The Bank of Ceylon (BOC) has been awarded the prestigious title of ‘ Bank of the Year Sri Lanka 2024’ by The Banker magazine, a leading publication from the Financial Times Group in the United Kingdom. Notably, BOC also received this coveted award in 2021 and 2023, highlighting its continued excellence. Moreover, BOC has achieved the remarkable distinction of being the only Sri Lankan bank listed in Top 1000 World Banks 2024.

This recognition is based on a rigorous evaluation process by The Banker magazine, which highlights banks that demonstrate growth while maintaining a solid balance sheet, improving service quality, investing in technology, and fostering sustainability both internally and within their communities. For 2024, the awards recognized excellence among banks in 127 countries.

Amid global economic challenges and domestic financial instability, BOC has showcased exceptional resilience. Its strategic initiatives and prudent financial management have ensured sustainable performance.

Kavinda de Zoysa, Chairman of the Bank of Ceylon said:

” We are proud to be the only Sri Lankan bank listed among the Top 1000 World Banks for 2024. This prestigious award reflects the unwavering trust of our valued customers and the relentless dedication of our exceptional staff. It underscores our resilience and stature in the international banking community. Together, these milestones inspire us to continue delivering beyond banking solutions and ensuring financial stability for all.”

Russel Fonseka, General Manager/CEO of the Bank of Ceylon, added: “This recognition is a tremendous honor for the BOC family. Having first won this title in 2021 and again in 2023 and 2024, we have worked to uphold this standard of excellence. This prestigious international award stands as a testament to our unwavering commitment to financial stability, exemplary management practices, trustworthiness, transparency, and adherence to the highest standards of good governance. This achievement is not just ours but a victory for our customers and all Sri Lankans. Our inclusion in the Top 1000 World Banks 2024 showcases our sustained commitment to delivering value and achieving global benchmarks.”

By Sanath Nanayakkare

Former Speaker and Member of Parliament Asoka Ranwala has emphasised that the government can only provide proper benefits to the society and beneficiaries if successful businessmen paid their taxes properly.

Speaking at an event held on Jan.1, he said that the government had faced a financial crisis in the past due to the inability to collect tax revenue. He, however, said that businessmen who donate their own money for welfare activities should be praised.

“Only when successful businessmen contribute their fair share of tax can the society truly benefit. However, we experienced a great predicament in the past due to the inability to collect taxes properly,” he said.

Referring to the country’s financial struggles, the MP said, “Everyone knows that our Treasury is nearly depleted. In spite of it, the President made a strong effort to provide school books and uniforms to children. But when this matter was raised in parliament, it was met with distractions and chaos. This brought the parliament into a very poor situation.”

“If the government members of parliament had not acted with great commitment and restraint at that time, free books and uniforms would not have been provided to the children this year,” he said.

The MP made these comments at an event where a businessman from Biyagama had launched an initiative to support social causes with his personal funds.

By Hiran H. Senewiratne

Trading on the Colombo Stock Exchange (CSE) was bullish yesterday with the All Share Price Index going beyond the 16,000 mark.

“The lower interest rates in the banking sector mainly contributed to this dynamic performance”, market analysts said.

The stocks have been on a bull run amid low interest rates and banks were awash in excess liquidity in the last quarter making margin loans cheap. The market also has had positive news with improvements in the banking sector after the conclusion of debt restructuring.

Amid those developments both indices moved upwards. All Share Price Index  was up 0.91 percent, or 14349 points in the first half hour of trading at 16,089. The more liquid S&P SL20 Index was up 111 points

The Turnover stood at Rs 12 billion with seventeen crossings. Those crossings were reported in JKH, which crossed 25.3 million shares to the tune of Rs 589 million and its share price traded at Rs 23/40, Aitken Spence 2.9 million shares crossed to the tune of Rs 452 million and its share price traded at Rs 155, Hemas Holdings 3.2 million shares crossed to the tune of Rs 340 and its share price traded at Rs 106, HNB 835,000 shares crossed to the tune of Rs 270 million and its share price traded at Rs 325, Seylan Bank 2.5 million shares crossed to the tune of Rs 199.5 million and its share price traded at Rs 80, Commercial Bank  1.2 million shares crossed to the tune of Rs 176 million and its share price traded at Rs 146, Ceylinco Insurance 35000 shares crossed to the tune of Rs 108.5 million and its share price traded at Rs 3100, Jetwing Symphony five million shares crossed to the tune of Rs 60 million and its share price traded at Rs 12, DFCC 455,000 shares crossed to the tune of Rs 52.7 million and its share price traded at Rs 116, Royal Ceramic one million shares crossed to the tune of Rs 44 and its share price traded at Rs 44, Distleeries one million shares crossed to the tune of Rs 40 million shares share price traded at Rs 40, Pan Asia Bank one million shares crossed to the tune of Rs 37.5 million and its share price traded at Rs 37.50, Prime Land Residencies 2.5 million shares crossed to the tune of Rs 30 million and its share price traded at Rs 12, Vallible One Eratna 500,000 shares crossed to the tune of Rs 26.75 million and its share price traded at Rs 53.50, Melstacope 200,000 shares crossed to the tune of Rs 25.75 million and its share price traded at Rs 126.50, Vallible One Erathna two million shares crossed to the tune of Rs 24 million and it share price traded at Rs 12 and Eden Hotel Resorts 1.2 million share crossed to the tune of Rs 20.4 million and its share price traded at Rs 17.

In the retail market top six companies that mainly contributed to the turnover were Browns Investments Rs 1.06 billion (137 million shares traded), JKH Rs 667 million (28.7 million shares traded), LOLC Finance Rs 424 million (59.6 million shares traded), Pan Asia Bank Rs 360 million (9.5 million shares traded), HNB Rs 335 million (one million shares traded) and LMF Rs 226 million (six million shares traded). During the day 541 million share volumes changed hands in 62000 transactions.

The manufacturing sector was the biggest contributor for the market while banking and service sector were also active.