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Presenting Bank of Ceylon’s tenth Integrated Annual Report, which covers performance during the year while setting out the Bank’s future direction. The Report aims to provide a balanced review of the Company’s performance by communicating material information in a concise but comprehensive manner. The Report takes a stakeholder perspective when describing the Bank’s performance, with a focus on how the Bank derives value from and delivers value to its stakeholders.

In light of unprecedented changes to the operating environment in the lead up to 2022 and during the year under review; the Report examines in detail the direct and indirect impact of these changes, to the Bank and its stakeholders. This is described in the expanded Operating Context, in the section on Operating Context, and throughout key sections of the Report such as the Business Line Reviews and the Stakeholder Outcomes.

Available media

Bank of Ceylon’s Annual Report is made available through a variety of channels for ease of access, while meeting the diverse needs of our stakeholders.

These include a digital Annual Report accessible through our website, and a concise video Annual Report that provides a summary of our performance in brief.

Reporting Scope and Boundary

This Integrated Annual Report covers the domestic and overseas operations of Bank of Ceylon (also referred to as “BoC” or “the Bank”) and its subsidiaries (collectively referred to as “the Group”) during the 12-month period from 1 January 2022 to 31 December 2022.

Key financial aspects represent consolidated information, while non-financial aspects are discussed in context of the Bank, given its dominance within the Group. The reporting boundary remains unchanged from the previous year and there were no significant changes to the Group’s size, structure, or supply-chain other than the delisting of Property Development PLC.

As per changes to the Board and the Chief Executive Officer/General Manager before the sign off date of this report, the Report includes a message from the Bank’s newly appointed Chairman and General Manager.

Integrity of Information

The Bank follows a combined assurance model to ensure credibility and integrity of external reporting. The Audit Committee and Internal Audit functions are responsible for ensuring the effectiveness of the Group’s financial reporting processes and relevant internal controls, while external assurance on the Consolidated Financial Statements is undertaken by the National Audit Office. The Bank’s Corporate Management team is accountable to the Board for preparation of the Report. The Report has been prepared with input from the leadership team, cross-functional internal information, and other relevant external information.

Sustainability information published in the Report has been externally assured by Messrs. KPMG. There were no major restatements of non-financial information published in last year.

Precautionary Principle

The Bank’s approach to mainstreaming sustainability in its core business operations has foundational consideration for the precautionary principle. The Bank’s efforts towards sustainable financing, outlined in the section on Community and Environment, detailed actions were taken not only to mitigate potential negative impacts of operations, but also to proactively address local and global challenges to the environment and health and safety of stakeholders.

Basis of Preparation

The Report follows a structure that is in line with guidelines in the <IR> Framework. Disclosure is based on identified material topics. The Bank’s process for determining material topics, and their alignment with reporting metrics, is outlined in the Material Issues section.

The Report utilises referencing and signposting throughout pertinent sections to highlight key Environmental, Social, and Governance (ESG) disclosures as per the GRI reporting framework. Contribution to specific UN SDGs in line with the Bank’s sustainability ethos; and reference to Capitals prescribed by the <IR> Framework are also included.

Reporting Improvements

Increased relevance describing the impact of the operating environment on the Bank’s stakeholders.
Increased focus on the Bank’s response to the operating environment and stakeholder needs.
Increased connectivity and reporting against the Bank’s strategic framework.
Improved connectivity across the Report through the use of signposting and referencing to highlight interrelations between Capitals; contribution to the Global Goals; and pertinent ESG metrics in line with the GRI Standards.
Multi-channel presentation and distribution of the Report (print, digital: HTML, video) to meet varied requirements of stakeholders.

Significant Frameworks Considered

Sri Lanka Accounting Standards issued by CA Sri Lanka.

The Integrated Reporting framework prepared by the International Integrated Reporting Council (IIRC), now part of the IFRS Foundation.

The Integrated Thinking Principles, prepared by the Value Reporting Foundation, now part of the IFRS Foundation.

The Global Reporting Initiative (GRI) Sustainability Reporting Guidelines (GRI Standards).

Industry Standard for Commercial Banks published by the Sustainability Accounting Standards Board (SASB).

Global indicator framework for the SDGs and targets of the 2030 Agenda for Sustainable Development (A/RES/68/261).

ESG Reporting Framework of the CSE.

Gender Parity Reporting Framework of CA Sri Lanka.

Code of Best Practice on Corporate Governance issued by CA Sri Lanka (2017).

Listing Rules of the Colombo Stock Exchange (CSE).

Bank of Ceylon Ordinance No.53 of 1938 and amendments.

Banking Act No. 30 of 1988 and subsequent amendments.

Guidelines issued by CBSL and CSE listing requirements on Financial Statements and other disclosures for Licensed Commercial Banks.

Index of Icon References


Customers icon


Employees icon


hareholder and
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Shareholder and Fund Provider

Community and
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Community and Environment

Partners icon

Business Partners

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Capital icon

Financial Capital

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Manufactured Capital

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Human Capital

Social and
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Social and Relationship Capital

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Intellectual Capital

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Natural Capital

Strategic Pillars

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Customer- centricity

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Digital Excellence

Rewarding Credit
Culture and Healthy
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Rewarding Credit Culture and Healthy Credit Portfolio

Building a
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Building a High-Performing Team

and Sustainable
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Stability, Governance and Sustainable Growth