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.”
Business
SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector

By Sanath Nanayakkare
The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.
The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”
“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.
“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.
“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.
SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.
“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.
Business
Sri Lanka makes outstanding appearance at OTM and SATTE 2025 in India

Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.
Business
SLT-MOBITEL partners with the Rush Lanka Group to power its apartment portfolio

SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.
The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.
Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.
Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.
Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.
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