ComBank named Sri Lanka's Best Bank

The Commercial Bank of Ceylon has been adjudged Sri Lanka's 'Best Bank' by Hong Kong based 'FinanceAsia,' one of the most eminent financial publications in the Region, a press from the Bank said. It further said: "The publication's latest rankings are based on financial performance for the 2008/9 period and the evaluation includes criteria such as capital adequacy, liquidity & cost income ratios, pre and post tax profits, provisioning for possible losses, return on equity, strong network of branches, agents and correspondents, among many others.

A.L. Gooneratne

"FinanceAsia also considered the Bank's total Assets, Loans and Deposits portfolio, vision and long term strategy, as well as its market position versus its nearest competitor.

"The selection criteria for FinanceAsia's Best Bank ranking covers all key performance indicators of banking and it is therefore a honour to receive this Award," said Amitha Gooneratne, Managing Director of Commercial Bank. "This is further acknowledgement that we have performed well in all key areas."

"FinanceAsia's website has published the names of the Best Banks of the Region following its latest survey.

A detailed explanation of the reasoning behind the awards will be published in the July issue of the Magazine which will be released on July15.

"Other banks from the Region to receive the FinanceAsia's Best Bank award include HDFC Bank - India, PT Bank Central Asia - Indonesia, Kookmin Bank- South Korea and Chinatrust Commercial Bank- Taiwan.

"The Best Bank ranking recognizes Commercial Bank's solid performance during 2008 when its total assets grew by 4.95 per cent and deposits and advances improved by 9.16 per cent and 4.5 per cent respectively despite tough global and local conditions.

"The Bank's pre and post tax profits continued to be the highest among private banks and improved by 12.16 per cent and 4.02 per cent respectively, during the year.

"The Bank also installed 44 new ATMs in new on-site and off-site locations around the country in 2008, growing its network to 337, the highest number for a single ATM network in Sri Lanka. In addition, Bank's total number of delivery points increased to 181 including the branches in Bangladesh as at end of December, 2008.

"FinanceAsia, first published in 1996, has over the past decade become the world's foremost information source 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. Established in 1969, Commercial Bank is Sri Lanka's leading bank, with dominant positions in consumer banking, treasury and securities markets. The Bank's network in Sri Lanka comprising of 171 computer-linked branches & supermarket banking counters.

"The Bank has been adjudged Sri Lanka's 'Bank of the Year' seven times by 'The Banker' of London, a top notch global banking magazine and ranked among 'Top 1000 World Banks' by the same magazine. The Bank has also been rated the 'Best Bank in Sri Lanka' for 11 consecutive years by US based 'Global Finance' Magazine.