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| Sunday, 5 May 2002 |
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| News Business Features Editorial
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Commercial Bank ranked No. 1 company in Sri Lanka The Business Today magazine has ranked Commercial Bank the No. 1 performer among Sri Lanka's corporate sector for 2001. This latest score card is primarily based on the financial performance of Sri Lanka's private sector for the year 2000/2001. Last year, Commercial Bank was placed fourth. The bank has strengthened its position as Sri Lanka's best-managed bank, and has been quick to master the technology and deliver services in the most consumer-friendly way. It has a well-balanced loan portfolio and a client base that has contributed to its strong financial performance. Apart from host of advantages of COMNET, customers are able to utilise any service point of the bank even Minicom Centres (Super Market Banks) and the extensive network of ATMs. Even customers of other banks having Cirrus, Master Card and Visa Plus cards can use the Commercial Bank ATM network, by far the largest. The same criteria that has been established in selecting the top 10 over the past six years was used this year as well. The criteria comprises sales turnover, growth in sales turnover, profitability, growth in profitability, return on equity, earnings per share, value added per employee, market capitalisation, value of shares transacted, value addition, social responsibility, quality of products or services and employer of choice. The last three categories were surveyed through focus groups representing a cross-section of interest groups. "Commercial Bank maintained its top position among the local private banks in 2001, with a record post-tax profit of more than one billion rupees, in spite of the year being one of the most difficult for the Sri Lankan economy," said Amitha Gunaratna, Managing Director Commercial Bank. He also added that the attraction of Commercial Bank recorded a growth of 25 per cent in deposits and 14.6 per cent in loans and advances, both of which were above industry averages. The bank's pre-tax profit has grown to 15.7 per cent or Rs. 1,324.96 million, staying ahead of the inflation rate for the year. Post-tax profits reached Rs. 1,009.96 million, another significant achievement, in the context of an increase in the tax liability of the bank by about Rs. 60 million, due to the 20 per cent tax surcharge imposed by the government. The bank also has the highest market capitalisation among listed banks in Sri Lanka and ranks number three among all listed companies, he added. Recently Commercial Bank was also adjudged Bank of the Year 2001 by the two international magazines The Banker published in UK and Global Finance published in the US. In fact Global Finance has rated Commercial Bank as the Best Bank in Sri Lanka for three consecutive years from 1999 to 2001. |
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