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BOC Annual Report 2004.P65 ANNUAL REPORT 2004 4, Bank of Ceylon Mawatha, Colombo 1, Sri Lanka. T. +94 11 2446790-811 (22 lines), +94 11 2338741- 55 (15 lines) www.boc.lk A N N U A L R E P O R T 2 A journey towards new horizons, new goals, new challenges. 0 0 4 Contents Vision 1 Financial Highlights Financial Information 2 Products and Services 27 Directors’ Responsibilities for Be the nation’s premier bank 3 Subsidiaries and Associates Financial Reporting 4 Economic Indicators 28 Directors’ Report Mission 5 Graphical Review 30 Audit Committee Report 31 Report of the Auditor General Customers 6 Historical Review Foster most rewarding relationship with trust and 7 Bank of Ceylon, Today 32 Income Statement reliability for our customers, exceeding their 8 Chairman’s Review 33 Balance Sheet expectations. 10 General Manager’s Review 34 Statement of Changes in Shareholder's Equity Staff of Operations We offer our staff, recognition and rewards to be 12 Board of Directors 35 Cash Flow Statement the best team of achievers in service excellence. 14 Corporate Management 37 Significant Accounting Policies 41 Notes to the Financial Statements Owners 15 Executive Management As per expectations of our owners, be a catalyst 16 Business Performance 86 Capital Adequacy in national development, with profitability. 17 Financial Review 88 Income Statement - US $ Society 18 Human Capital 89 Balance Sheet - US $ Extending banking service to larger society as a 20 Risk Management 90 Ten Year Statistical Summary beneficial beacon in the country 21 Corporate Governance 92 Value Added Statement 23 Corporate Social Responsibility 93 Corporate Offices & Overseas Branches 94 Province Offices & Branches 101 Glossary of Financial/Banking Terms 103 Corporate Information 104 Notes “Confidence is that feeling by which the mind embarks in great and honorable courses with a sure hope and trust in itself.” Marcus Tullius Cicero 106 BC - 3BC Design Concept by: Copyline (Pvt) Ltd Photography by: Sarath Perera Digital Plates by: Imageline (Pvt) Ltd Printed by: Gunaratne Offset Ltd Produced by: Copyline (Pvt) Ltd Financial Highlights Rs. million 2004 2003 Profit Before Tax 2,559 1,800 Gross Earnings 23,957 22,805 Operating Income 14,937 13,653 Capital & Reserves 15,348 14,320 Total Deposits 205,219 186,386 Total Advances 142,203 125,587 Total Assets 266,399 240,388 Return on Assets % 1.01 0.77 Return on Equity % - before tax 17.25 13.77 Return on Equity % - after tax 13.28 12.48 Liquidity Ratio % 23.82 25.34 Capital Adequacy Ratio % 12.44 13.11 Capital Funds to Total Liabilities - including Contingancies % 4.95 5.19 Cost to Income Ratio % 66.25 68.38 Non Performing Advances Ratio % 9.82 14.35 Advances to Deposits & Refinance % 67.93 65.97 No of Depositors 5,490,575 5,274,285 No of Advances 1,217,697 1,061,063 No of Employees 8,718 8,927 Local Branches 297 295 Overseas Branches 3 4 Fitch Rating AA (sri) AA¯(sri) “The bank you can trust” The Bank has developed over the years, in ways that will continue to grow value for the future. In an uncertain environment, customers and stakeholders alike can confidently place their trust in the fundamental strength of the Bank and in the skills and responsibility of its management. Our upgraded AA(sri) Fitch Rating now puts our name among the 1000 largest Banks in the world. All good reasons that make us the bank you can trust. Bank of Ceylon Annual Report 2004 1 Products and Services Safe Custody Vault ‘Ran Niwasa’ Housing Loan Scheme Ceybank Credit Card DEPOSITS Funds Transfer TRADE FINANCE LOCAL CURRENCY DEPOSIT ACCOUNTS z Inter-Branch Money Transfers z Letters of Credit Normal Savings z SWIFT z Pledge Loans z Ran Kekulu Children Savings z SLIPS z Trust Reciept Loans z 14+ Teen Savings z Telegraphic Transfers z Hypothecation Loans z 18+ Youth Savings z Mail Transfers z Export Finance z Sisu Saviya Savings z Door to Door Express Remittance z Bills Purchases z Kantha Ran Ginum z Issuing and Encashing Foreign Drafts z Bills Discounting z Senior Citizens Savings z Shipping Guarantees Travel Services z Documentary Collection Special Purpose Savings Accounts z Bureau de Exchange z Ran Govi Thenpathu z Travellers Cheques DEVELOPMENTAL LENDING z Ranaviru Ran Ginum z Dambadiva Charika Crop Lending z Samurdhi Savings z New Comprehensive Rural Credit Scheme (NCRCS) z TECO Savings Value Added Services z Tea Development Project Credit Scheme (TDP) z Gold Shop z Coconut Development Loan Scheme (KAPRUKA) Maturity Deposits z Safe Custody Vault z Second Perennial Crops Development Project Credit z 7 Day Call Deposits z Insurance Desk Scheme (SPCDP) z Savings Certificates z Left handers' Cheque Book z Loan Scheme for Improvement of Locally Produced z Normal Fixed Deposits z Ran Kekulu Gift Vouchers Rice to International Standards z Senior Citizens Fixed Deposits z Money & Banking Museum z Small Entrepreneur Consultancy Fisheries sector Assistance FOREIGN CURRENCY DEPOSIT ACCOUNTS z Trade Information