The Commercial Bank of Ceylon has been adjudged the Best Bank among Sri Lanka’s domestic banks by FinanceAsia, considered the world’s foremost information source on the Asian financial markets.
This prestigious accolade was conferred on Commercial Bank at the 27th FinanceAsia Country Awards gala at the Ritz Carlton in Hong Kong on 28th June. Notably, Commercial Bank was the first Sri Lankan bank to be honoured at these awards and has won the Best Bank award 12 times.
Other Country Award winners ranked alongside Commercial Bank as the Best Banks in their respective countries at this year’s FinanceAsia awards were CICC (China), HSBC (Hong Kong and South Korea), CTBC (Taiwan), and Allied Bank (Pakistan).
Commenting on the Bank’s consistent success in the FinanceAsia Country Awards, Commercial Bank Managing Director /CEO Mr Sanath Manatunge said: “Sector-leading financial performance is, of course, fundamental to the Best Bank award, but what makes this award particularly significant is that it looks beyond the figures to assess factors like strategy, customer service, business development, ESG compliance and customer centricity. Winners are therefore institutions that did not compromise on quality to improve financial performance.”
Assessments for the FinanceAsia Best Domestic Bank awards covered the performances of banks in 2022, a period the magazine said was impacted by supply chain woes, energy disruptions, geopolitical tensions, interest rate hikes and uncertainty.
“The FinanceAsia team invited banks, brokers and ratings agencies to showcase their capabilities to support their clients as they navigated these uncertain economic times. Our awards process celebrates those institutions that showed determination to deliver desirable outcomes, through display of commercial and technical acumen,” FinanceAsia said.
Among the factors that contributed to Commercial Bank’s victory was its achievement of the highest asset base, highest deposit base, largest lending portfolio, highest net profit, and highest gross income among private sector banks in Sri Lanka in the year assessed, as well as its recording the best CASA ratio among all banks in the country, and its position as the bank with the highest market capitalization on the Colombo Stock Exchange (CSE).
The Bank was also recognised for its market position in terms of having the highest market share of deposits, loans and total assets among private sector banks, the Bank’s sustainability initiatives in 2022, deployment of technological innovations for customer convenience, its support to small and medium enterprises (SMEs) via lending and knowledge base building, and its efforts to advance its vision and strategy.
First published in 1996, FinanceAsia provides readers with the latest financial trends, interviews, features and investigative reports. The company is owned by Haymarket Media Limited, the largest privately-owned publishing group in the UK.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector 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.