LMD ranks ComBank the Most Respected Bank in Sri Lanka for 18th year

Saturday, 13 August 2022 00:14 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has been declared the Most Respected Bank in Sri Lanka for the 18th consecutive year and has retained its ranking as the fourth Most Respected corporate entity in the country overall, in the 2022 ‘Most Respected Entities in Sri Lanka’ rankings published by the LMD magazine.

The bank was also ranked second overall for Financial Performance, Honesty, and Vision which are three of the 12 attributes covered by the survey commissioned by the magazine. Additionally, it was placed among the Top Five corporate entities in Sri Lanka in 2022 in seven of the attributes and was the highest-ranked bank for nine attributes including Financial Performance, Quality Consciousness, Management Profile, Honesty, Corporate Culture, CSR & Sustainability, Vision, HR & People Management, and Crisis Management.

Commenting on this latest accolade, Commercial Bank Managing Director and Chief Executive Officer Sanath Manatunge said: “The respect Commercial Bank enjoys has been earned and enhanced through decades of dedication, demonstrated integrity and best practices, rigorous quality control and commitment to do the right thing. Despite the difficult socioeconomic conditions we currently operate in, the bank was also ranked fourth overall in ‘National Perspective.’ This is a testament to the bank’s commitment to the highest standards including sustainable business practices and a deep understanding of customer needs.”

LMD noted that Commercial Bank of Ceylon demonstrated remarkable operating resilience throughout the pandemic through customer focus, digital engagement, and operational excellence. The bank also takes pride of place of being among the Top Five Most Respected entities in the country in every one of the 18 years since the magazine launched the ranking in 2005. The methodology, sample composition, questionnaire and method of ranking for 2022 remain the same as the previous year when LMD shifted to a weighted ranking system based on the opinions of surveyed respondents. The ranking system operates by weighting three nominations for each company by assigning a weight of five points for the first mention, a weight of three for the second, and one for the third mention. The final rankings were based on the total sum value of the weighted scores for each company. The 12 Attributes evaluation criteria was set out by NielsenIQ’s annual peer review.

This latest survey commissioned and conceptualised by LMD and conducted by NielsenIQ, covered a sample of 800 respondents who are managers and above in companies listed in the Colombo Stock Exchange (CSE), the LMD 100 (2020/2021) and Brands Annual 2021.