Commercial Bank wins Gold

The Commercial Bank of Ceylon won three awards, including the Gold award in the Banking sector for its 2011 Annual Report, at the 48th annual reports awards ceremony organised by The Institute of Chartered Accountants of Sri Lanka (CASL).

The Bank won the Edmund J. Cooray Memorial Trophy for the Best Annual Report among the banking institutions whose annual reports were scrutinised for the awards, the Bronze for Overall Excellence in Annual Financial Reporting across all sectors and the Silver Award for Corporate Governance Disclosure. This is the ninth time that Commercial Bank won the Gold Award in the Banking sector.

"As our operations expand and grow in complexity, the quality of financial reporting must keep pace and match global best practice standards," Commercial Bank's Chief Financial Officer Nandika Buddhipala said.

"This is an area that receives a lot of attention at Commercial Bank every year, and we are proud to continue to be a benchmark for financial reporting, not just among the banks but across all sectors of business."

The awards reflect the Bank's effectiveness in communication of financial and non-financial information to stakeholders and its strict compliance with legislative requirements and accepted accounting best practices.

In evaluating reports for the awards, the CASL looks at the organisation's ability to effectively communicate organisational objectives, highlights, performance, personnel and management to an intended audience.

With these latest awards, Commercial Bank ends a year of noteworthy accolades, including four major international awards as Sri Lanka's Best Bank and Best Trade Bank, and the distinction of being the only Sri Lankan bank to be listed among the Top 1000 Banks of the World two years consecutively. The Bank moved up 23 places in this ranking this year and is the highest ranked Sri Lankan bank.