The Commercial Bank of Ceylon has been ranked one of the 10 ‘Most Admired Companies in Sri Lanka’ by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA).
This is the fifth occasion that Sri Lanka’s benchmark private sector bank has been formally named on this elite list, following a rigorous evaluation of quantitative and qualitative performance indicators.
Commenting on this significant tribute, Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “While sustainable performance remains a primary factor in generating admiration for a corporate entity, we believe that the less quantifiable perception-driven qualitative aspects such as good corporate citizenship, environmental and social governance, ethical compliance and customer responsiveness are equally important. These are key focus areas for Commercial Bank, which is why we are greatly encouraged by the endorsement implicit in the Most Admired Companies award.”
Open to both listed and unlisted companies, the ICCSL-AICPA-CIMA Most Admired Company Awards recognise companies for their financial performance, and their ability to practice sustainable and ethical ways of business for their employees, customers, investors and the community. Companies selected for recognition undergo a stringent evaluation process that is based on globally-accepted criteria by a distinguished panel of judges. Companies that had been in business for over five years as of 30th June 2023 and are 30% or more of Sri Lankan ownership were eligible to enter the awards competition.
Also ranked Sri Lanka’s ‘Strongest Bank Brand’ as well as the ‘Most Respected Bank’ in 2023, Commercial Bank of Ceylon ended 2022 with total assets of nearly Rs 2.5 trillion, gross income of Rs 280 billion, a deposit base of Rs 1.9 trillion, a loan book of Rs 1.2 trillion and net profit of Rs 24 billion.
One of the highlights of the Bank’s performance in 2022 was the confirmation by the Ministry of Finance that it was by far the biggest lender to Sri Lanka’s SME sector in that year as well, accounting for one in every three loans granted by all state-owned, private and specialised banks in the country.
Sri Lanka’s first 100% carbon neutral bank and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.