Sri Lanka is once again represented in the top 1,000 banks in the world, with the inclusion of the Commercial Bank of Ceylon to this prestigious annual ranking by the UK based ‘The Banker’ magazine.
Commercial Bank is the only Sri Lankan bank in this ranking by the premier magazine serving the world’s investment, retail and commercial banking sectors.
Commercial Bank has been ranked 52nd in the world in the Performance category (assessed on profits on average capital) and 986th on Tier 1 capital, the criterion widely accepted as the most important benchmark for assessing the financial stability of a bank, in the publication’s July 2011 issue.
“The significance of this achievement by Commercial Bank is evident when viewed in the context that only three banks from Singapore are ranked among the top 1000,” Commercial Bank Managing Director Amitha Gooneratne said. “This is an excellent and timely endorsement of the Bank’s stability and robust performance at a time it is poised to play a key role in supporting economic development in the country as its leading private bank.”
According to ‘The Banker’ report, Commercial Bank’s Tier 1 Capital stood at US $ 265 million and assets at US $ 3,338 million at the end of 2010. For FY 2010 the Bank’s capital assets ratio was 7.94 per cent, profits on average capital was 34.19 per cent and pre-tax profit was US $ 84 million representing a YoY profit growth of 34.88 per cent.
Among the banks surpassed by Commercial Bank in the different areas of assessment by The Banker are some of the world’s largest banks including the Bank of America, Citigroup, Bank of China, HSBC Holdings, Deutsche Bank and Barclays.
At the top of the elite group of 1,000 banks (based on Tier 1 Capital) are the Bank of America, JPMorgan Chase & Co, HSBC Holdings, Citigroup, Mitsubishi UFJ Financial Group, Industrial Commercial Bank of China, Wells Fargo & Co, China Construction Bank Corporation and Bank of China.
The Top 1000 rankings are compiled from a database of over 5000 banks worldwide and are widely recognised by the global financial community as the definitive guide to bank rankings and analysis. Begun in 1970, The Banker Top 1000 Banks of the World ranking is used all year round by senior bankers, corporate treasurers, corporate financiers, the professional services community and many more. The Banker is published by Financial Times Business, which is the specialist publishing and conferences arm of the FT Group.
Established in 1969, Commercial Bank is the largest private bank in Sri Lanka, and operates a network of 202 computer-linked service points and the country’s single largest ATM network of 436 terminals. 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. The bank’s operations in Bangladesh comprise of 17 service points.