Business
BOC to continue effective handling of finances and resource build-up
by Sanath Nanayakkare
As the 3rd and 4th quarters of the Year 2022 are also likely to gravitate towards a tough time, the Bank of Ceylon needs to continue to focus on efficient handling of its resources and finances, BOC Chairman Kanchana Ratwatte said yesterday.
He made these remarks when the Bank marked its 83rd Anniversary at the BOC headquarters in Colombo yesterday, where a large number of key employees of the Bank were present whose work interfaces with accounts, transactions, remittances, Export Circle, SME Circle, international trade etc.
“Do not forget that that the significant increase in interest rates has impacted most businesses and the 3rd and 4th quarter recoveries are going to be impacted. So if we are not careful about how we handle our finances, we are going to make life difficult for our end-customers. We need to look after our customers because they pay for our wages,” he told BOC employees.
Further speaking the BOC Chairman said: “We made a per-tax profit of over Rs.43 billion in 2021. However, the Bank reported a pre-tax profit of Rs. 9.5 billion for the period ended 31 March 2022. As a result of the fuel shortage and power interruptions almost all industries and all segments of the society have been adversely impacted. So, we at BOC will see its impact on our balance sheet. In this context, we have to be careful as to how we manage our resources.”
“More than 40% of the income of the Bank of Ceylon comes from the public sector. Our profit is earned significantly from that segment. The balance 60% comes from the private sector. In this scenario, we have to be all the more careful in the third and fourth quarters of the year, which are going to be even more impacted due to the current scenario.”
“My expectation is if there is any assistance that is coming from outside it will be in the last quarter of this year. And if it doesn’t come in the last quarter of this year, we are not going to survive as a country. I am confident that in the 3rd and 4th quarter we should have something to look forward to. BOC on its own is looking at a number of funding sources. We have formed committees for the purpose and we are trying to ensure that any funding gap is bridged.”
“The challenge would be the impact of everything that is happening now. The lack of fuel has an impact on the transport sector as well as the power sector. When there are power cuts and when people can’t commute to work, the spillovers connected with that would be reflected in the next quarter’s financial statement.”
“The impact of the rupee devaluation is being felt now. The exchange rate shot up from Rs. 200 to Rs. 360. That is being reflected on our imports. I believe that over a period of time, that should settle.”
“BOC made significant achievements in the past two years by supporting the national effort in the fight against COVID-19. We spent a lot on the vaccination programme. At that time the country was running short of hospital beds and everyone was helping to install beds at which time the BOC conceptualized a home care system and implemented it successfully. We reached the milestone of 154, 000 home care patients under this programme”.
“Apart from this, the Bank set up a business Revival and Rehabilitation (BRR) department and expanded its operations to all provinces furthering its assistance to local business organisations to come back to life from the adverse effects of the pandemic, in addition to moratoriums.”
BRR unit has already accounted for over Rs. 30 billion worth of business revivals. It directly came to the balance sheet in addition to peripherals worth Rs. 17 billion.”
“So these were the significant milestones the Bank achieved during the critical period.”
“Today we face a number of issues and they could be even more severe in the ensuing year and we need to be mindful of that fact,” BOC chairman said.
To mark this special day, BOC symbolically launched “My Health” account emphasising its innovative spirit in delivering novel value additions to customers. The Bank also launched BOC Foreign Circle, a specialised unit geared to delivering superior quality to overseas based customers.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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