Bank of Ceylon emerges victorious at the ‘CMA Excellence in Integrated Reporting Award 2021’
Sri Lanka’s No. 1 Bank, Bank of Ceylon emerged victorious at the‘CMA Excellence in Integrated Reporting Awards 2021’by capturing three important awards. The annual award ceremony was organised with an aim of encouraging Sri Lankan private companies and Government institutions, both listed and unlisted, to follow principles of integrated reporting that benefits investors and stakeholders. Bank of Ceylon was awarded with Best Disclosure on Value Creation and Best Integrated Report - State Owned Enterprises / Companies awards. Further, the Bank was also recognised among “Ten Best Integrated Reports” for the year.
“The award emphasises the Bank’s commitment on upholding good governance and integrity in all its operations. Being a responsible state bank, Bank of Ceylon believes its success for over eight decades as the No.1 Bank in the country is strongly linked to these values. We are humbled and thank all our stakeholders in this endeavour” stated the General Manager Mr. K.E.D. Sumanasiri.
“These awards recognise the Bank’s integrated reporting and the value creation model, the recognition given by a professional body in our reporting and the value we deliver demonstrates the eminent role we play as a financial institution,” the Bank’s Additional General Manager/ CFO Mr. Russell Fonseka stated.
With 41 entitles qualifying for the awards, each of their application had been strictly evaluated on guidelines that apply in the International Framework while the integrated reports were judged on Guiding Principles and Content Elements and Fundamental Concepts appearing in the International Framework ( IR) issued by the International Integrated Reporting Council (IIRC).
Going beyond accounting and financial information, the judging panel also scrutinised non-financial information provided with special emphasis given to strategic focus and future orientation, connectivity of information and reliability and completeness. The companies were required to uphold these rigorous standards in their integrated reporting to qualify for these awards. The comprehensive evaluation for the CMA Awards considered several category recognitions in conciseness, capitals, Materiality, Value Creation, Strategic Focus, integrated thinking, SDG Reporting, and Diversity Reporting. Winners were selected by an eminent panel of judges compromised of local and international professionals in the field.
Bank of Ceylon, the premier financial services organisation in Sri Lanka, was also awarded the coveted title of “Bank of the Year 2021 – Sri Lanka” by The Banker Magazine U.K.The prestigious award was awarded recognition of the Bank’s contribution to uplifting the lives of all Sri Lankans, while fulfilling its duty as the premier state bank. This award adds yet another title to the multiaward winning bank that has been listed in the Top 1,000 Banks in the World ranking, consecutively since 2012, with a country ranking of No. 1, again by “The Banker” magazine, UK. Brand “BOC” is named as the No. 1 Banking Brand in Sri Lanka by Brand Finance Lanka with a brand value of over Rs. 53 billion for the year 2021 – the highest ever brand value recorded by a banking institution. Further, Bank of Ceylon also won the “Albert A. Page Memorial Trophy” for the State bank sector at the 56th Annual Report Awards Organised by the Institute of Chartered Accountants of Sri Lanka ( CA Sri
Lanka) early this month. The Bank has been rated at AA- ( lka) by the Fitch Rating of Lanka, which was reaffirmed in the month of July 2021. The Bank ensures that all Sri Lankans from all walks of life are empowered and benefitted from the banking system and are capable of delivering their best for the betterment of the socio- economic development of the country.
Bank of Ceylon, the premier financial services organization in Sri Lanka, was also awarded thecoveted title of “Bank of the Year 2021 – Sri Lanka” by The Banker Magazine U.K.The prestigious award was awarded recognition of the Bank’s contribution touplifting the lives of all Sri Lankans, while fulfilling its duty as the premier state bank.