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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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Acuity Knowledge Partners fuels global finance with Sri Lanka’s homegrown talent

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Jehan Jeyaretnam

In an era where global financial markets demand innovation and agility, Acuity Knowledge Partners has positioned Sri Lanka as a strategic hub for high-value knowledge services. At the helm of this transformation is Jehan Jeyaretnam, Country Head of Acuity’s Sri Lanka operations, whose two-decade journey with the firm mirrors the nation’s growing prominence in the global knowledge process outsourcing (KPO) sector.

Sri Lanka’s exceptional talent pool, which is highly educated, tech-savvy, and globally aware, is the cornerstone of Acuity’s success, asserted Jeyaretnam during an interview with The Island Financial Review. The following are some excerpts from the interview.

“With over 500 professionals in Sri Lanka supporting global clients in investment research, compliance, and data analytics, the firm has forged robust partnerships with universities like Kelaniya, fostering talent through graduate programmes, mentorship, and initiatives such as its decade-long sponsorship of inter-university academic competitions.’’

“Acuity’s commitment to nurturing expertise is evident in its status as a leading employer of CFA charter holders locally and its consistent recognition as a top employer by AICPA & CIMA, climbing to 9th place globally in 2024. Our people access global opportunities and clear career pathways,” Jeyaretnam noted, emphasising long-term growth over talent development.

“Beyond its economic footprint, Acuity’s “Be Kind” ethos drives community initiatives focused on education, sustainability, and welfare. Partnerships with NGOs like Child Action Lanka, tree-planting campaigns, and digital literacy programmes underscore Acuity’s dedication to uplifting underserved communities. Giving back isn’t optional. It’s ingrained in our culture,” Jeyaretnam stated.

Reflecting on his 20-year journey, Jeyaretnam attributed Acuity’s evolution from a ‘small team with big ambitions’ to a global KPO leader with a philosophy centered on trust and empowerment.

“Leadership is about building others up,” he said, highlighting mentorship and continuous learning as catalysts for innovation.

When asked about his personal accomplishments, he said, “Witnessing employees ascend to leadership roles is my most rewarding accomplishment.”

To youth eyeing careers in capital markets, Jeyaretnam advised adaptability, curiosity, and integrity.

“Success stems from asking questions, seeking feedback, and grounding yourself in financial fundamentals,” he stressed, citing Acuity analysts who’ve risen to become industry experts.

As Acuity eyes the future, Jeyaretnam reaffirmed its commitment to innovation, talent development, and scaling Sri Lanka’s capabilities.

“We’ll keep investing in Sri Lanka, ensuring we’re resilient and ready to meet tomorrow’s challenges together,” he asserted, encapsulating Acuity’s clients, employees and stakeholders.

In a world where knowledge is currency, Acuity Knowledge Partners and Sri Lanka’s talent are proving to be invaluable global assets.

By Sanath Nanayakkare

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John Keells Properties and MullenLowe unveil “Minutes Away”

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In a bold and pioneering move, John Keells Properties (JKP), in collaboration with MullenLowe, has launched “Minutes Away – The Smartest Campaign in Sri Lanka” for JKP’s smart apartment development, TRI-ZEN. Redefining how real estate is experienced and promoted in the digital age, this campaign is the first in Sri Lanka to utilize Meta Ray- Ban Smart Glasses—bringing viewers into a fully immersive, first-person perspective that captures the essence of smart urban living like never before.

As Sri Lanka’s first smart apartment complex, TRI-ZEN has consistently set new benchmarks in urban innovation. Now, with the Minutes Away campaign, John Keells Properties elevates its brand storytelling by delivering a unique point-of-view (POV) journey, giving audiences the chance to see through the eyes of a resident navigating the conveniences of smart city living—from seamlessly connected spaces to vibrant city life just minutes away.

“Innovation is embedded in the DNA of John Keells Properties,” said Chamal Fonseka, Assistant Vice President of John Keells Holdings and Head of Brand Strategy s Customer Experience at John Keells Properties. “With ‘Minutes Away’, we wanted to push the boundaries of how real estate is communicated. The use of Meta Ray-Ban Glasses not only allows us to immerse our audience in the daily rhythm of a TRI-ZEN resident—it also marks a first for Sri Lanka in terms of campaign technology and narrative style. This campaign is not just about showcasing a product—it’s about enabling prospective homeowners to feel the lifestyle TRI-ZEN offers. And there’s no better way than putting them quite literally in the shoes of a resident.”

The Meta Ray-Ban Glasses are at the heart of this one-of-a-kind activation, enabling content to be captured from a natural, unfiltered perspective—no gimbals, no staging, just real- time storytelling. Whether it’s a short commute to Colombo’s key hotspots, smart home features activating at a touch, or the energy of city life just steps away, the viewer experiences it all through the eyes of the modern, connected homeowner.

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Amana Life policyholders enjoy 19 percent return on their Gold Investment Fund

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Gehan Rajapakse – CEO of Amana Takaful Life

As global gold prices soar and investors worldwide turn to gold as a trusted store of value, Amana Life Insurance stands out for offering Sri Lankans a rare and rewarding opportunity to invest in gold through life insurance.

Amana Life Insurance is the only life insurer in Sri Lanka offering customers access to a dedicated Gold Investment Fund across all life insurance products including retirement, education, and health plans. This presents a unique opportunity for Sri Lankans to save in gold and receive gold at maturity, combining financial protection with the long-term stability of a globally valued asset.

As of March 31st, 2025, the Gold Investment Fund delivered an impressive 12-month return of 19 percent, offering strong returns for policyholders who chose the Gold Fund investment option as part of their wealth planning strategy.

Whether you’re planning for your child’s education, retirement, or long-term wealth creation, Amana Life Insurance gives you access to one of Sri Lanka’s most diverse and high-performing investment portfolios. These include the Protected Multiple Fund, Stable Multiple Fund, Growth Multiple Fund, Volatile Multiple Fund, Bullion Multiple Fund, and the standout Gold Investment Fund, each designed to match different financial goals and risk profiles.

Commenting on the fund’s performance, Gehan Rajapakse, CEO of Amana Life Insurance, stated: “The continued rise in global gold prices underscores the importance of offering innovative, long-term investment options. The strong performance of our Gold Investment Fund reflects our deep commitment to creating lasting value for our policyholders. However, we remind customers that past performance is not indicative of future results, and every investment should be aligned with one’s financial goals and market outlook.”

As Sri Lanka’s most awarded insurer, Amana Life Insurance continues to lead with foresight, innovation, and a customer-first mindset, enabling every Sri Lankan to secure their future with confidence and clarity.

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