News
Fitch affirms BoC’s National Long-Term Rating at ‘A(lka)’ with a Stable Outlook
Fitch Ratings (Fitch) has affirmed the National Long-Term Rating at ‘A(lka)’ with a Stable Outlook, the Long Term Foreign Currency Issuer Default Rating(IDR) at ‘CC’, the Long-Term Local-Currency IDR of ‘CCC-’ with a Stable Outlook, and the Short-Term IDR at ‘C’ for Bank of Ceylon (BoC).
This rating affirmation is backed by the fact that “Sri Lanka banks’ operating environment continues to show signs of stabilization, supporting the recovery in banks’ operational flexibility” and “There are sustained improvements in reported headline macro variables, but persistent delays in the completion of the sovereign debt restructuring exercise could potentially impede the progress made thus far”, in Fitch’s view.
BoC, being the No. 1 Bank in Sri Lankan Banking industry, its commitment goes beyond mere financial transactions and extends to building lasting relationships, fostering financial empowerment and inclusion.
Since 1939, BoC has continuously interacted with individuals from diverse backgrounds in Sri Lanka, demonstrating a steadfast commitment to generating value for all stakeholders. Its goal is to be the “preferred financial partner “for customers and to uphold its dedication as “Bankers to the Nation.”
With an extensive footprint comprising of a network of over 2,200 direct customer touchpoints, including fully-equipped and mobile branches, SME centers, ATMs and CRMs island-wide, the Bank promotes financial inclusion across the country. The Bank also has overseas presence in Chennai, Maldives, and Seychelles, a limited services branch in Hulhumale and operates a fully-owned subsidiary in London, United Kingdom.
During the first quarter of 2024, BoC demonstrated impressive financial performance, achieving a Profit Before Tax (PBT) of Rs. 9.3 billion with 180% substantial growth compared to the 1Q- 2023, illustrating the Bank’s resilience in challenging economic environment.
As of the end March 2024, the Bank maintained a strong financial position, with total Assets amounting to Rs. 4.3 trillion and total Deposits of Rs. 3.7 trillion. Notably, Net Loans and Advances amounted to Rs. 2.1 trillion, and total Investments amounted to Rs. 1.9 trillion.
The Bank has preserved; Tier I Capital Adequacy Ratio of 12.41% and Total Capital Adequacy Ratio of 15.41% above the statutory requirements for 1Q-2024. Liquidity position has also substantially improved, reflecting the positive market conditions.
The Bank is in the continuous process of improving its products, people and processes by implementing prudent strategies aligned with external dynamics to create and enhance the value to its stakeholders.
Police urge motorists who intend to use the Ella – Wellawaya Road to use alternative roads as there is a severe vehicle congestion due to inclement weather condition.
The oil anointing ceremony for the Sinhala and Tamil New Year was held on April 16 at the historic Rajamaha Viharaya in Kolonnawa, with the participation of Prime Minister Dr. Harini Amarasuriya.
Following the chanting of pirith, the oil anointing ritual was carried out at the auspicious time of 9:04 a.m., by the Chief Incumbent of the temple, Venerable Kolonnawa Dhammika Thero.
Speaking after the ceremony the Prime Minister said that:
“The Sinhala and Tamil New Year is one of the most important festivities in our country. It is a celebration with our families, reflecting our traditions and customs while strengthening the ties.
This festival leads the path for renewing unity, love, and bonds stronger. These values enrich a country. Development of a country is not limited by one-dimensional; a true development includes spirituality, relationships, and connections. The reason why we uphold these customs in such ceremonies is to remind ourselves of the significance and to pass on their value to future generations.
Therefore, today marks a significant day. Throughout this week, we came together and engaged in various activities. Followed by, the next event will mark the leaving for employment at the auspicious time and we should start working collectively to rebuild the country.
I wish everyone a New Year that is prosperous, peaceful, joyful, full of strengthened relationships, and most importantly, safe for all.”
The ceremony was graced by the presence of the Maha Sangha, and attended by the Deputy Minister of Youth Affairs Eranga Gunasekara, Divisional Secretary to Kolonnawa Priyanath Perera, Municipal Secretary Nelum Kumari Gamage, and the residents of the area.
[Prime Minister’s Media Division]
Latest News
Heat Index at ‘Caution Level’ at some places in Northern, North-central, North-western, Western, Southern and Eastern provinces and in Rathnapura and Monaragala districts today [16]
Warm Weather Advisory Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology for 16 April 2025
The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Northern, North-central, North-western, Western, Southern and Eastern provinces and in Rathnapura and Monaragala districts.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.
Effect of the heat index on human body is mentioned in the table below and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated. Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
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