The Commercial Bank of Ceylon has been named the ‘Best Bank in Sri Lanka’ for a remarkable 22nd year in the ‘World's Best Banks 2024’ list released recently by the US-based Global Finance magazine.
Global Finance said its Best Bank Awards recognise financial institutions that offer the broadest range of services, long-term reliability, and technological innovation.
“The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success,” the magazine said. “Winning organizations managed their assets and liabilities in a savvy way in light of the fast-changing interest rate scenarios.”
The 2024 edition of Global Finance’s list of 28 Best Banks in the Asia Pacific region names Commercial Bank alongside leading banks of the calibre of CBA (Australia), China Construction Bank (China), HSBC (Hong Kong), ANZ (New Zealand), UOB (Singapore), Hana Bank (South Korea), MUFG Bank (Japan), and State Bank of India (India), which were adjudged the best banks in their respective countries.
These winning banks are to be honoured at an awards ceremony to be held during the IMF/World Bank annual meetings in Washington DC, on October 26, 2024.
Commenting on winning this prestigious accolade, Commercial Bank Managing Director/Chief Executive Officer Mr Sanath Manatunge said: “The last financial year saw the Bank achieve several milestones in performance and break new ground in sustainability, digitisation and initiatives to help SMEs and women entrepreneurs build their businesses. All of this was achieved while managing volatility in the market, and we have ended the year stronger, with our market leadership positions intact. This award is an excellent tribute to the strength and determination of the Commercial Bank team that made this possible.”
The largest private sector bank in Sri Lanka with Group assets of Rs 2.656 trillion, deposits of Rs 2.148 trillion, a loan book of Rs 1.296 trillion and gross income of Rs 341.566 billion as at 31st December 2023, Commercial Bank was also the biggest lender overall, to the country’s Small & Medium Enterprise (SME) sector in 2023. The Bank continued to be the benchmark private bank in Sri Lanka with the highest market shares among private sector banks in deposits, loans, total assets, market capitalisation, gross income and total capital base.
In selecting the World’s Best Banks for 2024, Global Finance considered factors that ranged from the quantitative objective to the informed subjective. Objective criteria included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Award winners were selected by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.
A full report on the Best Bank selections will be published in the May issue of Global Finance, with winners chosen in over 150 countries across Africa, Asia-Pacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe. This report will also feature selections for the Best Islamic Financial Institutions and the World’s Best Banks by Region. In addition, Global Finance will announce the Best Banks in the US Region shortly.
Founded in 1987, Global Finance has readers in 193 countries, territories and districts, and a circulation of 50,000 that reaches chairpersons, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance is headquartered in New York and has offices in London and Milan.
The largest private sector bank in Sri Lanka, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the country’s first 100% carbon neutral bank, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank 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.
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