UK magazine ‘The Banker’ revealed Bank of Ceylon as the No. 1 Bank in Sri Lanka among the World’s Top 1000 Banks in its July 2016 issue.
BOC has won many accolades and recognition in the recent past including the title ‘Strongest Bank’ in the country given by ‘Asian Banker’ for the strength of its 2015 balance sheet, the Gold Award as the winner of the National Business Excellence Awards Ceremony and being named the ‘No. 1 Brand in the Country’ for the eighth consecutive time. It was able to reach its second trillion by gaining Rs. 1 trillion deposits in 2016.
The first trillion in assets was achieved in 2012 and BOC is set to reach its third trillion in the near future. Breaking its own record set by its 2014 profit before tax of Rs. 20.3 billion, it earned the highest-ever profit made by a single Sri Lankan business entity, which is Rs. 25.3 billion PBT in 2015. This was a 25% growth over the previous year.
BOC owns a strong balance sheet comprising robust savings deposits in both local and foreign currencies and currently holds the largest foreign currency deposit base. Based on the Stable Outlook of the Bank, Fitch Rating Lanka ranked the Bank of Ceylon at AA+ (lka), which is the highest rating awarded to a local commercial bank and ICRA (lk) awarded it an AAA rating, which is the highest credit quality rating issued by ICRA Lanka.
With nearly 77 years of trust and stability in the Sri Lankan banking industry, the Bank of Ceylon has led the industry, shaping its landscapes on par with the international banking industry.
‘The Banker’ is one of the premier banking and finance magazines in the world and has been so since its inception in 1926. The benchmark Top 1000 Banks list has been compiled by the ‘The Banker’ since 1970. Its database holds comprehensive financial data, news feeds and executive contact data on the leading banks in every country and its ranking sets the industry standard for measuring bank performance and strength.
“Being able to hold the title as the leading Sri Lankan bank in the World’s Top 1000 Banks list is truly a privilege and an honour. As always we have moved forward on a steadfast track as an exemplary bank in the country’s financial industry. It is my duty to thank all our stakeholders including our customers and the Government of Sri Lanka at this juncture for encouraging us throughout these years to reach such heights,” stated BOC Chairman, State Counsel Ronald C. Perera.
“We have been always driven by the motive of bringing the best out through every task we carry out as the leading bank in the country. It is my duty to thank my committed staff for all their hard work that was put in to get achievements such as this,” stated BOC General Manager D.M. Gunasekera.
BOC has understood that it has to go beyond mere multichannel strategies to approach today’s customer and to deliver the service they expect. Therefore it has developed more agile operating models that are customer-centric and provide profound solutions for all our customers coming from all walks of life.
With the expansion in banking services it enriched its network connecting all branches and all other customer touch points through a single system at the end of 2004, enabling customers to transact through any branch seamlessly.
Adding much sophistication, BOC began its ‘transformation’ process in 2014 to deliver a best-in-class banking service to its customers. Under this project the bank has established state-of-the-art branches to extend its services to its customers.
BOC introduced the ‘SmartZone’ concept in selected branches across the country, enabling its customers to enjoy 24-hour access to banking services. These SmartZones consist of cash deposit machines that enable the customer to deposit, transfer or withdraw money at any time.
Addressing the social need of sophisticated and secure digital channels for banking, BOC upgraded its online banking facility along with its newest feature ‘SmartGen,’ where the traditional passbook has been replaced through emails and SMS alerts and also enabling the customer to walk into any BOC branch without producing identification to transact as the customer image is stored in the centralised system at the time of opening the account.
Being more customer-centric, BOC opened up its Facebook, LinkedIn, YouTube and Twitter accounts, enabling its customers to approach and feel the bank more closely.
As of today, BOC’s local market reach consists of 626 branches, 15 SME centres and 550 ATMs and CDMs which are spread throughout the country and currently serve customers ranging from individuals from all walks of life to corporate businesses.
BOC is the Sri Lankan bank which pioneered the penetration of the international market. It has branches in Chennai, Male and Seychelles and a banking subsidiary in London which was established in 1949. It also has representatives in several countries, especially those in which many Sri Lankans work as expatriates.
BOC has also built a foreign correspondent banking network with over 860 foreign banks and exchange houses. The commitment and dedication BOC has shown towards its country and people over these years have made it truly the ‘Bankers to the Nation’.
Courtesy: DailyFT (Sri Lanka)