BOC among Top Ten Corporate Citizens in Sri Lanka
The ‘Best Corporate Citizen Sustainability’ Awards 2020 recognised the Bank of Ceylon as one of the ‘Top Ten Corporate Citizens in Sri Lanka’. The nearly largest financial institution in the country with over 80 years of sustainable growth together with the Sri Lankan community, the Bank of Ceylon has always borne the interest of enhancing socio-economic wellbeing of all its stakeholders. The Bank recognises this award with honour, as an accreditation to this commitment. Organised by the Ceylon Chamber of Commerce to empower corporate citizens who sustain industry best practices with emphasis on aspects of People, Planet and Profit for corporate sustainability, this event is one of the leading corporate award ceremonies in the country.
Bank of Ceylon’s General Manager, D.P.K. Gunasekera accepted the award for ‘Top Ten Corporate Citizen in Sri Lanka’ on behalf of the Bank. The Main award came along with one triple bottom line award and two other category awards which are; Triple Bottom Line Award for Economic Sustainability (Profit) and Category Winner for Employee Relations, and Category Winner of Financial Performance.
During 2019, the Bank has reported 8% YoY growth in its income and 10% YoY growth in its net profit. The Bank has reported a 11% YoY reduction in its Profit Before Tax (PBT) mainly showcasing the impact to the financial industry stemming from the badly hit economy resulted from the unexpected Easter Sunday Attacks. The Bank was able to retain stable and focus on helping out badly hit tourism and related sector businesses via loan restructuring, rescheduling and administrating the CBSL introduced moratorium. Even with low margins, the Bank showed a growth in its business volumes during the year and reported YoY increase in assets, deposits and loans by 6%, 13% and 8% respectively.