other Financial Instruments

From the emerging of the economic turmoil the Bank implemented proactive measures to mitigate the credit risk by applying management overlays to identify risk-elevated industries, reassessing exposures to high-risk borrowers and implementing stringent monitoring mechanisms. Under Expected Credit Loss model the Bank provided considerable level of impairment provision in previous years and by beginning of the year 2023, the Bank had maintained provision coverage of 60% for stage 3 loans. As a testament to these efforts, the Bank witnessed a noteworthy net reversal of impairment provisions for loans and advances amounting to Rs. 2.7 billion during the year. This positive outcome was attributed to the synergy of various factors, including robust business revival activities, rigorous credit monitoring practice, and the favorable appreciation of the LKR against USD. (BOC)



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HNB Finance bags 2 CMA Reporting Awards 2025

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Prof. Ho Yew Kee presents the award, while Rajeeva Bandaranaike hands over the certificate to the HNB Finance team. Featured (right to left): Thushara Jayasekara – Chief Manager / Head of Corporate Planning & Analytics; Randula Munindradasa – Assistant Manager Planning & Analytics; Sandakelum Jayathunga – Senior Manager – Financial Reporting; Maheshika Samarakoon – Manager – Strategy Implementation & Reporting

HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.

At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.

The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.

Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”

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ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises

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Mithila Shyamini, Assistant General Manager – Personal Banking at Commercial Bank and Jude Fernando, Chief Executive Officer of the National Credit Guarantee Institution exchange the agreement in the presence of representatives of the two organisations

The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.

The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.

Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.

‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.

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Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations

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Defence Secretary Air Vice Marshal (Retd) Sampath Thuyacontha receiving the donation from Sajith Gunaratne - General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera - General Manager of Ceylon Grain Elevators PLC

Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.

As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.

The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.

Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.

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