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Annual Report 2007 Page 3 Chairman’S Message Dr COMPETING WITH THE BEST OF BREED YOUR BANK HAS BEEN AND REMAINS THE LARGEST AND THE BEST-KNOWN BANK IN SRI LANKA. IT HAS THE LARGEST ASSET BASE VALUED AT RS. 438 BILLION; THE WIDEST CUSTOMER BASE OF ALMOST 7 MILLION ACCOUNTS AND THE LARGEST ON-LINE NETWORK WITH OVER 500 SERVICE POINTS ACROSS THE COUNTRY. IT CONTINUES TO RETAIN THE AA RATING COUPLED TO A STABLE OUTLOOK AWARDED BY FITCH. YOUR BANK IS THE MARKET LEADER IN DEPOSITS AND ADVANCES, IN TREASURY OPERATIONS, IN THE FOREIGN EXCHANGE MARKET, IN TRADE FINANCE AND IN OFFSHORE BANKING. IT HAS BRANCHES IN LONDON, CHENNAI AND MALE AND WORKS WITH A NETWORK OF OVER SIX HUNDRED CORRESPONDENT BANKS IN ALMOST EVERY COUNTRY IN THE WORLD. IN 2007 IT CONTRIBUTED RS.4 BILLION TO ITS ONLY SHAREHOLDER - THE GOVERNMENT OF SRI LANKA - BY WAY OF INCOME TAX, VALUE ADDED TAX AND DIVIDENDS. IN ADDITION ITS NATIONAL DEVELOPMENT ACTIVITIES BENEFITED THE COUNTRY TO THE TUNE OF RS. 2.4 BILLION BY WAY OF LOW COST FUNDING IN 2007. WITH STATE-OF-THE-ART TECHNOLOGY, EXPERIENCED AND TESTED HUMAN RESOURCES, YOUR BANK IS WELL POSITIONED TO COMPETE WITH THE BEST IN BANKING AND FINANCE. HAVING DOMINATED THE DOMESTIC MARKET FOR YEARS, IT IS POISED TO EMBARK ON A GLOBAL BANKING STRATEGY WELL BEYOND ITS CURRENT OVERSEAS LOCATIONS. CONTENTS Business Highlights 2007 02 Graphical Review 34 Risk Factors 57 Balance Sheet 73 Balance Sheet - US$ 129 Financial Highlights 03 Products & Services 36 Risk Management 59 Statement of Changes in Equity 74 Historical Overview 130 Chairman’s Message 04 Corporate Sustainability & Financial Reports 65 Cash Flow Statement 75 Strategic Intent & Brand Summary 131 General Manager’s Review 07 Responsibility Report 38 Statement of Directors' Responsibilities 66 Significant Accounting Policies 77 Ten Year Statistical Summary 132 Board of Directors 10 Corporate Management Team 48 Directors’ Report 67 Notes to the Financial Statements 84 Corporate Offices & Overseas Branches 134 Management’s Discussion & Analysis 13 Executive Management Team 50 Audit Committee Report 70 Capital Adequacy - Bank 126 Subsidiaries & Associates 135 Information Technology 30 Compliance Report 52 Report of the Auditor General 71 Capital Adequacy - Group 127 Branch Net Work as at 31 December 2007 137 Key Financial Data 33 Corporate Governance 54 Income Statement 72 Income Statement - US$ 128 Extension Offices 139 Glossary of Financial/Banking Terms 140 VISION BANKERS TO THE NATION MISSION FOSTER MUTUALLY REWARDING RELATIONSHIPS WITH ALL OUR CUSTOMERS, EXCEEDING THEIR EXPECTATIONS GIVE ALL OUR STAFF THE RECOGNITION AND REWARDS TO BE THE BEST TEAM OF ACHIEVERS IN SERVICE EXCELLENCE BE A PROFITABLE CATALYST FOR EQUITABLE DEVELOPMENT COVERING URBAN AND RURAL AREAS PROVIDE WORLD-CLASS BANKING SERVICES ACROSS THE NATION AS A BEACON FOR PROGRESS AND GROWTH BUSINESS HIGHLIGHTS 2007 z Highest ranked Sri Lankan bank in the Bankers Almanac z Largest Asset base valued at Rs. 438 billion z Stable capital base over Rs. 21 billion z Single borrower exposure capacity in excess of Rs. 8 billion z Widest customer base with circa 7 million accounts z Largest network with 295 branches connected on-line z Leader in treasury operations with over 50% of foreign exchange market z Leader in NRFC accounts with 31% market share z Leader in corporate & retail lending with a portfolio exceeding Rs. 290 billion z Worldwide network with over 600 foreign correspondents z Only Sri Lankan bank operating a branch in London z Only Sri Lankan commercial bank with the security of state ownership rated ‘AA (lka)/Stable Outlook’ by Fitch z Leader in foreign remittances with over 50% market share FINANCIAL HIGHLIGHTS 2007 2006 Gross Revenue (Rs. million) 50,160 35,192 Operating Income (Rs. million) 18,893 17,257 Profit Before Tax (Rs. million) 4,518 4,138 Capital & Reserves (Rs. million) 21,050 17,912 Total Deposits (Rs. million) 308,667 262,676 Total Advances (Rs. million) 291,361 233,618 Total Assets (Rs. million) 437,901 378,299 No. of Deposit Accounts 6,992,961 6,247,612 No. of Advances 1,867,168 1,541,172 Return on Assets - Before Tax (%) 1.11 1.19 Return on Equity - After Tax (%) 14.59 15.33 Liquidity Ratio (%) 21.20 22.19 Capital Adequacy Ratio (%) 11.40 12.30 No. of Permanent Employees 8,253 8,363 Local Branches 304 302 Foreign Branches 3 3 Fitch Rating AA (lka) AA (lka) BANK OF CEYLON | ANNUAL REPORT 2007 PAGE 3 CHAIRMAN’S MESSAGE DR. GAMINI WICKRAMASINGHE YOUR BANK - FROM LOCAL TO GLOBAL Your bank, Bank of Ceylon ended 2007 reinforcing its position as the No. 1 Bank in Sri Lanka. Its local dominance of the industry is reflected in its near 7 million customer account base, its Rs. 438 billion asset base and its large market shares across several business sectors. Locally by the year 2010 your bank hopes to double both its customer account and asset base. Globally its