BOC achieves unique landmark:

First Rs one trillion balance sheet in corporate sector

Sanjeevi JAYASURIYA

* One of the key contributors to Wonder of Asia goal

* End of war surged bank’s activities

Bank of Ceylon (BOC), the premier state bank in the country, reached a landmark achievement by recording a Rs one trillion balance sheet as at end May this year. “We, as the national bank in the country, were working towards a target of 01,10,12 to achieve the one trillion balance sheet, Rs 10 billion profit by 2012 and achieved this significant milestone seven months prior to the targeted date,” Bank of Ceylon Chairman Dr Gamini Wickramasinghe said.

He said this is the first time any corporate entity has achieved a Rs one trillion balance sheet for any given period.

“We consider this achievement was possible due to working towards the corporate plan while fulfilling national interests,” Dr Wickramasinghe said.

The strong foundation laid by the entire staff and well thought plans during the 70- year history of the

BOC made this achievement possible. The staff worked tirelessly towards bringing the bank to today’s level and worked for BOC in bringing this glorious moment, he said.

“There has been accelerated progress in BOC activities with the end of the war. The bank has increased its presence in the North and East by three fold, making increased accessibility for people in these provinces. With the North and East joining the main stream economy, it was well supported by the BOC where Rs 80 billion funds were disbursed.”

The BOC played an active role even during the war and were the first to provide assistance. This was not a new phenomenon. IDPs at the Chettikulam camp were the first batch assisted by the BOC in the sectors of farming, livestock, fisheries and SMEs.

Funding was provided for many development projects including road development, Dr Wickramasinghe said.

“Assistance was give by the bank while achieving profit targets. We also managed to bring much needed foreign exchange to the country and 50 percent of this total is contributed by the bank. The rest of the banking sector which comprised over 23 banks contributed to the other 50 percent. This also indicates the commitment by the bank,” he said.

Sri Lanka has an ambitious growth target of US$ 4,000 per capita income. The GDP should be doubled to achieve this target. It is necessary to double the output and the performance of all economic activities by the entire segment of the economy, Dr Wickramasinghe said.

The other business entities should take a cue from the BOC and adopt strategies that will enhance their contribution to the economy. As BOC played its part even during the war, the achievement will provide a great push to Sri Lanka becoming the Wonder of Asia.

The BOC will be looking forward to be one of the key contributors in the country’s forward march, Dr. Wickramasinghe said.