Business News Update: The Commercial Bank of Ceylon has been crowned the ‘Bank of the Year’ 2019 in Sri Lanka by The Banker Magazine of the UK, the longest-running international banking publication in the world.
Considered the Oscar equivalent in the global banking fraternity, this award is presented to financial institutions excelling in growth and performance, strategic initiatives, innovation in technology, new or upgraded products and services, and other noteworthy achievements in the field.
This is the 11th time the Bank has won this award; a feat hot on the heels of receiving the title of ‘Sri Lanka’s Best Bank’ from the USA –based Global Finance Magazine.
“This award is a great way to end the year on a high note,” Commercial Bank Managing Director and CEO Mr S. Renganathan said. “It is not a secret that conditions for banking have been challenging, but there can be no better benchmark of class than performance in times of adversity. We therefore value this award highly, and are confident that it will inspire the entire Commercial Bank team to strive for even better performance in the year ahead. We would also like to extend our heartfelt gratitude to our valued customers and shareholders for their unwavering loyalty over the years.”
The Commercial Bank of Ceylon PLC ended 2018 with assets of Rs 1.303 trillion, net profit of Rs 17.544 billion and Tier 1 capital of Rs 107.111 billion, all of which represented strong growth and performance. The Bank reported operating profit of Rs 31.6 billion for the year, reflecting a growth of 12.8% before taxes on financial services.
Net loans and advances to customers increased by Rs 123.7 billion or 16.8% over the 12 months of 2018 to stand at Rs 861.1 billion at the end of the year reviewed, recording an average increase of more than Rs 10 billion per month. This was the fourth successive time that Commercial Bank increased its loan book by more than Rs 100 billion in a year.
The Bank’s deposits portfolio recorded a growth of 15.6% or Rs 132.9 billion to Rs 983.0 billion as at 31st December 2018, reflecting average monthly growth of over Rs 11 billion. This was the third successive year in which the Bank’s deposits grew by more than Rs 100 billion.
Commercial Bank also paid a total of Rs 14.3 billion in taxes (income tax, taxes on financial services including Debt Repayment Levy of Rs 650 million and crop insurance levy) to the Government in respect of 2018, approximately 45% of its profit.
The Banker magazine provides economic and financial intelligence for the world’s financial sector and has built a reputation for objective and incisive reporting. It has been the trusted source of banking information since 1926 and has navigated its way through over 90 years of banking coverage from the Wall Street Crash of 1929 to the financial crisis of 2008 with the same reputation for accuracy, authority and integrity.The Banker strives to stimulate and inform, offering an unparalleled outlook with a wide range of news, features, analysis and interviews, and in-depth coverage of all the key issues facing the financial sector.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank operates a network of 267 branches and 856 ATMs in Sri Lanka. The Bank won over 40 international and local awards in 2018, has received more than 30 awards to date this year, and been ranked among the 10 Most Admired Companies in Sri Lanka in 2019.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.