next growth phase lies in exploring new and emerging horizons overseas, for which it is now well positioned. A POLISHED PERFORMANCE Countering a turbulent external environment, As Bankers to the Nation, your bank is committed to financials show robust growth and healthy the highest levels of social responsibility. improvement across all businesses. Revenue from group operations recorded an all time high of Your bank performs a unique role in the financial Rs. 52 billion and pretax profits increased by near 10% to reach Rs. 5.2 billion in the year under review. Efforts industry of this country and is a provider of services of your bank in national development activities at preferential rates in addition to commercial banking to a range of customers straddling diverse social took formidable strides. Adjusting for such segments. development activities across the country would increase reported profits to Rs. 7.1 billion while the net profit would rise from the reported Rs. 3.3 billion to Rs. 4.6 billion. In addition focused attention reduced GENERATING NEW PRODUCTS AND PUSHING FOR ENHANCING GOVERNANCE STRUCTURES the NPA Ratio of the group from 6.20% in 2006 to NEW MARKETS Your bank continues to improve its governance 3.97% in 2007. Today your bank is the clear market A major goal of your bank is to achieve a substantial structures in order to balance conformance with leader with regard to inward remittances. In 2007, it growth in deposits in the coming year. This is to be performance. On the one hand it is deeply committed handled Rs. 148 billion representing over 50% of the accomplished through a smart combination of new to ensuring the highest levels of transparency, inward remittances routed to Sri Lanka. Based on products, enhanced IT services and entering new accountability and integrity. On the other its these and other factors, your bank retained its markets. governance processes also seek to achieve better ‘AA (lka)’ rating awarded by Fitch. levels of business performance and create enduring The pending amendments in 2008 to the Insurance value for all its stakeholders. A MIXED ECONOMIC OUTLOOK Act will permit banks along with other corporate The global economy is forecast to grow at 4.1% in bodies to engage in the direct sale of insurance The Board consists of Non-Executive Directors each of 2008, down from the earlier estimate of 4.9%. The sub policies. This will provide a new opportunity to start whom brings a wide range of skills and experiences to prime-mortgage crisis in the US and high crude oil linking its existing loan and deposit products with its deliberations. In 2007 the Board adopted a new prices have lowered the forecast. The Sri Lanka new insurance products. Taking such innovation ‘Code of Best Practice on Corporate Governance’, economy expanded by 6.8% in 2007 and is projected further will enable the combination of agricultural which applies to all levels. The Code is modeled on the to achieve a growth rate of 7% in 2008. The proposed loans with crop insurance providing protection internationally accepted principles as well as the mega infrastructure projects covering the ports, against natural disasters and unforeseen weather guidelines issued by the Central Bank of Sri Lanka. A roads and power sector is likely to stimulate growth patterns. Corporate Governance Committee has also been this year. established to monitor its implementation. BANK OF CEYLON | ANNUAL REPORT 2007 PAGE 5 CHAIRMAN’S MESSAGE (Contd...) GENERATING SOCIAL WEALTH ACKNOWLEDGEMENT As Bankers to the Nation, your bank is committed to I take this opportunity to convey my gratitude to the highest levels of social responsibility. Mr. Udayasri Kariyawasam, Chairman until mid May Sustainability is an integral part of its business 2007 for the contribution made and also to the Board practices and reflects responsibility as the leading of Directors for their support over the past year. I also financial institution in the country. thank the General Manager, staff, all the Trade Unions represented in the Bank, customers and other Your bank performs a unique role in the financial stakeholders for their dedication and loyalty in making industry of this country and is a provider of services to the past year a rewarding one in many ways. I extend a range of customers straddling diverse social my appreciation to the Government, His Excellency segments. While its products are structured to meet the President, Mahinda Rajapakse who is also the the many needs of its customers, it also ensures that Minister of Finance and Planning, Dr. P B Jayasundera, its operations are conducted according to the highest the Secretary to the Ministry of Finance and Planning, standards expected of a socially responsible corporate Mr. Ajith Nivard Cabraal, the Governor of the Central citizen. It is committed to enhancing the well-being Bank, Mr.
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