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BOC notches LKR 22.1 billion PAT in steady performance

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The Bank of Ceylon top management team announces the banks financials for the first half of the year in Colombo on Thursday, led by Chairman Kanchana Ratwatte (3rd from left)/ Pic: Saman Ranaweera

Amidst unexpected challenges, the Bank of Ceylon’s Profit Before Tax for the six months ended 30th June 2021 stood at LKR 27.1 billion, moving forward with stable performance, while managing headwinds caused by low interest rates, cash-flow deferments and operational restrictions.

Profit After Tax (PAT) for the period was LKR 22.1 billion. The Bank’s total assets grew by 11% and reached the LKR 3.3 trillion level reaching another milestone and preserving its industry leadership. The key contributors are growth in loans and investment book which denotes about 93% of the assets of the Bank. The Bank’s gross loan book surpassed the LKR 2.0 trillion mark during the year 2020 and now stands at LKR 2.5 trillion reporting 16% growth during this first half of this year. Both Government and Private sector lending contributed to growth during the period.

The Bank’s deposit base (more than 23% of the industry) increased during the period despite low interest rates. The Bank’s deposit base of LKR 2.6 trillion represents 35% of the Current and Saving deposit (CASA) base, which generates funds at low cost. The Bank’s Tier I Capital and Total Capital ratio stood at 11.5% and 15.0% respectively by end June 2021, which were above regulatory norms. Despite cash flow deferments on loan instalments, the Bank was able to maintain better trade -off between liquid assets and liabilities. All liquidity ratios were maintained well above the regulatory norms.

The long-preserved stability, strength and sustainable growth of the Bank continued, undeterred by the negative market dynamics, highlighted by the reported profit for the year 2020 and the first six months of this year, reflecting the Bank being a true cross-section of the country’s economy.

The Bank also operates a fully

owned subsidiary in London, UK. During the year under review extra effort was invested to manage the Bank’s overseas branches, namely Maldives, the Seychelles, India, and the subsidiary in UK.

Bank of Ceylon continues to be recognised as the highest ranked local bank in the listing of the Top 1000 Banks by the Banker Magazine UK for the year 2021, ranked among the Top 10 Most Admired Companies in Sri Lanka for year 2020 by CIMA/ICCSL/Daily FT. In addition, Bank of Ceylon received four awards at the “Best Corporate Citizen Sustainability Awards 2020” by the Ceylon Chamber of Commerce, which included Category Winner for Employee Relations, Triple Bottom Line Award for Economic Sustainability (Profit), Category Winner of Financial Performance and was also listed among the 10 Best Corporate Citizens for 2020. It was also chosen as the “People’s Banking Services Provider of 2020 and 2021” at the SLIM – People’s Awards. Brand BOC continued to be the No.1 Banking Brand in the country successfully for the 13th consecutive year, by Brand Finance Sri Lanka and Media Services Pvt Ltd.

Leading Sri Lanka’s banking industry with over 82 years of experience as the No.1 Bank in the country, Bank of Ceylon continues to fulfil its role as the most stable and trusted banking entity in the country, serving Sri Lankans from all walks of life with over 2000 customer touch-points across the island, helping them build their lives, providing financial stability and uplifting the country’s economy.

\Bank of Ceylon marks its 82nd Anniversary ensuring the strenghtening of its undisputed leadership position whilst focusing on assisting economic revival.

Highest disbursement under “Saubagya” Working Capital Loan scheme –18,936 facilities worth of LKR 39 Billion.

Moratoriums provided for facilities valued at over LKR 550 Billion during first pandemic wave and over LKR 250 Billion during the second pandemic wave.

Conscious of its duty to continuously power the wheels of the Sri Lanka economy, Bank of Ceylon celebrated its 82nd Anniversary on August 2nd 2021 on an austere note. With Covid -19 pandemic challenging the operational system of all industries, Bank continued to support economic revival through many frontiers.

BOC ensured that the benefits accruing to it through the extraordinary measures introduced by CBSL in its policymaking initiatives trickled down to the ultimate beneficiaries-customers-through moratoriums and concessionary loan schemes.

While recording healthy financial results, BOC continued focused on ensuring that the integrity of the country’s banking sector, including payment and settlements, continued without interruption, while aiding the country in its economic revival, through SME and local entrepreneurship development.

Collaborating with the Ministry of Health and Government Medical Officers Association (GMOA) in their efforts in facing up to the challenges of the pandemic the Bank of Ceylon embarked on a centralized communication hub assisting the affected home-based patients connecting them digitally with medical officials to provide immediate information and advisory facility.

