STRATEGY AND RESOURCE
ALLOCATION
Excellence
in Customer
Experience
Digital
Excellence
Rewarding Credit
Culture and Healthy
Credit Portfolio
Building a
High-Performing
Team
Leveraging
our strengths
•
Extensive branch network
spread across the country
and large correspondent
banking network with
wide coverage.
•
Leading Banking brand in
the country
•
Market Leadership
Addressing
our weaknesses
•
Attracting new generation
•
Risk of Stage 3 loans
exposures.
•
Legacy systems
and challenges in
integration.
Identifying
opportunities
•
Increase in digital adoption
•
Tendency for green
financing
•
Credit demand in line with
the boom in economic
activities
Safeguarding
against threats
•
Competition from peers and
fintech companies
•
Cyber security threat
•
Implications of climate
changes
•
Brain drain
I n t e n d e d o u t c o m e s :
Unlocking
value by
S
T
W
O
Excellence in
customer service
Ensuring consistent
and superior customer
experience across all
brick and mortar, and
virtual platforms.
Retaining market
leadership
Leverage the Bank’s brand
strength and unmatched
customer expectations,
offer relevant products
and superior customer
experience, to maintain
market leadership position.
Leading in digital
adoption
Transforming the
experience of both
internal and external
customers by adopting
cutting-edge technology
Best in sustainable
banking
Effectively address
challenges prevalent in
the economic, social and
environmental spheres
by deploying proactive
and meaningful solutions
Strategic
pillars:
Growth
Stability,
Governance
and Sustainable
In a landscape defined by economic dynamism and technological evolution, BoC stands at the
forefront, poised to redefine the future of banking. Our strategy is not just a roadmap; it's a
commitment to innovation, customer centricity, and sustainable growth. This section outlines
the key pillars of our strategic framework and the actionable steps we are taking to drive
growth and prosperity for all citizens.
Excellence in
Customer Experience
Related SDGs:
Related material themes:
M1
M2
M4
WHY IT
MATTERS
Our customers are at the core of everything we do. Thus, we are committed to understand their evolving needs
and preferences to deliver personalised solutions that, cater to their financial goals.
RESOURCE ALLOCATION
•
LKR 3.2 billion investment in property, plant and equipment
•
42 branches refurbished
•
35 training programmes conducted on customer service
•
1,210 customer awareness programmes conducted
•
Various concession to customers in terms of rescheduling and
restructuring
CAPITAL TRADE-OFFS
•
Financial capital was impacted due to deferment of
payments, interest rate reductions etc.
•
These actions helped retain our customers and
strengthened our brand image.
•
Improvements to the customer contact points
strengthened our footprint across the island.
Capital
impacted
Financial
Capital
-
Manufactured
Capital
+
Social and
Relationship
Capital
+
Intellectual
Capital
+
2023 OUTCOMES
Net Promoter Score (NPS)
33%
Customer Satisfaction Score (CSAT)
79%
New customers acquired
1,045,000
Customer penetration
73%
Customer touchpoints
2,241
2024 FOCUS
•
Improve the turnaround time
•
Introduce products that appeal to the younger
generation
Stability, Governance
and Sustainable
Growth
Related SDGs:
Related material themes:
M2
M4
WHY IT
MATTERS
Prioritising stability, governance and sustainable growth builds the trust and loyalty of our stakeholders, ensures
ethical operations, and secures a lasting impact on the community and the environment.
RESOURCE ALLOCATION
•
USD 3.0 billion allocated to finance essential imports
(fuel and gas)
•
LKR 129.7 million investment in community engagement
•
52 solar-powered branches as of end 2023
•
1,126 officers trained for ESMS screening
CAPITAL TRADE-OFFS
•
Allocation of capitals to mainstream sustainable growth
and align with the CBSL’s Sustainable Financing roadmap
has in turn led to improved brand presence and equity; a
better-equipped workforce; improved relationships with
business partners, regulators, and communities and a
positive environmental impact.
Capital
impacted
Financial
Capital
-
+
Manufactured
Capital
+
Human
Capital
+
Intellectual
Capital
+
Social and
Relationship
Capital
+
Natural
Capital
+
2023 OUTCOMES
Economic value created
LKR 144.1 billion
Carbon footprint reduction
28%
Renewable energy generated
3,245.3 MWh
Scholarships to Nanajaya beneficiaries
2,872
Hapana Grade 5 scholarships for Ran
Kekulu account holders
12,459
2024 FOCUS
•
Sustain the market leadership
•
Accelerate the operations of overseas branches
•
Enhance sustainability engagements
Rewarding Credit
Culture and Healthy
Credit Portfolio
Related SDGs:
Related material themes:
M2
WHY IT
MATTERS
A healthy credit portfolio is synonymous with financial stability. It reflects the quality of assets and the Bank's
ability to manage credit risk effectively.