and Help Desk z Aquatic Resources Development and Quality NRFC Accounts z E-Channelling Improvement Project (ARDQIP) z Normal NRFC Savings z SMS Banking z Credit Scheme for Small Scale Fisherman z NRFC Fixed Deposits z Credit Scheme for Insulated Trucks for Transportation LENDING of Fish RFC Accounts PERSONAL LENDING z Normal RFC Savings z Overdraft Facilities Facilities for SMI z RFC Fixed Deposits z Term Loans z Comprehensive Credit Scheme for Small Enterprise z Cheque Purchase Facilities Development (SED) Other Accounts z Ran Surekum Naya Seva (Pawning) z Surathura Diriya Credit Scheme z Ethera Thilina Savings z Pre-departure Loans for Migrant Workers z Skills Development Project - Self Employment z Ran Kekulu Foreign Currency Children Savings z RanSaviya Loans for NRFC A/c Holders Promotion Initiative (SEPI) z Resident Non National Foreign Currency Accounts z Motor Cycle Loans for Government Employees z Small & Medium Industries Leader Entrepreneur z Export Foreign Currency Accounts z Home Loans Promotion Scheme (SMILE II) z Credit Scheme for the Purchase of Three Wheel Auto TREASURY CREDIT CARDS Rickshaws PRIMARY DEALER UNIT z Visa Credit Cards z Financial Assistance for Geuda Heat Treaters & z Treasury Bills z Master Credit Cards Lapidarists z Treasury Bonds z Apsara Ladies Credit Card z Susahana Credit Scheme for Tsunami Rehabilitation z REPO's z MasterCard Aquiring Services z Reverse REPO's z Visa Electron Debit Card Regional Development Schemes z Integrated Rural Development Project (IRDP) FOREX & FUND MANAGEMENT CORPORATE LENDING Sabaragamuwa z Forwards z Revolving Facilities Consisting Term/OD z Southern Province Regional Economic Advancement z SWAPS z Project Financing Project (DASUNA) z Import Export Financing z Syndicate Loans z Estate Sector Self Employment Revolving Fund Credit z Custodian Services z Commercial Paper Scheme z Money Market Lending & Borrowing z Packing Credit z Bank Guarantees SPECIAL SERVICES z Foreign Currency Loans Cash Services z Fixed Rate Advances z ATM Services z Floating Rate Advances z 365 Days Banking z Indian Line of Credit z Cheque Encashment z Leasing z SLT Direct Debit z Foreign Currency 2 Bank of Ceylon Annual Report 2004 Despite aggressive competition from other state banks and private banks, BOC maintains its market leadership in deposits, NRFC Accounts, inward foreign exchange remittances, offshore banking, treasury products and micro - banking. Subsidiaries and Associates BOC Group Subsidiaries Company Name Holding % Principal Activity 1 BOC Property Development & Management (Pvt) Ltd (PDML) 100.00 Property management 2 BOC Management & Support Services (Pvt) Ltd (MSS) 100.00 Management services 3 BOC Travels (Pvt) Ltd 100.00 Travel related services 4 Ceybank Securities Ltd (in liquidating) 100.00 Primary dealer 5 Hotels Colombo (1963) Ltd (HCL) 98.23 Hotel operations 6 Property Development Ltd (PDL) 93.16 Property development 7 Merchant Credit of Sri Lanka Ltd (MCSL) 90.94* Financial services 8 Merchant Bank of Sri Lanka Ltd (MBSL) 82.24 Merchant banking 9 Ceylease Financial Services Ltd 50.00 Leasing Associates Company Name Holding % Principal Activity 1 Lanka Securities (Pvt) Ltd 43.85* Stock broking 2 Ruhuna Venture Capital Company Ltd 41.67 Venture capital funding 3 Mireka Capital Land (Pvt) Ltd 40.00 Property develpoment 4 Transnational Lanka Records Solutions (Pvt) Ltd 24.69 Archives management 5 Capital Development and Investment Company Ltd (CDIC) 23.92 Investment banking 6 The Unit Trust Management Company (Pvt) Ltd 20.00 Fund management * The % holding includes indirect holdings as well Bank of Ceylon Annual Report 2004 3 Economic Indicators A severe drought adversely affected a large extent of agricultural areas and hydropower generation. Rising oil prices were a major external shock although the global economic recovery had a somewhat beneficial effect. The deceleration of the inflation rate bottomed out during the first half of 2004 due to the drought, escalating oil prices, and high international prices of imported commodities. Sri Lanka’s economy achieved a growth of 6.4 percent in the first quarter of 2004 and slowed down somewhat in the second quarter to 5.4 percent registering a first half growth rate of 5.9 percent leading to growth of around 5.4 percent of GDP in 2004. Source: Central Bank of Sri Lanka and BOC Treasury 4 Bank of Ceylon Annual Report 2004 Graphical Review In this favourable economic environment, the bank recorded a healthy pre-tax profit of Rs. 2,559 million in 2004 reflecting a growth of 42% compared with of Rs. 1,800 million recorded for the previous year. Deposits achieved an important landmark of Rs. 200 billion during the year. Continuing the leadership in Sri Lankan Offshore Banking operations, foreign currency advances increased by Rs. 16 billion representing a 32% growth over the last year. Bank of Ceylon Annual Report 2004 5 Historical Review Bank of Ceylon was launched on the 1973.
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