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Bank of Ceylon Annual Report 2012

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Bank of Ceylon Annual Report 2012 Annual Report 2012 Bank of Ceylon Annual Report 2012 Bank of Ceylon Engine of Bank of Ceylon “BOC Square”, No.01, Bank of Ceylon Mawatha Colombo 01, Sri Lanka. Growth Corporate Information NAME OF THE INSTITUTION TAX PAYER IDENTIFICATION NUMBER (TIN) AUDITOR Bank of Ceylon 409000070 The Auditor General The Auditor General’s Department LEGAL FORM VAT REGISTRATION NUMBER No. 306/72, Polduwa Road * A banking corporation domiciled in Sri Lanka, duly 409000070 – 7000 Battaramulla, Sri Lanka incorporated on 1st August 1939 under the SVAT REGISTRATION NUMBER Tel : + 94 11 2887028 - 34 Bank of Ceylon Ordinance No. 53 of 1938. SVAT002898 Facsimile : + 94 11 2887223 * A licensed commercial bank established under the E-mail : [email protected] Banking Act No. 30 of 1988. STOCK EXCHANGE LISTING (Appointed in terms of the provisions of The Unsecured, Subordinated Redeemable Debentures Article 154 of the Constitution of the REGISTERED OFFICE of November 2008/November 2013 series with fixed, Democratic Socialist Republic of Sri Lanka) "BOC Square", No.01 floating and zero coupon interest rates and June 2010/ Bank of Ceylon Mawatha June 2015 series, December 2011/December 2016 series REGISTRARS TO THE DEBENTURE ISSUES Colombo 01, Sri Lanka and November 2012/November 2017 series with fixed 2010/2015 Series, 2011/2016 series and Tel : +94 11 2203333 (Hotline) and floating interest rates are listed on the Colombo Stock 2012/2017 series +94 11 2446790-811 (22 lines) Exchange. Bank of Ceylon +94 11 2338741-47 (7 lines) Investment Banking Division +94 11 2445815-20 (6 lines) The USD Senior notes of May 2012/May 2017 with fixed 23rd Floor, Bank of Ceylon Head Office +94 11 2544340-44 (5 lines) rate are listed on the Singapore Stock Exchange. "BOC Square", No. 01 +94 11 2544333-37 (5 lines) CREDIT RATINGS Bank of Ceylon Mawatha Facsimile : +94 11 2321160 * National Long-term rating : Colombo 01, Sri Lanka Bank Code : 7010 ‘AA+(lka)’ Outlook Stable Tel : +94 11 2448348 SWIFT Code : BCEYLKLX +94 11 2446790 - 811 (22 lines) E-mail : [email protected], [email protected] * Subordinated debentures : Facsimile : +94 11 2346842 Website : www.boc.lk ‘AA(lka)’ by Fitch Ratings Lanka Limited E-mail : [email protected] * USD Senior notes : CALL CENTRE 2008/2013 Series ‘BB -’ by Fitch Ratings and ‘B 1’ by Moody’s Investors Service Tel : +94 11 2204444 Merchant Bank of Sri Lanka PLC Facsimile : +94 11 2320864 LAWYERS Level 18, Bank of Ceylon Merchant Tower Ms. S H Ranawaka No.28, St. Michael's Road, Colombo 03, Sri Lanka 24 HOUR SERVICE CENTRE Chief Legal Officer of Bank of Ceylon and her assistants Tel : +94 11 4711766, +94 11 4711711 Travel Counter, Ground Floor Tel : +94 11 2445813 Facsimile : +94 11 4711704 Bank of Ceylon Head Office Facsimile : +94 11 2321167 E-mail : [email protected] "BOC Square", No. 01, Bank of Ceylon Mawatha E-mail : [email protected] Colombo 01, Sri Lanka REGISTRARS TO THE USD SENIOR NOTES Tel : +94 11 2203044/45 COMPLIANCE OFFICER Citigroup Global Markets Deutschland AG Mr. A de S Pinnaduwage (Assistant General Reuterweg ACCOUNTING YEAR END Manager - Compliance) 1660323 31st December Tel : + 94 11 2448532 Frankfurt, Germany Facsimile : + 94 11 2544306 Tel : +49 69 1366 2216 E-mail : [email protected] E-mail : [email protected] BOARD OF DIRECTORS SECRETARY TO THE BOARD NOMINATION AND CORPORATE GOVERNANCE Mr. Razik Zarook (Chairman) Ms. Janaki Senanayake Siriwardane COMMITTEE (w.e.f. 09.01.2013) Mr. Raju Sivaraman (Chairman) Mr. S R Attygalle (Ex-officio Director) AUDIT COMMITTEE Mr. S R Attygalle Mr. Raju Sivaraman Mr. R M A Ratnayake (Chairman) Mr. K L Hewage Ms. Nalini Abeywardene (Alternate Director to Mr. S R Attygalle) Mr. Chandrasiri de Silva Mr. Raju Sivaraman INTEGRATED RISK MANAGEMENT COMMITTEE Mr. K L Hewage Mr. K L Hewage Mr. S R Attygalle (Chairman) Mr. R M A Ratnayake Mr. Raju Sivaraman (Alternate Director to Mr. S R Attygalle HUMAN RESOURCES AND REMUNERATION Mr. K L Hewage w.e.f. 30.01.2013) COMMITTEE Ms. Nalini Abeywardene (Chairperson) Mr. Raju Sivaraman Mr. Chandrasiri de Silva Mr. K L Hewage CLARIFICATIONS ON THE REPORT, PLEASE CONTACT The Deputy General Manager (Finance & Planning) 10th Floor, Bank of Ceylon Head Office, "BOC Square", Designed & Produced by No. 01, Bank of Ceylon Mawatha, Colombo 01, Sri Lanka Photography by Wildlight (Pvt) Ltd, Tel : +94 11 2432680, +94 11 2203900 Taprobane Street & Dhanush de Costa Facsimile : +94 11 2448203 Digital Plates & Printed by Aitken Spence Printing and Packaging (Pvt) Ltd www.boc.lk E-mail : [email protected] In the glory days of steam, heavily-loaded trains climbing steep gradients often required the help of an extra locomotive to help them in their ascent. The ‘banking engine’ or ‘banker’ was specially