Bank of Ceylon named ‘Bank of the Year 2021 – Sri Lanka’ by The Banker Magazine UK

Bank of Ceylon, the premier financial services organisation in Sri Lanka, was awarded the coveted title of ‘Bank of the Year 2021 – Sri Lanka’ by The Banker Magazine UK at an event held in London recently. The prestigious award is recognition of the bank’s contribution to uplifting the lives of all Sri Lankans, while fulfilling its duty as the premier state bank.

This award adds yet another title to the multi-award-winning bank that has been listed in the Top 1,000 Banks in the World ranking, consecutively since 2012, with a country ranking of No. 1 by The Banker magazine, UK, as well as being listed as the No. 1 Banking Brand in Sri Lanka by Brand Finance Lanka with a brand value of over Rs. 53 billion for the year 2021 – the highest ever brand value recorded by a banking institution.

Commenting on being able to achieve this feat despite the economic realities of the pandemic, Bank of Ceylon General Manager K.E.D. Sumanasiri says: “For over eight decades Bank of Ceylon has worked tirelessly to develop both the nation’s economy and the lives of our people. And, we are justifiably proud to have been named ‘The Best Bank of the year’ by The Banker Magazine UK. We thank the entire staff of the bank and our loyal customers who have contributed to us being honoured with this prestigious award.”

Bank of Ceylon has been a true resilient leader in the banking industry in Sri Lanka as the front runner in COVID-19 relief efforts, economic revival programmes, and moratoriums, in line with the Central Bank policies, as the single largest lender to COVID affected businesses under the Saubagya Renaissance facility with Rs. 39.1 billion disbursed. Of special note are the number of financial assistance and special loan schemes targeting the Micro and SME sector, to ensure sustainability of businesses.  

In its broader role as the premier bank in the country, Bank of Ceylon also established a dedicated unit for exporters, under the banner – Export Circle. The new unit functions to assist exporters comprehensively to build networks and financial capacity to compete in the international market. 

Despite a challenging year, Bank of Ceylon achieved yet another milestone in its asset base surpassing the Rs. 3 trillion level in the first quarter of 2021 and a growth of 20% during the nine months ended 30 September 2021, backed by a 23% rise in the loan book for the same period.

In addition, the bank’s loans and advances stand at over Rs. 2.5 trillion, with a deposit base of over Rs. 2.7 trillion, making Bank of Ceylon the largest and strongest banking and finance institution in the country. The bank posted post-tax profits of Rs. 27,565 million as at end September this year, compared to Rs. 11,676 million in 2020, which is an increase of Rs. 15,889 million or 136%.

“Bank of Ceylon has always been a bank of the people. When the world faced the Covid pandemic, Bank of Ceylon was at hand to offer financial relief to large, medium and small-scale businesses and entrepreneurs across the island. As a bank, we are committed to ensure that the nation and our people are able to rebuild their lives and rise up again,” added Bank of Ceylon Chairman Kanchana Ratwatte.

The bank has been rated at AA-(lka) by the Fitch Rating of Lanka, which was reaffirmed in the month of July this year too. 

With an eye firmly on digital, the Bank continues to deliver excellence in customer service, through over 2,000 touch points, that include a network of 646 branches, and 1,379 ATMs, CRMs and CDMs bringing the convenience of banking services to every region in the country.

Through this inclusive approach the bank has ensured that all Sri Lankans play an active part in the banking system empowering citizens from all walks of life to contribute to and benefit from the banking system.