The Commercial Bank of Ceylon has been declared the ‘Strongest Bank in Sri Lanka in 2020’ by the Asian Banker Magazine, based on the strength of its balance sheet.
This accolade was presented to the Bank at a virtual plaque presentation ceremony on 25th February 2021 during which it was recognised as the strongest bank, with 50 places separating Commercial Bank and the second highest placed Sri Lankan bank.
Commenting on this international ranking accorded to the Bank, Commercial Bank Managing Director Mr S. Renganathan said: “This award is a testament not just to our resilience, but to our ability to grow in the face of adversity. Maintaining a strong balance sheet is crucial to our ability to continue to help our customers survive the effects of the pandemic.”
The 2020 Asian Banker Strongest Banks ranking which should have been announced between August and September of the year was delayed this time, to enable the Magazine’s research team to collate and incorporate the 2020 financial information into the assessment, to appraise performance during the pandemic. As such, this year’s ranking reflects some of the impacts of the pandemic on the financial performance of banks, the magazine said.
The rankings for 2020 recognised banks and financial institutions that had stood through the unprecedented disruptions to the global economy caused by the pandemic and are well-positioned to play an important role to help economies recover and to restore livelihoods.
The Asian Banker award is based on a detailed and transparent scorecard compiled and analysed after an independent assessment of six areas of balance sheet financial performance – the ability to scale, balance sheet growth, risk profile, profitability, asset quality, and liquidity.
The ranking includes the strongest banks in Australia, Bangladesh, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Japan, Laos, Macau, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, the Philippines, South Korea, Sri Lanka, Singapore, Taiwan, Thailand, and Vietnam.
The Asian Banker has been publishing its annual ranking of the Strongest Banks in the Asia Pacific region on the basis of balance sheet strength since 2007. The assessment ranks the top-performing banks in each country by strength, an evaluation that is based on a belief that a strong bank demonstrates long-term profitability from its core businesses. The ranking is widely followed by investors, analysts, and the media as the leading source to assess the financial strength of commercial banks in the region.
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 10 years consecutively, Commercial Bank operates a network of 268 branches and 887 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 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.
Commercial Bank’s Chief Operating Officer/Executive Director Mr Sanath Manatunge with the award.