The Commercial Bank of Ceylon has further strengthened its credentials as the Best Bank in Sri Lanka by winning the country award for Sri Lanka at FinanceAsia’s Annual Country Awards 2011.
FinanceAsia’s latest rankings, published in the magazine’s July 2011 issue, are based on the respective banks’ financial performance for FY 2010. The evaluation criteria included capital adequacy, liquidity and cost income ratios, pre and post tax profits, provisions for possible losses, return on equity and network of branches, agents and correspondents.
Total assets, loans and deposits portfolio, vision and long term strategy, as well as market position versus its nearest competitor were also taken into consideration by FinanceAsia for the awards.
Commercial Bank was singled out for this prestigious accolade due to strong performance in all key indicators as well as its strategic relationships and customer service, the bank said.
“Awards based on independent third-party assessments that use internationally accepted measurements are very useful as they affirm the success of our efforts to match global players,” Commercial Bank Managing Director Amitha Gooneratne said. “These accolades should also make our customers proud to be with Commercial Bank whilst we too value the loyalty placed on us continuously by our esteemed customer base.”
Other winners of FinanceAsia’s Best Bank awards in the region include HSBC – Hong Kong, HDFC Bank – India, DBS – Singapore, Chinatrust Commercial Bank – Taiwan, Hana Bank – South Korea, China Construction Bank – China and Bank Mandiri – Indonesia.
Commercial Bank operates a network of 200 computer-linked Service Points in Sri Lanka in addition to 17 Service Points in Bangladesh. The Bank also owns the single largest network of ATMs in the country currently numbering 430 terminals.
First published in 1996, FinanceAsia has over the past decade become one of the world’s leading sources of information on the Asian financial markets. Published monthly in Hong Kong, FinanceAsia provides readers with latest financial trends, interviews, features and investigative reports. The Publication has a monthly circulation of over 20,000 including key corporate decision makers, government officials, investment and commercial bankers, institutional investors and financial intermediaries. Commercial Bank is the largest private bank in Sri Lanka, and the most internationally lauded financial institution in the country. The bank has been adjudged ‘Best Bank in Sri Lanka’ for 13 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.