Strategic leadership transforms state banks into national strength: Prez

BOC Chairman Kavinda de Zoysa presenting the bank’s annual report to the President

Sri Lanka’s state-owned Bank of Ceylon (BOC) and National Savings Bank (NSB) reported record profits for 2024, which President Anura Kumara Dissanayake described as a landmark in the transformation of public institutions.

“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,” the President said at the of

ficial handover of the annual reports by the chairmen of both banks at the Presidential Secretariat yesterday.

BOC reported a pre-tax profit of Rs. 106 billion, the highest ever posted by any institution, public or private, in the country. 

“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,” said Chairman Kavinda de Zoysa.

The bank attributed the performance to disciplined financial management and targeted support for national development. 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, de Zoysa said.

NSB reported a pre-tax profit of Rs. 26.4 billion, up sharply from Rs. 4.2 billion in 2023. 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,” said Chairman Dr. Harsha Cabral.

NSB Chairman Dr. Harsha Cabral presenting the bank’s annual report to the President

Cabral pointed to internal reforms, macroeconomic stability, and improved stakeholder collaboration as themain drivers of the turnaround.

“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.”

He also noted that NSB had become self-sustaining. “We are a self-sustaining success story and not a burden on the Treasury anymore. With professional management and financial discipline, NSB has achieved its targets and hopes to exceed them in 2025.”

NSB reduced its workforce from 4,600 to 4,200 while maintaining its 262-branch network. Employee benefits included a five-month bonus and the reintroduction of a gold coin award for long service employees after a five-year gap.

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.