BOC No. 1 Banking Brand in SL for 13th consecutive year

• Only banking brand to surpass the Rs. 50 b mark
• Brand value at Rs. 53 b with a 12% growth YOY

BOC Chairman Kanchana Ratwatte

BOC GM D.P.K. Gunasekara

The Bank of Ceylon (BOC) has recorded a significant achievement in its 81-year journey in the Sri Lankan banking and finance industry by reaching the brand value of Rs. 53 billion and continuing to lead as the No. 1 Banking Brand in Sri Lanka for the 13th consecutive year. 

BOC is a hallmark for trust and the stability in the Sri Lankan banking and finance industry. Being a state sector institution, BOC has clearly become a role model as a responsible Corporate Citizen in Sri Lanka. It has not only proven its financial strength but also demonstrated its commitment to serve the needs of the nation especially during crises, such as the COVID-19 pandemic. 

“It is the bank’s utmost priority to sustain its growth together with all communities and the bank pays due attention to the overall socio-economic progress of the country. The bank acts as a key financier for Sri Lankan businesses, ranging from start-ups to well-established corporates, driving economic growth. BOC’s financial strength and operational capacity enables us to set the direction for the banking and financial services industry in the country. And we will ensure that we maintain the integrity of the country’s banking sector through stringent measures, while taking the lead in economic revival, through SME and local entrepreneurship development. We wish to share this achievement with all our valued stakeholders and look forward to expanding our value creation for our nation,” BOC Chairman Kanchana Ratwatte said.  

“Aligning itself with the Government’s initiatives to counter the socio-economic downturn in Sri Lanka, BOC recorded the highest disbursement under the ‘Saubagya’ Working Capital Loan scheme of 18,589 facilities, worth Rs. 39.1 billion, while moratorium facilities were valued at over Rs. 589.4 billion. While posting robust results, we also achieved the highest reported industry profit for the year 2020 of Rs. 23.6 billion (PBT). Our Inward Remittances also recorded $ 2.8 billion for the same year. We intend to lead the way through innovation and keep a keen insight into the aspirations of people as always. With this strategy we were able to face the economic turmoil with a renewed sense of purpose and strategies to aid thousands of individuals and businesses across the country to survive these challenging times. Our efforts to explore new avenues, with innovative HR and IT solutions to serve customers were fruitful,” Ratwatte added.Through multiple channels and its multi-faceted nature, the bank has served its customers through a diverse range of products and services. From its very first branch established in Colombo Fort, BOC has expanded its reach to a network of 646 branches and 1,366 ATM/CDM/CRM units locally, and four overseas branches in Malé and Hulhumalé in the Maldives, Chennai, India, and the Seychelles. BOC also operates a subsidiary in London.

The core strength of Brand ‘BOC’ is the ability to uplift any person or business, and the trust it has earned by proving it time and time again. The bank’s financial strength surpasses Rs. 3 trillion in assets, over Rs. 2 trillion loans and advances and over Rs. 2.5 trillion in deposits. 

BOC General Manager D.P.K. Gunasekera said: “Whilst thanking all our valued customers and my fellow staff members, I like to remind you that, the pandemic has become a test for all brands - a time that has revealed inherent strengths and the core values that drive brand value. In this context the pandemic revealed the dependability of Bank of Ceylon as a partner to individuals and businesses. The ability to maintain this unwavering trust has come with the stability the bank has shown in sustaining growth and expansion in its financial strength, operational capacity, digital and technological adaptability, and its strategic approach and responsiveness to situations.” 

“BOC has always been vigilant that the distribution of its value creation covers the entire country with special attention being given to socio-economically disadvantaged areas. In terms of resource allocation, Bank of Ceylon has taken a keen interest in financial inclusiveness and expanding digital penetration to rural areas in the country to uplift the socio-economic standard. BOC is a brand that indirectly represents both the strength of the state and state institutions. Managing rigorous marketing communications that utilise all physical and digital components of communications available during these limited marketing conditions, BOC invested responsibly in keeping its customers updated continuously with important messages on enabling their financial needs,” Gunasekera added.

In addition, BOC expanded its customer touch points beyond the 2,000-mark over the last year, that includes its physical branch network along with its ATM/CDM and CRM network to reach every part of the country. Further, the staff of the bank worked tirelessly to provide the best service possible even at high points of the pandemic, whilst ensuring maximum precautions to safeguard customers and themselves. This approach enabled the majority of customers to connect with the brand and seamlessly carry out their banking needs in a safe and secure manner. 

Becoming the ‘Most Valuable Banking Brand’ essentially involves fully embracing the responsibility of operating with a high social and environmental conscience BOC has clearly demonstrated this over its more than 81 years of existence and humbly assures all its stakeholders of its commitment to these principles in the years to come.