OVERVIEW
About This Report
WELCOME TO THE
BANK OF CEYLON
A N N U A L R E P O R T 2 0 2 4
This report provides a comprehensive view of the domestic and overseas operations of Bank of Ceylon (hereafter referred to as 'BOC' or 'the Bank') and its subsidiaries (collectively referred to as 'the Group') from 1 January 2024 to 31 December 2024.
We welcome you to our 12 Integrated Annual Report 'Built on Trust, Strengthened by Connection'.
We endeavour to present a clear view of our strategic objectives and the material matters that drive our value creation to our stakeholders. In navigating a dynamic external environment, we have aligned our strategic objectives with both emerging challenges and opportunities, ensuring that our actions create enduring and sustainable impact for all stakeholders.
This year, we have sharpened our focus on key priorities, integrating innovation, sustainability and community impact into our core strategy. By fostering transparency and addressing the needs of our stakeholders, we are building a resilient future where integrity and purpose guide every decision.
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.
MATERIALITY
BOC applies a double materiality lens to determine the matters relevant for reporting disclosures, which identifies the matters that impact our ability to create or preserve value (financial materiality) and our impact on the environment, communities and society (impact materiality) in the short, medium and long term. The Bank's process for determining material topics, and their alignment with reporting metrics is outlined in the Material Matters section on pages 50 to 53.
REPORTING FRAMEWORKS
Our Report complies with the following reporting standards and frameworks.
The Integrated Reporting Framework of the International Integrated Reporting Council (IIRC)
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)
PRECAUTIONARY PRINCIPLE
The Bank's approach to mainstream sustainability in its core business operations has foundational consideration for the precautionary principle. The Bank's efforts towards sustainable financing, outlined on pages 105 to 111, indicate actions are 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.
COMBINED ASSURANCE
We aim to ensure the integrity of both our financial and non-financial information through a combination of monitoring and oversight by management, Internal Audit and external assurance providers. Through this combined assurance model, we seek to optimize the assurance obtained from management, internal and external assurance providers while fostering a strong ethical context and mechanisms to ensure compliance.
The Report has been prepared with input from the leadership team, cross-functional internal information, and other relevant external information.
There were no major restatements of non-financial information published during the previous year.
Certain forward-looking statements regarding the Group's future performance and prospects may be included in this Report. These statements cannot be considered guarantees of future performance or outcomes as they may be influenced by emerging risks, future events, changing circumstances and other important factors that cannot be predicted and are out of the Bank's control. These events may cause actual results to differ from our current expectations as disclosed in this Report.
OUR EVOLUTIONARY
JOURNEY OF REPORTING
REPORTING
IMPROVEMENTS
- Greater connectivity of information.
- Improved disclosures on strategy, resource allocations, and Business Model.
- Enhanced coverage of the emergent risks and opportunities and the Bank's response.
- Offers Multiple access options.
