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| Sunday, 10 March 2002 |
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Commercial Bank records Rs. 1b post-tax profit despite economic adversity Commercial Bank of Ceylon, which has been rated as the best bank in Sri Lanka for the third consecutive year in 2001 by Global Finance, a New York-based international business publication, has maintained its position as the strongest performer among local private banks with a record post-tax profit of more than one billion rupees. The London-based magazine, The Banker has also selected Commercial Bank as its 'Banker of the Year 2001' in Sri Lanka. "This achievement is remarkable," Chairman Mahendra Amarasuriya told a media conference in Colombo last week. He said that the bank achieved these results during "one of the most difficult years for Sri Lanka's economy. For the first time since independence, the Sri Lankan economy in 2001 recorded a negative GDP growth, estimated to be in the region of minus 0.6 per cent", he told the media. He also said that the Board of Directors had recommended a dividend of 45 per cent for the year on the basis of its good performance during one of the most critical periods of Sri Lanka's economy. Mr. Amarasuriya, releasing the bank's annual report, said the Commercial Bank share was now one of the few shares traded at a premium over net asset value on the Colombo Stock Exchange. "The bank has the highest market capitalisation among the listed banks in Sri Lanka and ranks number three among all listed companies", he added. Commercial Bank Managing Director Amitha Goonaratne said that deposits with the bank had grown by 23.41 per cent to Rs. 46,305 billion and advances by 15.78 per cent to Rs. 43,437 billion. The bank's branch network has grown from 41 five years ago to 100 in 2001. The automated teller network now comprises 115 ATMs. He further said that credit growth was noteworthy considering the conditions in which it was achieved. "The adverse economic conditions dampened credit demand in the economy. The decision of the government to route all funding needs of state corporations exclusively through the state banks impacted adversely on the credit growth of the banks", he said. Deputy General Manager - Finance and Planning Ranjith Samaranayake attributed the success of the bank to the customer services, value-added products, competitive pricing policies, prudent interest rate risk management and a positive attitude `even in the worst conditions'. Commercial Bank, established in 1969, today has the largest computer-linked network of 100 branches offering on-line services, 24-hour access to customer accounts through CAT automated teller machines and tele-banking facilities through COMTEL. The bank is hoping to open at least one overseas branch during the year. |
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