BOC recognised for economic contribution and sustainability at BCCS Awards 2017
Bank of Ceylon (BOC) won two awards at Best Corporate Citizen Sustainability Award Ceremony 2017 held recently at Cinnamon Grand, Colombo.
BOC was recognised as the winner of the ‘Triple Bottom Line - Economic Sustainability (Profit)’ award and also recognized as a category winner – ‘Economic Contribution’ award. These two awards were awarded to the bank in recognition of its sustainable business growth, economic value creation and contribution towards the national economy.
Organised by the Ceylon Chamber of Commerce (CCC), the event was graced by Japanese Ambassador in Sri Lanka Kenichi Suganuma, as the chief guest. The keynote speaker was David Bent, a global expert on corporate sustainability.
The award ceremony recognizes business entities that have shown exemplary performances as sustainable corporate entities. By recognizing these corporate entities the CCC encourages companies to follow the triple bottom line - People, Profit and Planet - sustainability practices and build a sustainable cycle where the company’s longterm sustainability thrives as much as it gives back to the community and every possible stakeholder.
“Living up to its promise as ‘Banker’s to the Nation’, Bank of Ceylon has strategically built its three pillars around its entire scope of operations to reap benefits for all its stakeholders. As a state bank, BOC’S objective is to assist the Government of Sri Lanka’s economic objectives that get translated into the whole country’s socio-economic development. Therefore, the final beneficiaries of this whole process are all Sri Lankans in general.
Currently, BOC is the highest profit-earning single business entity in the country. Its PBT of the year 2015 and 2016 were calculated as Rs.25.3 billion and Rs.31.2 billion, respectively,” stated General Manager D.M. Gunasekara.
The bank brought forward the digital-infused transformation that has enabled the bank to reduce operational costs and contribute more towards its main stakeholder, the Government of Sri Lanka. With its ability to reach every economic segment in the country successfully, with the islandwide network of branches and its vast array of products that can genuinely address the needs of these segments, corporate social responsibility is actually an every-day business practice for BOC.
BOC from being a responsible services provider for its customers, whose integrity has been tested over a span of 78 years, the bank has evolved to deliver a service which goes beyond mere banking to its community. BOC has been with Sri Lankans throughout their joys and sorrows with great empathy and helped them to outgrow their shells of socio-economic obstacles and become more economically-able to achieve their individual visions.
Moving forward, the bank has formulated its comprehensive sustainability policy to address strategic placement of procedures and processes to strengthen the triple bottom line: social, economic and environmental pillars. Strategic corporate social responsibility is embedded into the sustainability policy of the bank.the strategic implementation of digital transformation that commenced in early 2014 gradually replaced many of traditional procedures, policies and technologies and has laid down a solid foundation for the bank to embark on ‘green banking’. BOC has been engaged in green initiatives such as paper recycling, e-waste management, installing eco-friendly equipment, installing energyefficient lighting systems in branches and the head office, maintaining green gardens at selected branches with rain water harvesting systems.
The solar-powered system in selected branches is also a recent addition to the bank’s green banking process. Engaging the society to walk along with this noble initiative, the bank planted 100,000 trees in line with the bank’s 75th anniversary in 2014 gathering school children and public from all over the country.
The bank’s Kilinochchi branch was endorsed as a green branch recently as it was designed to have a solar energy system and utilizes space and architectural design to obtain more natural light and air, vertical green garden to keep the interior cool, rain water harvesting system and a Smartzone for digital banking.
So far, the bank has established solar power renewable energy systems at 20 branches, including the Thissamaharama and Kekirawa branches. BOC was also recognized as the highest financial assistance provider for solar power technology, at the ceremony held to mark the generation of 100 megawatts through renewable energy organised by the Power and Energy Ministry.
By increasing its CDM/ ATM network to reach over 900 machines throughout the country, encouraging customers to enrol with ‘online banking’, introducing ‘no passbook’ Smartgen account option, workflow automation and document management systems, BOC has not only promoted green banking but also promoted sustainable and inclusive economic growth.
For BOC, improving social and economic well-being is an integral part of its core operations. In this regard, the bank ensures that it follows ethical guidelines to sustain customer relationships. Whilst providing a dedicated banking service to its community, BOC looks into the sustainability of its customer’s business as well.