designed to deliver a surge of power on the ascent, maintain a steady speed and protect the train carriages or wagons from coming uncoupled and rolling back down the hill. The Bank of Ceylon serves the same role on behalf of our customers and the national economy. We supply, at need, the boost of financial power that drives the nation’s growth and development, and provide the added support to keep Sri Lankans moving smoothly toward their objectives and help prevent them from falling back again. This year, we boosted the purchasing power of the Sri Lankan economy by USD 500 million through a successful bond issue and kept the wheels of commerce turning with loans and advances exceeding LKR 700 billion. Climbing the gradient of growth under full steam, powered by a record trillion-rupee asset base, the skills and experience of our management and the commitment of our people, we achieved a height of over LKR 19 billion in pre-tax profits from banking operations conducted all over the country. Express growth, indeed. Bank of Ceylon. The nation’s engine of growth. Fitch Rating: AA+(lka) 1 BANK OF CEYLON Business Highlights / 04 Financial Highlights / 06 Vision & Mission / 10 Historical Review / 12 Chairman’s Message / 17 New Chairman’s Message / 20 General Manager’s Review / 24 New General Manager’s Review / 28 Board of Directors / 30 Corporate Management / 38 Executive Management / 48 Management Discussion & Analysis / 54 Risk Management / 96 Corporate Governance / 108 ContentsBoard & Board Subcommittees / 138 Report of Board Subcommittees / 139 Sustainability Report / 152 GRI Standard Disclosures Index / 217 Financial Reports Annual Report of the Directors on the State of Affairs of the Bank of Ceylon / 226 Directors’ Interest in Contracts / 230 Directors’ Statement on Internal Control Over Financial Reporting / 233 Independent Assurance Report / 235 Directors’ Responsibility for Financial Reporting / 236 Report of the Auditor General / 237 Income Statement / 238 Statement of Other Comprehensive Income / 239 Statement of Financial Position / 240 Statement of Changes in Equity / 241 Statement of Cash Flows / 243 Notes to the Financial Statements / 244 Capital Adequacy / 340 Investor Information / 344 Ten Year Statistical Summary / 356 Products & Services / 358 Subsidiaries & Associates / 366 BoC Correspondent Banks by Country / 372 Exchange Companies by Country / 378 Glossary of Financial/Banking Terms / 379 BoC Service Points / 384 Corporate Offices / 418 Corporate Information / Inner Back Cover ANNUAL REPORT 2012 2 06 17 54 Financial Highlights Chairman’s Message Management Discussion & Analysis We brought USD 790 million into the country’s much needed international money of which USD 500 million through a bond and rest through syndications and 96 152 bi-lateral arrangements… Risk Management Sustainability Report The Bank’s collective risk management capability and competency supports successful implementation of strategic priorities and enables the development of “We see huge a sustainable and resilient opportunities in business that is responsive to the ever-changing our core markets, environment. both within individual markets, and in facilitating the explosive 226Financial Reports growth of trade and investment flows...” 3 BANK OF CEYLON Business Highlights HIGHEST Ranked among the Achieved best 1,000 LKR 1 RANKED world banks, trillion Sri Lankan bank in the Bankers Almanac by The Banker ASSET BASE prior to the end of first half year. Expanded operations to over Worldwide network Leader in inward foreign 1,050 exceeded remittances with over service 859 foreign correspondents 38% points MARKET SHARE island-wide ANNUAL REPORT 2012 4 Leading the treasury Successfully issued a The Bank successfully issued the operations of the foreign fourth series of 5 year exchange market with over USD unsecured, subordinated debentures 500 million listed on the international bond listed 50% Colombo Stock Exchange on the Singapore Stock MARKET SHARE and raised Exchange. This was oversubscribed by 7.7 times. LKR Single borrower exposure 6 billion Largest capacity in excess of off-shore Retained the LKR16 National Long-Term Rating banking billion ‘AA+ (lka) operations Volume of both advances and stable outlook’ deposits were reaching with the highest market share of assets. LKR 700 billion milestone 5 BANK OF CEYLON Financial Highlights Prot Before Tax (LKR billion) 2008 2009 2010 2011 2012 19.8 10.1 16.5 5.2 4.2 Prot After Tax (LKR billion) 2008 2009 2010 2011 2012 11.9 14.4 6.4 3.6 3.1 Cost to Income (%) 2008 64.2 2009 68.3 2010 53.7 2011 51.1 2012 42.7 ANNUAL REPORT 2012 6 RoAA (%) RoAE (%) 2.1 2.1 33.4 31.2 1.6 24.0 1.1 16.1 0.8 12.9 20 20 20 20 20 20 20 20 20 20 08 09 10 11 12 08 09 10 11 12 Bank Group 2012 2011 Change 2012 2011 Change % % Results of Operations (LKR million) Income 110,138
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