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.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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