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| Sunday, 16 June 2002 |
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| News Business Features Editorial
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Commercial Bank adjudged best bank The Commercial Bank of Ceylon has been rated best bank in Sri Lanka for the fourth successive year, by Global Finance, a publication serving the international business community. The New York based monthly, which is circulated in over 160 countries, has selected the Commercial Bank on the basis of its financial performance in 2001, prudent use of resources and heavy investment in technology and solid capital base and capital adequacy ratios. This year's Global Finance survey of the best domestic banks in emerging markets includes famous establishments from Asia like HSBC, ICICI Bank of India, Public Bank of Malaysia, Kookmin Bank of South Korea alongside the Commercial Bank of Ceylon. Commenting on the honour bestowed on the bank, Cmmercial Bank's Managing Director Amitha Gooneratne said: "Our commitment to excellence by providing an array of services to satisfy our customers and the efficient management of capital has resulted in Global Finance naming Commercial Bank as the Best Bank in Sri Lanka again. We are truly proud to be re-elected for the fourth consecutive time when in most countries new banks have emerged to replace the previous year's winners." In its profile of the Commercial Bank, the magazine says that "The bank aims to expand its customer base - and do more business with those customers - by increasing the number of delivery channels. That strategy seems to be paying off: Deposits grew by 23.4 per cent during 2001; advances by 15.8 per cent. Heavy investment in technology has put 99 out of the 100 branches online, the biggest computer linked network in the country. Pre-tax profit rose to Rs. 1,324 billion in 2001, a 15 per cent rise from the Rs. 1.15 billion recorded in 2000." Commenting on the ninth survey of Global Finance, the magazine goes on to say that "It has been a year of challenges for banks everywhere, and the winners of Global Finance's annual survey are those institutions that were large and efficient enough to weather global downturn and disaster yet quick witted enough to adopt new expansion strategies at practically a moment's notice." Global Finance provides information on direct investment, money management, corporate finance, joint ventures, country profiles, capital markets, investor relations, currencies, banking risk management, custody, leading edge technology and is specifically tailored for its subscribers in more than 160 countries. The magazine is published by Global Finance Media Inc. of New York, and is targeted at CEOs and senior managers of global companies. |
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