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BOC to continue effective handling of finances and resource build-up

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BOC Chairman Kanchana Ratwatte speaks at the ceremony held to mark the Bank’s 83rd Anniversary, at BOC Head Office in Colombo yesterday Photographer Saman Ranaweera

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.



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ComBank hands over fully refurbished wards at De Soysa Hospital for Women

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Pictured here are the representatives of the Bank and senior officials of the hospital at the ceremonial handing over of the refurbished ward.

The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.

Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.

Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.

Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.

The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.

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IIHS expands global nursing pathways

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Dr. Renuka Jayatissa and Dr. Kithsiri Edirisinghe speaking to the media

The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.

Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.

Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.

Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.

Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.

“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.

IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.

The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.

The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.

Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.

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Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair

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Sampath GPay customers can enjoy 25% cash back on Book Fair purchases

Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.

Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.

Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”

The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.

Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.

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