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.
News
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Approval of the Cabinet of Ministers was granted at their meeting held on 19.05.2025 to purchase four (04) automated passenger clearance gates for Bandaranayake International Airport.
In addition, it is expected to extend the automated passenger clearance gates facility so far given only to the Sri Lankans
parallel to the e – passport issuance system to be introduced in the year 2027 also to the foreigners who travel to and from this country.
Furthermore, considering also the number of air passengers rapidly increasing with the fast – forwarding business and tourism field, the appropriateness to increase the total automated passenger clearance gates up to twelve (12) in number has been recognized.
Accordingly, the Cabinet of Ministers, approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to initiate the procurement and installation of 12
automated passenger clearance gates altogether with the already approved four (04) and another eight (08) automated passenger clearance gates adhering to the formal procurement procedure
Based on the observations submitted by the Task Force on Prevention of Money Laundering and Financing for Terrorism, approval of the Cabinet of Ministers was granted at their meeting held on 18.12.2024 to amend the Trust Ordinance No. 9 of 1917 including amendments proposed by the Financial
Intelligence Unit of the Central Bank of Sri Lanka.
Accordingly, clearance of the Attorney General has been granted for the Trust (Amendment) Draft Bill formulated by the Legal Draftsman.
Therefore, the Cabinet of Ministers approved the resolution furnished by the Minister of Justice and National Integration
to publish the said draft bill in the government gazette notification and thereby, submit the same to the Parliament for its concurrence.
Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.
Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.
Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Draft Bill for amending the Trust Ordinance
Implementing further relief programme to Public sffected by the Middle East conflict situation
Establishment of a Spectrum Management and Monitoring System and a Quality of Service and Quality of Experience System for the Telecommunications Regulatory Commission of Sri Lanka
Appointment of a Committee for the Restitution of Sri Lankan Cultural Heritage Held Abroad
Ten-Year National Action Plan on the Social Protection Sector (2026–2035)
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