RESOURCE ALLOCATION
•
LKR 3.4 billion credit concessions granted
•
58 training programmes conducted
•
LKR 38.8 billion of customer cash flow managed by BRRU
•
21 recovery workshops conducted
•
174 customers were supported under BRRU
CAPITAL TRADE-OFFS
The Bank prioritised the revival and rehabilitation of
businesses, as part of its customer-centric approach by
allocating both financial capital and human capital.
Capital
impacted
Financial
Capital
-
+
Human
Capital
+
Social and
Relationship
Capital
+
2023 OUTCOMES
Loan book value
LKR 2.5 trillion
Stage 3 ratio
5.1%
Number of customers revived
174
2024 FOCUS
•
Reduce Stage 3 loans and advances
•
Increasing private sector lending
•
More focus for green lending
Digital
Excellence
Related SDGs:
Related material themes:
M1
WHY IT
MATTERS
In an era where convenience is paramount, we believe in leveraging cutting-edge technology to enhance
customer experience, streamline operations, and introduce innovative financial products and services.
RESOURCE ALLOCATION
•
LKR 1.4 billion investment in digital infrastructure
•
163 CRMs installed
•
1,026 new POS machines
•
156 new IPG merchants
CAPITAL TRADE-OFFS
•
Investments were made to further strengthen the Bank's
digital infrastructure including cybersecurity.
•
These investments generate cost savings, improve
revenue streams, enhance customer experience and
unlock process efficiencies.
Capital
impacted
Financial
Capital
-
Manufactured
Capital
+
Human
Capital
+
Intellectual
Capital
+
Social and
Relationship
Capital
+
2023 OUTCOMES
Growth in digital transactions volume
8%
Customers onboarded to virtual
platforms
778,427
Digitally enabled customers
34%
Virtually enabled customers
19%
2024 FOCUS
•
Process streamlining
•
Data driven culture
•
Enhance digital adoption in rural areas
Building a
High-Performing
Team
Related SDGs:
Related material themes:
M3
WHY IT
MATTERS
We believe our people-centred corporate culture differentiates us in the market. We are focused on embracing
diversity and improving equality and inclusion in our workforce as this drives diversity of thought, innovation and
creativity needed in the future place of work.
RESOURCE ALLOCATION
•
LKR 29.8 billion invested in remuneration and benefits
•
LKR 200.1 million invested in training and development
•
LKR 183.4 million invested in staff safety and well-being
CAPITAL TRADE-OFFS
•
Among other benefits, financial capital was allocated to
adjust remuneration in line with the rising cost of living
and loans and advances at concessionary rates. Such
investments have enabled us to enhance employee
loyalty, greater customer service/experience, and results
in greater productivity and efficiency.
Capital
impacted
Financial
Capital
-
+
Human
Capital
+
Intellectual
Capital
+
Social and
Relationship
Capital
+
2023 OUTCOMES
Retention rate
95%
Average training hours per
employee
32 hours
Net profit per employee
LKR 3.1 million
Female representation
60%
2024 FOCUS
•
Improve productivity
•
Human Resources of the Bank ready for the virtual
environment
•
Increase employee well-being
STRATEGY AND RESOURCE
ALLOCATION
SUPPORTING FINANCIAL SERVICES
National Chamber of
Commerce, Sri Lanka
Ceylon Chamber of
Commerce
Green Building Council
of Sri Lanka
Biodiversity Sri Lanka
The Financial
Ombudsman of
Sri Lanka (Guarantee)
Limited
Sri Lanka Law Library
Asia Pacific Rural and
Agricultural Credit
Association (APRACA)
Sri Lanka Banks’
Association (Guarantee)
Limited
Association of Compliance
Officers of Banks, Sri Lanka.
Association of Banking
Sector Risk Professionals,
Sri Lanka
As one of the leading banks in the
country, BoC actively collaborates
with industry stakeholders through its
membership in industry associations
and professional bodies. The Bank's
membership in these institutes
contributes to the development
of industries, the financial services
sector and the Sri Lankan economy.
The Bank's membership in these
associations is an opportunity to
harness strength and partnership for
the mutual benefit of the industry.
During the year under review, the
Bank retained the membership of the
institutions including;