The Bank extended support by implementing the CBSL announced moratorium facilities worth LKR 550 Billion -during the first pandemic wave and LKR 250 Billion during the second pandemic wave. Bank of Ceylon topped the industry in granting loans under the “Saubagya” Working Capital Loan scheme, disbursing LKR 39 billion to over 18,000 borrowers. Stretching its hands out to needy customers further, the Bank of Ceylon launched the “Export Circle” focusing on promoting export industry and added a new Business Unit as Revival and Rehabilitation Unit to support corporate sector companies to revive themselves when confronted with difficult situations.

Developing a Strong National Economy

The Senior Management of the Bank engaged with entrepreneurs and SMEs to provide support on critical business issues covering all provinces of the country.

The “Mithuru” Micro Finance programme of the Bank also served over 2,155 small groups, with prominence given to the Northern, Eastern, North Central and Central provinces. Total disbursements amounts over LKR 536 Million up to Q2 of 2021.

The Bank also introduced BOC “Divi Udana” loan scheme during the year to revitalise the ailing economy, by way of kick starting SMEs and ensuring their funding needs are met. It further introduced “Sashreeka” loan scheme promoting organic fertilizer and locally produced pesticides production among entrepreneurs. (BOC)



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Hour of reckoning comes for SL’s power sector

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Eng. Pubudu Niroshan

By Ifham Nizam

A long-delayed reckoning in Sri Lanka’s power sector is finally beginning to take shape—driven less by choice and more by necessity.

At a time when the country’s fragile economic recovery hinges on stability, the electricity sector—long plagued by inefficiency, political interference, and costly dependence on imported fuel—has re-emerged as both a risk and an opportunity.

It is within this context that The Institution of Engineers, Sri Lanka will host a timely and potentially consequential forum on April 2 at the Wimalasurendra Auditorium, focusing on a “Pragmatic Approach to Electricity Sector Reforms in Sri Lanka and the Way Forward.”

This is not just another technical discussion. It is, in many respects, a reality check.

The keynote address by Eng. Pubudu Niroshan—who stood at the centre of recent reform efforts as Director General of the Power Sector Reforms Secretariat—comes at a moment when the gap between policy ambition and execution has become impossible to ignore.

For over three decades, Sri Lanka has spoken the language of reform. Yet, time and again, progress has been derailed by institutional resistance, political hesitation, and an entrenched reluctance to dismantle inefficient structures.

The result is a sector that continues to bleed financially while passing the burden onto consumers and the broader economy.

High electricity tariffs, supply vulnerabilities, and operational inefficiencies are no longer isolated technical issues—they are macroeconomic threats. Industries struggle to remain competitive, investors remain cautious, and households continue to bear rising costs. The over-reliance on imported fossil fuels has only deepened this vulnerability, exposing the country to global price shocks and geopolitical disruptions.

The economic crisis of 2022 briefly forced a shift in thinking. Under severe fiscal pressure, reform was no longer optional. The passage of the Sri Lanka Electricity Act, No. 36 of 2024 was seen as a breakthrough—an acknowledgment that structural change could no longer be postponed.

But legislation alone does not transform systems.

What has followed is a more grounded, outcome-driven approach—one that attempts to move beyond policy rhetoric. Within a relatively short span, the first phase of restructuring has been pushed through, including the repeal of the decades-old CEB Act, No. 17 of 1969, and the unbundling of the monolithic utility into six state-owned entities.

This is, by any measure, a significant structural shift.

Yet, the real test lies ahead.

Unbundling without genuine market discipline risks becoming another cosmetic exercise.

The promise of a competitive National Electricity Market—long discussed but never realized—will depend heavily on regulatory strength, transparency, and political consistency. Without these, the same inefficiencies could simply be replicated across multiple entities.

Moreover, reform cannot succeed in isolation.

Sri Lanka’s energy transition must be anchored in a broader economic strategy—one that aligns power sector reforms with industrial growth, environmental sustainability, and investment policy.

The proposed “Energy Transition Act,” now under consideration, will be a critical piece of this puzzle. If executed with clarity and discipline, it could provide the legal backbone for a coherent and forward-looking energy framework.

The reference to an Integrated Economic Development Framework (IEDF) in the 2026 Budget underscores this necessity. Energy is not a standalone sector—it is the foundation upon which economic recovery will either stand or falter.

