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Annual Report 2008 [3] Business Highlights

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Annual Report 2008 [3] Business Highlights VISION BANKERS TO THE NATION MISSION FOSTER MUTUALLY REWARDING CUSTOMER 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. CONTENTS FINANCIAL HIGHLIGHTS 03 CORPORATE SUSTAINABILITY & AUDIT COMMITTEE REPORT 96 INFORMATION ON DEBENTURES BUSINESS HIGHLIGHTS 04 RESPONSIBILITY REPORT 55 REPORT OF THE AUDITOR GENERAL 99 ISSUED BY THE BANK 184 CHAIRMAN’S MESSAGE 06 CORPORATE MANAGEMENT TEAM 60 INCOME STATEMENT 100 TEN YEAR STATISTICAL SUMMARY 186 GENERAL MANAGER’S MESSAGE 10 EXECUTIVE MANAGEMENT TEAM 64 BALANCE SHEET 101 SUBSIDIARIES & ASSOCIATES 188 BOARD OF DIRECTORS 14 COMPLIANCE REPORT 67 STATEMENT OF CHANGES IN EQUITY 102 CORPORATE OFFICES & OVERSEAS HISTORICAL OVERVIEW 18 CORPORATE GOVERNANCE 69 CASH FLOW STATEMENT 103 BRANCHES 191 STRATEGIC INTENT & SUBCOMMITTEES OF THE BOARD 81 SIGNIFICANT ACCOUNTING POLICIES 105 BOC NETWORK - ISLANDWIDE BRAND SUMMARY 19 FINANCIAL REPORTS 87 NOTES TO THE FINANCIAL STATEMENTS 118 703 SERVICE POINTS 192 GRAPHICAL REVIEW 20 STATEMENT OF DIRECTORS’ CAPITAL ADEQUACY 176 CORRESPONDENT BANKS BY MANAGEMENT DISCUSSION & RESPONSIBILITIES 88 INVESTOR INFORMATION COUNTRY 198 ANALYSIS 22 DIRECTORS’ REPORT 89 INCOME STATEMENT - US$ 178 EXCHANGE COMPANIES BY COUNTRY 202 RISK MANAGEMENT 46 DIRECTORS’ INTERESTS BALANCE SHEET - US$ 179 GLOSSARY OF FINANCIAL/BANKING PRODUCTS & SERVICES 52 IN CONTRACTS 93 QUARTERLY ANALYSIS 2008 180 TERMS 203 It is by chance we met, by choice we became friends “It is by chance we met, by choice we became friends” In the beginning, way back in 1939, every customer walked through our doors on an “informed chance decision” to be a customer or not for we were new. Established with tested credentials and a vision to build, over the years we grew close... the Bank and the Customer. This relationship remains rooted on user-friendly products, caring service, being where they are when they need us with a ready ear for their voice. As we progressed they felt secure in our company - with most needs fulfilled, it solidified over the 70 years we’ve been banking into a firm friendship with growing trust. Today, although we acknowledge that it is easier for a first time customer to walk through our doors with a greater degree of trust, we never take it for granted. Through the years, Bank of Ceylon has built an unshakable foundation earning the trust of its customers. It is this trust and friendship that we so cherish that have led us to become Bankers to the Nation in every sense of its meaning. Indeed that is why we are and will remain the Bank of Choice for millions of our customers both in Sri Lanka and abroad. In these times of stress, we remain a beacon of trust and stability. FINANCIAL HIGHLIGHTS Key Financial Data Bank Group 2008 2007 %Change 2008 2007 %Change Results for the Year (Rs. million) Total revenue 60,182 50,160 20.0 62,427 52,330 19.3 Net interest income 13,695 12,833 6.7 14,592 13,730 6.3 Profit before financial VAT and taxation 7,304 6,391 14.3 7,912 7,020 12.7 Profit before taxation 5,231 4,518 15.8 5,865 5,191 13.0 Provision for taxation 1,670 1,675 (0.3) 1,916 1,857 3.2 Profit after taxation 3,561 2,843 25.2 3,949 3,334 18.4 Value to the Government 4,589 4,394 4.4 4,873 4,619 5.5 Position at Year End (Rs. million) Total assets 484,376 437,901 10.6 491,749 444,199 10.7 Shareholders’ funds 23,102 21,050 9.7 25,547 23,156 10.3 Deposits 316,070 308,856 2.3 318,178 310,551 2.5 Gross loans and advances 280,879 293,410 (4.3) 287,856 299,817 (4.0) Non-performing assets 13,816 11,334 21.9 14,870 11,872 25.2 Net non-performing assets 5,979 3,844 55.5 6,632 3,998 65.9 Per Share Data (Rs.) Earnings per share 712 711 0.2774 811 (4.5) Net assets per share 4,620 5,263 (12.2) 4,978 5,640 (11.7) Profitability Ratios (%) Return on average equity 16.13 14.59 10.6 16.22 15.61 3.9 Return on average assets 1.13 1.11 1.8 1.25 1.25 – Interest margin 2.97 3.14 (5.4) 3.13 3.31 (5.4) Cost to income 63.22 66.57 (5.0) 62.04 65.04 (4.6) Loan to deposit ratio 88.87 95.00 (6.5) 90.47 96.54 (6.3) Assets Quality Ratios (%) NPA ratio 4.92 3.86 27.5 5.17 3.96 30.6 Net NPAs/Shareholder’s equity 25.88 18.26 41.7 25.96 17.27 50.4 Statutory Ratios (%) Capital adequacy ratio Tier I Capital (minimum required 5%) 11.29 11.38 (0.8) 12.21 12.02 1.6 TierI&IICapital (minimum required 10%) 15.88 11.40 39.3 16.86 12.59 33.9 Liquid assets ratio (minimum required 20%) 24.21 21.20 14.2 N/A N/A N/A BANK OF CEYLON ANNUAL REPORT 2008 [3] BUSINESS HIGHLIGHTS zBoC rated No. 1 Brand in the country by Brand Finance Lanka zOnly Sri Lankan commercial bank with security of state ownership rated ‘AA (lka)/Stable Outlook’ by Fitch zHighest ranked Sri Lankan bank in the Bankers Almanac zStable capital base exceeding Rs. 23 billion with a 15.9% Capital Ratio, the highest among Sri Lankan banks zAsset base valued at Rs. 484 billion, the largest in the Sri Lanka banking system zRs. 60 billion in turnover, 20% of all banks in the country zSingle borrower exposure capacity in excess of Rs. 10 billion zWidest customer base with circa 7.5 million accounts zLeader in treasury operations with over 50% of local foreign exchange market zLeader in NRFC accounts with 30% market share zLeader in corporate & retail lending with a portfolio exceeding Rs. 281 billion coupled with lowest NPA Ratio at 4.9% zWorldwide network with over 600 foreign correspondents zOnly Sri Lankan bank operating in London, Chennai and Male zLeader in inward foreign remittances with over 50% market share zLargest islandwide network with over 700 service points; 673 connected on-line. zRaised a total of Rs. 6.7 billion from the Sri Lanka capital market via two subordinated 5-year debentures, one denominated in rupees and listed, the other denominated in US$ BANK OF CEYLON ANNUAL REPORT 2008 [4] Trust and Choice Well Protected… At 15.9% highest capital ratio in country’s banking system, 50% more than regulatory minimum CHAIRMAN’S MESSAGE Bank of Ceylon continues to be the undisputed leader in inward remittances handling Rs. 154 billion representing 51% of remittances in 2008. BANK OF CEYLON ANNUAL REPORT 2008 [6] Dear Stakeholders, pretax profits of Rs. 5.2 billion, reflecting a ORGANIC GROWTH I am pleased to report that Bank of Ceylon Year on Year increase of 15.8%. With organic growth as a key strategy, performed strongly in what has been we have started to reinforce our product a difficult year for the financial sector Year 2008 also saw the first listed debt capabilities in diverse areas including globally. In Sri Lanka we operated in an issue by BoC culminate successfully. It bancassurance, corporate finance and environment of tight monetary conditions, was oversubscribed, raising Rs. 4.2 billion new savings products. Arresting the high interest rates and inflation. Towards thereby strengthening the capital base compression in margins suffered over the latter end of 2008, stress within the and fortifying the ability to enhance the recent past will be central to the financial system culminated in the Central business volumes in the future. core banking strategy. We will continue Bank of Sri Lanka vesting the management to embark on deploying the initiatives of another commercial bank with BoC. Bank of Ceylon continues to be the aimed at enhancing the capital base and undisputed leader in inward remittances risk management framework. Preliminary Revenue from Group operations was handling Rs. 154 billion representing 51% steps in diversifying revenues resulted in recorded at Rs. 62 billion and Group pretax of remittances in 2008. The strengths of rethinking traditional approaches even profits amounted to Rs. 5.9 billion, a 19.3% the Bank have been recognised by Fitch on the international banking side. The and 13% increase respectively from the yet again with the rating confirmed at AA subsidiariasation of the London branch previous year. The Bank on its own made (lka) for the fourth consecutive year. is one such endeavour. It will provide BANK OF CEYLON ANNUAL REPORT 2008 [7] CHAIRMAN’S MESSAGE significant opportunities to engage in context of the impending resolution of the I thank His Excellency Mahinda Rajapaksa, diasporic business as well as acting as conflict. Supporting the Government in the President who also acts as the a platform for expanding international socio-economic revival of the North and Minister of Finance and Planning, banking from Eurozone countries and later East will be of special interest to us. Some Mr. Sumith Abeysinghe, in his capacity as across the globe. It is also significant that sectors of interest would be Agriculture, the Secretary to the Treasury/Secretary to the London branch is currently in profit Livestock and Fisheries, Access to the Ministry of Finance and Planning, with further improvement forecast after Microfinance, Human Capital Development Mr.
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