Business
‘BOC entering year of consolidation having done its duty towards the nation in 2020’
by Sanath Nanayakkare
The Bank of Ceylon (BOC) successfully weathered the ferocious pandemic year of 2020 while doing its duty towards the nation at an unprecedented time of difficulty, so I don’t see that we should worry about about any greater challenges in the year 2021, but harness that power of resilience and enter into a year of consolidation in 2021, BOC chairman Kanchana Ratwatte said yesterday.
The BOC chair said so in response to a query posed by The Island Financial Review at a media conference held by the Bank to announce the Bank’s performance during the year 2020 amid the COVID 19 crisis and its approach for 2021 and beyond.
Elaborating on the matter Ratwatte said: “The bank entered the year 2020 as the undisputed market leader with great hope and enthusiasm. However with the pandemic that engulfed the entire globe we had to change gear and focus as the unfolding situation compelled us to innovate fresh strategies to face the situation, The experienced human resource in the bank rose to the occasion and faced the situation with vigor and vitality. Bank of Ceylon continued to perform, playing a lead role in keeping the wheels of the economy moving as the crisis continued to the New Year as well.
“Following concessions announced by the government and the Central Bank of Sri Lanka with the advent of COVID-19, the bank strengthened its capabilities to cater to customers in the best possible way, while continuously delivering services with strict adherence to health and safety measures.
“To date, the bank has disbursed more than Rs. 39 billion under the “Saubagya COVID-19 Renaissance Facility” by extending working capital to COVID-19 affected businesses.
“Further the bank disbursed Rs. 128 billion for development and agriculture sector including credit facilities under “BOC DiviUdana” loans scheme. Despite the challenging situation in the country, the bank is moving forward with stable performance and reported a Profit Before Tax (PBT) of Rs. 16.6 billion and Profit After Tax (PAT) of Rs. 11.7 billion, for the nine months ending September 30, 2020.
“The total income of the bank for the period was Rs. 181.8 billion with a marginal increase of 2% YoY. The non-fund-based income for the period amounted to Rs. 12.9 billion showing an increase of Rs.1.7 billion YoY, and an exchange gain of Rs. 3.6 billion, which contributed to this growth.
“Amidst socio-economic challenges that prevailed due to the pandemic situation, the bank’s assets base grew by 17% to Rs. 2.8 trillion, backed by an increase of 25% in the loan book. The bank’s loan book stood at Rs. 1.9 trillion and both government and private sector lending contributed to growth, including lending to major infrastructure development projects initiated by the government, funding requirements for mid-corporates for business expansion, lending to the SME sector, and other priority sectors such as agriculture, fisheries and related industries.
“Term loans, scheme loans, personal loans and overdrafts are the key contributors to loan growth during the period. The term loan portfolio grew by 28% demonstrating the bank’s support in terms of working capital requirements.”
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
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