BANK OF CEYLON
Q: How has Bank of Ceylon (BOC) maintained a prominent presence in the banking sector – and how has it contributed to the national economy?
A: As bankers to the nation, BOC has taken additional steps to distribute its value creation initiatives to the entire country – including those who are socioeconomically disadvantaged.
More than 2,000 customer touch points encompassing 646 branches – and 1,361 ATM, cash deposit machines (CDM) and CRM digital contact points – make up the widespread branch network of BOC. Of this, 159 and 412 respectively are located in economically underprivileged areas.
The bank’s physical presence is not the sole element that defines its corporate excellence. BOC has played a pivotal role in bridging the fintech gap between urban and rural communities. I believe that the benefits of our branch modernisation and technological upgrades – viz. the software and network – are felt by rural and marginalised communities.
From the rural sector to blue-chip conglomerates and the state sector, I believe that we are deep rooted in every corner of the local economy. BOC is considered to be a leading contributor to the national coffers in terms of taxes and dividends paid, and this serves as testimony to the bank’s vitality and substantiality to the economy.
As a leader in the banking sector, BOC takes pride in its impressive market share in terms of assets, deposits, and loans and advances. The bank presently caters to more than 11 million customers.
Q: What does corporate sustainability mean for the bank?
A: Recognition at the Best Corporate Citizen Sustainability (BCCS) Award is bestowed on organisations that have proven their ability to become leading corporates in this country, having incorporated sustainability into their daily operations and achieved sustained growth momentum over a prolonged period.
To win such an award for our performance last year and being recognised among the ‘Top Ten Corporate Citizens’ in Sri Lanka speaks volumes for our investments in sustainability, in my opinion.
With over eight decades of sustainable growth, BOC has made the enhancement of all stakeholders’ socioeconomic wellbeing its utmost priority. We consider this award to be an accreditation to such a commitment; and we’re humbled to receive such prestigious recognition.
BOC will continue to maintain and sustain the best industrial practices – with an emphasis on people, the planet and profits – as it strives to excel in the corporate sustainability arena.
Q: Could you explain what the bank did differently to earn this recognition – especially in the face of the COVID-19 pandemic?
A: BOC was conferred the Triple Bottom Line award for ‘Economic Sustainability (Profit),’ as well awards in the ‘Employee Relations’ and ‘Financial Performance’ categories.
The bank reported an exceptional financial performance in 2019 with year on year growth in income and net profit recording eight percent and 10 percent respectively.
Just as the economy began to recover, a new and even more formidable threat emerged in the form of the dreaded COVID-19 pandemic. The successive obstacles did pose a challenge to the bank’s journey but they didn’t deter us or hamper our perseverance.
BOC was able to maintain its stability and focus on helping the severely affected tourism industry and related sectors, by way of loan restructuring, and rescheduling and administrating moratoriums introduced by the Central Bank of Sri Lanka.
The bank displayed resilience despite the difficult economic climate as it reported substantial growth in business volumes for the financial year. BOC recorded year on year increases in assets, deposits and loans by six percent, 13 percent and eight percent respectively.
In my view, the bank’s course of action to continuously grow its business with significant year on year improvements while being able to register growth in baseline profits – especially in a highly volatile environment with many unanticipated challenges – highlights the adaptability and solidity of the strategies that were implemented.
Q: How does the bank look to address sustainability concerns and cement its standing as a leading corporate citizen?
A: The bank has lived by its mantra of bonding with the Sri Lankan community on the basis of a set of shared values by being a good and respected corporate citizen since its inception.
The UN has a strong commitment to promoting sustainable development among its member states. We aspire to follow in its stead and share the same commitment.
To this end, the bank has taken the extra step to ensure that it takes into account the United Nations’ Sustainable Development Goals (SDGs) while formulating its business strategies. Paying heed to these principles has enabled the bank to comprehensively address a majority of factors that are related to corporate sustainability in its own way.
Implementing these initiatives has enhanced the bank’s capacity to achieve more measurable and productive results at each step. We believe that BOC has been creating value in terms of economic, social and environmental sustainability – for itself and all its stakeholders.
The bank looks to continue doing so as it takes the Sri Lankan community past the ‘new normal’ and into a new era that is yet to dawn.
