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Fitch affirms BoC’s National Long-Term Rating at ‘A(lka)’ with a Stable Outlook

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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.



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Joint programme between President’s Fund and Janashakthi Foundation to expand healthcare facilities for children

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(Pic PMD)

A special collaboration between the Presidents’s Fund and the Janashakthi Foundation, aimed at expanding healthcare facilities available to children under the age of 18, was launched on Wednesday (06) morning.

Implemented under the theme “Building a Healthier Today for a Winning Tomorrow”, this national initiative has been introduced through the joint efforts of the President’s Fund and the Janashakthi Foundation with the objective of reducing the financial barriers associated with children’s healthcare.

Under the President’s Fund, only a portion of the medical expenses incurred by a patient is generally covered. However, under this new collaboration, the Janashakthi Foundation will provide either an equivalent amount or the remaining balance of the treatment cost, whichever is lower.

Speaking on the occasion, Secretary to the President’s Fund and Senior Additional Secretary to the President,  Roshan Gamage, stated that the present Government had taken steps to decentralise and digitalise the operations of the President’s Fund, thereby transforming it into a truly people-centric fund. He noted that this had reinforced public confidence in the Fund’s transparency, accountability and effectiveness and added that the collaboration with the Janashakthi Foundation had further strengthened this process.

Gamage further stated that close and meaningful coordination with the private sector would help enhance healthcare assistance provided to children and minimise the gap between the financial aid available and the actual cost of essential medical treatment.

Also addressing the gathering, Managing Director and Group Chief Executive Officer of the Janashakthi Group, Ramesh Schaffter, stated that difficulties in accessing medical treatment constitute a major obstacle preventing children from progressing towards a better future.

He further stated that the collaboration seeks to reduce that obstacle by extending support to children who are in urgent need of assistance, thereby laying the foundation for future generations to face tomorrow with greater confidence.

Under this programme, applicants seeking additional financial assistance are required, when applying to the President’s Fund, to duly complete and submit a consent form authorising the secure sharing of their information with the Janashakthi Foundation.

The identification of children requiring financial assistance, verification of their information and approval of funds will continue to be carried out by the President’s Fund.

Under this initiative, payments will generally be made to the guardians of children following the completion of treatment. However, in cases involving emergency treatment and treatment conducted overseas, payments will be made in advance.

Applicants submitting medical assistance applications to the President’s Fund from 15 May 2026 onwards will be eligible to apply for additional funding from the Janashakthi Foundation.

The event, held at the Hilton Colombo, was attended by J.M. Wijebandara, Director General of Legal Affairs at the Presidential Secretariat and Advisor to the President (Legal Affairs); C.T.A. Schaffter, Founder and Chairman Emeritus of the Janashakthi Group; Gamika De Silva, Group Chief Marketing Officer; Dilshan Wirasekara, Deputy Chief Executive Officer of the Janashakthi Group; as well as officials of the President’s Fund and the Janashakthi Foundation.

President’s Media Division (PMD)

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Maldivian President concludes state visit to Sri Lanka

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The President of the Republic of Maldives, Dr. Mohamed Muizzu, departed Sri Lanka on Wednesday morning (06) from the Bandaranaike International Airport, Katunayake, concluding a successful state visit to the country.

The visit by the Maldivian President and his delegation further strengthened the longstanding friendship and cooperation between the Maldives and Sri Lanka, while delivering a range of mutual benefits to the peoples of both nations.

This marked President Muizzu’s first state visit to Sri Lanka, during which several mutually beneficial areas of cooperation were agreed upon, underscoring the success of the visit.

Minister of Science and Technology, Krishantha Abeysena, Minister of Youth Affairs and Sports , Sunil Kumara Gamage, Member of Parliament Oshani Umanga, along with senior officials of the Ministry of Foreign Affairs, were present at the airport to bid farewell to the Maldivian President, the First Lady and the accompanying delegation.

(President’s Media Division)

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Govt. draws flak over Rs. 500 mn excess Aswesuma payments

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Close on the heels of the USD 2.5 mn theft from the Treasury, the Welfare Benefits Board has reported payment of nearly Rs 500 mn in excess to Aswesuma beneficiaries.

Public action group ‘Free Lawyers’ has raised the latest fiasco to come to light with Speaker Dr. Jagath Wickramaratne, while requesting that the Parliament, in line with its constitutional obligations, initiate an inquiry.

The letter, dated 06 May, signed by Maithree Gunaratne, PC, Attorney-at-Law Athula de Silva, and Rajith Keerthi Tennakoon, on behalf of ‘Free Lawyers’, has alleged that some of the Aswesuma beneficiaries have been paid twice while others received the additional/extra payment.

Responding to The Island queries, Tennakoon said that sheer negligence on the part of those responsible for public finance was shocking.

Alleging that the NPP government seemed to be operating outside basic rules and regulations pertaining to public finances, the former Governor asked the Speaker whether the wrongful Aswesuma payments had been made due to political appointments made at the expense of the experienced and competent staff. (SF)

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