- Moves up 5 places in the latest edition of LMD Leaderboard
- Remains highest-ranked bank in LMD 100 for 31st year
The Commercial Bank of Ceylon has been ranked second in the prestigious ‘LMD 100’ for 2023-24, moving up five places in the ranking the magazine calls ‘Sri Lanka’s Roll of Corporate Honour.’
With this latest LMD ranking Commercial Bank has not only retained its status as the highest-ranked bank in the LMD 100, but has also overtaken some of the country’s biggest diversified business groups in terms of turnover, on which LMD’s primary ranking is based.
Commercial Bank also has the distinction of being in the Top 10 of the LMD ranking every year since it was first published, 31 years ago.
“The bank is truly delighted to have secured second place in the LMD ranking, a testament to our strong performance over the past financial year,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge said. “It is an unequivocal demonstration of the intrinsic financial strength, deep-rooted resilience and agility of the Bank. This ranking is also a tribute to the commitment of the Commercial Bank team to achieve growth in adversity.”
Besides its turnover-based primary ranking of Sri Lanka’s leading listed companies, LMD also ranks companies by sector as well as by total assets, profit after tax, shareholders’ funds, market capitalisation and other performance indicators. The LMD 100 ranking encompasses many of the country’s leading conglomerates, telcos, retail giants, insurers and other sector leaders, as well as listed banks.
The Commercial Bank Group ended 2023 with gross income of Rs 341.5 billion, total assets of Rs 2.65 trillion and net profit of Rs 21.9 billion. The corresponding figures for the first six months of 2024 were Rs 163.1 billion, Rs 2.69 trillion and Rs 18.9 billion respectively.
Sri Lanka’s first 100% carbon neutral bank, Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank operates a strategically-located network of branches and 974 automated machines island-wide, and has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.