What makes this moment different is the absence of alternatives.

Sri Lanka can no longer afford half-measures or delayed decisions. The cost of inaction is too high, and the margin for error too narrow. Reform, in this sense, is no longer a policy preference—it is an economic imperative.

The upcoming forum at The Institution of Engineers, Sri Lanka is therefore more than a professEng. Pubudu Niroshanional gathering. It is a critical platform where technical expertise must confront political reality, and where long-standing assumptions must be challenged.

For years, Sri Lanka’s electricity sector has been caught in a cycle of discussion without delivery. The shift toward a pragmatic approach signals an understanding that outcomes—not intentions—will define success.

The question now is whether that realization will finally translate into sustained, irreversible change.

Because this time, failure is not just an option—it is a risk the country simply cannot afford.

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Dialog introduces Samsung Galaxy S26 Series with AI-powered camera and 5G Connectivity

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From left to right: Shiromy Ali, Assistant Vice President, Group Corporate Planning & Strategy, Dialog Axiata PLC; Hemaka Balasooriya, Chief of Dialog Business Services, Dialog Axiata PLC;  Shanaka Fernando, First Pre-order Customer; Sang Hwa Song, Managing Director, Samsung

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, announced the availability of the Samsung Galaxy S26 Series in Sri Lanka through its retail and digital channels, bringing Samsung’s latest flagship smartphone lineup to local consumers. The series includes the Galaxy S26, Galaxy S26+, and Galaxy S26 Ultra, combining advanced AI-powered capabilities, premium design and next-generation connectivity for everyday mobile use, with customers able to experience the power of Dialog 5G Ultra on the devices.

The Samsung Galaxy S26 Series introduces an AI-powered camera system featuring a 200MP AI-enhanced rear camera with improved low-light performance, advanced zoom and intelligent editing tools for capturing and refining content directly on the device. The lineup also includes Galaxy AI capabilities, a privacy display that limits viewing angles to protect on-screen information, and steady video functionality for smoother and more stable video recording.

The Galaxy S26 Series features Dynamic AMOLED displays across the lineup, including a 6.3-inch Galaxy S26, 6.7-inch Galaxy S26+, and 6.9-inch Galaxy S26 Ultra, supporting smooth performance for streaming, gaming and everyday productivity. The devices are available with 12GB RAM and storage options of 256GB or 512GB, while the Galaxy S26 Ultra also offers a 16GB RAM variant with up to 1TB storage for users requiring additional capacity.

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Ideal Motors celebrates gala ‘Excellence Awards’ honouring outstanding performance

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The Mahindra Ideal Excellence Awards ceremony, a grand celebration to recognize dealers and other stakeholders of Ideal Motors, was held at the Wave n’ Lake Banquet Hall & Restaurant in Welisara recently.

The event was graced by the presence of special guests including Nalin Welgama, Founder and Chairman Ideal Motors, Dilani Yatawaka, Group Managing Director/CEO Ideal Motors, Nimisha Welgama, Director Legal and Corporate Affairs Ideal Motors, Sachin Arolkar, Head International Operations, Auto Division Mahindra & Mahindra India. Senthil Selvaraju, Head International Operations and Customer Service Automotive Division Mahindra & Mahindra India, Sujeeth Jayant, Country Head Mahindra & Mahindra India and Shitam Kundu, Head Domestic Services Mahindra & Mahindra India.

Also, in attendance from Ideal Motors were Kasun Fernando, General Manager Commercial Vehicle Sales Division, Sameera Bamunuarachchi, Deputy General Manager Spare Parts, Logistics & Inventory and Prasanna Manamperi, Deputy General Manager After Seles Service.

The Excellence Awards ceremony honoured the top sales dealers at the provincial and national levels. Recipients were presented with awards, certificates of merit, and cash prizes in recognition of their achievements. The three best national‑level sales dealers from the various categories were further rewarded with an opportunity to visit Bangkok, Thailand. In addition, special recognition was extended to banks and financial institutions that partner with Ideal Motors.

Speaking at the event, Nalin Welgama Ideal Motors Founder and Chairman said, “When we began our journey with Mahindra in 2009, the previous company had sold 300 vehicles in the country, of which nearly 150 had various defects. At that time our journey began by engaging with the parent company in India and repairing those vehicles free of charge. That commitment has brought us to where we are today. As we believe, our journey truly begins after the sale. We are dedicated to strengthening our customers, and in doing so, strengthening ourselves. That is how we transformed the after‑sales service experience.”

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