Business
BOC to continue effective handling of finances and resource build-up
by Sanath Nanayakkare
As the 3rd and 4th quarters of the Year 2022 are also likely to gravitate towards a tough time, the Bank of Ceylon needs to continue to focus on efficient handling of its resources and finances, BOC Chairman Kanchana Ratwatte said yesterday.
He made these remarks when the Bank marked its 83rd Anniversary at the BOC headquarters in Colombo yesterday, where a large number of key employees of the Bank were present whose work interfaces with accounts, transactions, remittances, Export Circle, SME Circle, international trade etc.
“Do not forget that that the significant increase in interest rates has impacted most businesses and the 3rd and 4th quarter recoveries are going to be impacted. So if we are not careful about how we handle our finances, we are going to make life difficult for our end-customers. We need to look after our customers because they pay for our wages,” he told BOC employees.
Further speaking the BOC Chairman said: “We made a per-tax profit of over Rs.43 billion in 2021. However, the Bank reported a pre-tax profit of Rs. 9.5 billion for the period ended 31 March 2022. As a result of the fuel shortage and power interruptions almost all industries and all segments of the society have been adversely impacted. So, we at BOC will see its impact on our balance sheet. In this context, we have to be careful as to how we manage our resources.”
“More than 40% of the income of the Bank of Ceylon comes from the public sector. Our profit is earned significantly from that segment. The balance 60% comes from the private sector. In this scenario, we have to be all the more careful in the third and fourth quarters of the year, which are going to be even more impacted due to the current scenario.”
“My expectation is if there is any assistance that is coming from outside it will be in the last quarter of this year. And if it doesn’t come in the last quarter of this year, we are not going to survive as a country. I am confident that in the 3rd and 4th quarter we should have something to look forward to. BOC on its own is looking at a number of funding sources. We have formed committees for the purpose and we are trying to ensure that any funding gap is bridged.”
“The challenge would be the impact of everything that is happening now. The lack of fuel has an impact on the transport sector as well as the power sector. When there are power cuts and when people can’t commute to work, the spillovers connected with that would be reflected in the next quarter’s financial statement.”
“The impact of the rupee devaluation is being felt now. The exchange rate shot up from Rs. 200 to Rs. 360. That is being reflected on our imports. I believe that over a period of time, that should settle.”
“BOC made significant achievements in the past two years by supporting the national effort in the fight against COVID-19. We spent a lot on the vaccination programme. At that time the country was running short of hospital beds and everyone was helping to install beds at which time the BOC conceptualized a home care system and implemented it successfully. We reached the milestone of 154, 000 home care patients under this programme”.
“Apart from this, the Bank set up a business Revival and Rehabilitation (BRR) department and expanded its operations to all provinces furthering its assistance to local business organisations to come back to life from the adverse effects of the pandemic, in addition to moratoriums.”
BRR unit has already accounted for over Rs. 30 billion worth of business revivals. It directly came to the balance sheet in addition to peripherals worth Rs. 17 billion.”
“So these were the significant milestones the Bank achieved during the critical period.”
“Today we face a number of issues and they could be even more severe in the ensuing year and we need to be mindful of that fact,” BOC chairman said.
To mark this special day, BOC symbolically launched “My Health” account emphasising its innovative spirit in delivering novel value additions to customers. The Bank also launched BOC Foreign Circle, a specialised unit geared to delivering superior quality to overseas based customers.
Business
HNB Assurance Recognized with Merit Award at the Great HR Awards 2025
HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.
Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”
Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”
Business
MullenLowe Sri Lanka named Creative Agency of the Year in South Asia
MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka
Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.
Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”
The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.
Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”
The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.
Business
ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025
The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.
This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.
In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.
At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.
The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.
Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.
As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.
Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
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