BIZ
BOC & NSB record historic profits
In a milestone moment for Sri Lanka’s financial sector, the Bank of Ceylon (BOC) and the National Savings Bank (NSB) reported record-breaking profits for the year 2024, officially presenting their annual reports to President Anura Kumara Disanayake at the Presidential Secretariat today (22).
The achievements, marked by robust fiscal discipline, strategic vision and public accountability, signal a renewed trajectory of confidence in state-owned banking institutions.
The BOC announced a staggering pre-tax profit of Rs. 106 billion, the highest ever recorded not only by a bank but by any institution, public or private, in Sri Lanka’s history. BOC Chairman Kavinda de Zoysa emphasized the significance of this financial milestone, stating, “This is a historic record as the BOC recorded the highest profit before tax of Rs. 106 billion, the highest profit achieved by any institution, bank or company in Sri Lanka in its entire history.”
He credited the bank’s strategic focus on national development and SME support, adding, “BOC continues as the largest SME and development bank in the country with the best business rehabilitation unit which is futuristic and supports the entire nation.”
Meanwhile, the NSB posted a dramatic turnaround, reporting a pre-tax profit of Rs. 26.4 billion, a remarkable leap from Rs. 4.2 billion in 2023. Chairman Dr. Harsha Cabral attributed this growth to prudent fiscal governance and effective stakeholder collaboration.
“The National Savings Bank recorded the highest ever profit before tax of Rs. 26.4 billion for the year 2024. This is a momentous success and a major increase from the Rs. 4.2 billion in 2023,” he said. “The success of NSB is mainly due to the financial discipline and macroeconomic stability of the country. I dedicate this achievement to the entire NSB family, including our employees, board of directors, senior staff, customers and all stakeholders who support us directly or indirectly.”
Dr. Cabral highlighted that NSB is no longer a burden on the state. “We are a self-sustaining success story and not a burden on the Treasury anymore. With professional management and financial discipline, the NSB has achieved its targets and hopes to exceed them in 2025,” he noted. He also pointed to internal reforms and staff incentives that bolstered morale and productivity. In 2024, NSB’s workforce was streamlined from 4,600 to 4,200 while maintaining a 262-branch network. Employees were rewarded with a five-month bonus, and gold coins were reintroduced for long service recognition after a five-year gap.
Both chairmen underscored a rare but significant aspect of their governance: neither they nor their board members draw a salary for their service. “Our reward is the institution’s success and its contribution to national development,” Cabral remarked, a sentiment echoed by de Zoysa as a model of civic-minded leadership.
President Anura Kumara Disanayake commended the accomplishments of both institutions, stating, “These banks demonstrate how strategic leadership and ethical governance can transform public institutions into pillars of national strength. Their performance is a beacon of what’s possible in Sri Lanka’s economic future.”
With an eye on 2025, BOC is set to expand its digital infrastructure to enhance accessibility and customer service, while NSB plans to refine its operations further, guided by corporate governance best practices.
(President’s Media Division)
BIZ
Visit of CII CEOs delegation to Colombo (Pics)
A CEOs delegation of the Confederation of Indian Industry (CII), led by Mr. Sanjiv Puri, Immediate Past President, CII and Chairman & Managing Director of ITC Limited, visited Colombo from 29 June to 02 July 2025.
The visit followed an invitation extended by the President of Sri Lanka during his State Visit to India in December 2024. The delegation comprised over 15 prominent Indian business leaders representing diverse sectors including hospitality, manufacturing, energy, healthcare, textiles, and tourism, among others.
During the visit, the CII delegation also called on the President and the Prime Minister of Sri Lanka. The leadership briefed the Indian business representatives on the constructive measures undertaken by the government to foster a supportive economic climate, promote investment, and ensure fair and transparent business practices.
In addition, the delegation held wide-ranging discussions with several senior Ministers and officials of the Government of Sri Lanka, including the Minister of Energy; Minister of Industry and Entrepreneurship Development; Minister of Labour and Deputy Minister of Economic Development; Minister of Trade, Commerce, Food Security and Cooperative Development; and the Chairman of the Board of Investment of Sri Lanka. These discussions explored avenues for investment-led collaboration and sector-specific partnerships.
A key highlight of the visit was a CEOs’ Roundtable organised by the High Commission of India on 30 June at ITC Ratnadipa, in collaboration with the Ceylon Chamber of Commerce (CCC). The CCC delegation was led by Mr. Krishan Balendra, Chairman and CEO of John Keells Group. The Roundtable witnessed in-depth deliberations on strengthening bilateral economic cooperation and identifying new opportunities for collaboration. High Commissioner of India to Sri Lanka – Mr. Santosh Jha also participated in the interaction.
To mark the occasion, the High Commissioner hosted a networking reception that brought together prominent business leaders, senior ministers, and political leaders. The event also witnessed the participation of leading trade and industry chambers from across Sri Lanka.
The visit of the CII CEOs delegation successfully identified various areas of mutual interest for forging further economic linkages and trade connections. It also highlighted the commitment of apex Indian chambers of commerce, such as CII, to deepening existing economic ties, promoting investment-led partnerships, and exploring new avenues for collaboration between India and Sri Lanka.
The delegation included :
- Dr Nandini Rangaswamy – Chairperson, GRG Educational Institutions & Managing Director, Chandra Group of Companies
- Dr S Chandrakumar – Founder & Executive Chairman Kauvery Group of Hospitals
- Mr CK Ranganathan – Chairman & Managing Director CavinKare Pvt Ltd
- Mr G R Anantapadmanaban – Managing Director GRT Group
- Mr VKC Razak – Chairman, CII Kerala State Council & Managing Director of VKC Footgear Pvt. Ltd.
- Mr Dipak Das – Managing Director Lanka IOC PLC
- Mr Christo George – Convenor CII Kerala Manufacturing MSME & Export Panel, Chairman and Managing Director of Hykon India Limited
- Mr Sohel Firoz Kazani – Founder and Managing Partner of Interport Impex Private Limited (Bharat Freight Group)
- Mr Sunin Sunny – CEO of Ecospice Ingredients Pvt Ltd.
- Mr Ravi Dolli – Member, CII Maharashtra Manufacturing Panel & CEO of Alloy Steels
- Mr Rahul Nayak – Head of International Business TVS Motor Company
- Ms Neerja Bhatia – Deputy Director General Confederation of Indian Industry
- Mr Saikat Roy Chowdhury – Executive Director of International Confederation of Indian Industry
- Mr Manish Mohan – Senior Director of International Confederation of Indian Industry
BIZ
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BIZ
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