ComBank adjudged ‘Best Bank in Sri Lanka’ by Global Finance for 23rd year

The Commercial Bank of Ceylon has once again been recognised as the ‘Best Bank in Sri Lanka’ by the US-based Global Finance magazine, conferring this coveted accolade on the bank for an unprecedented 23rd year.

Global Finance’s ‘World’s Best Banks 2025’ list encompasses financial institutions in nearly 150 countries including 28 in the Asia Pacific region, whose best banks have just been announced by the magazine.

The 2025 edition of Global Finance’s Best Banks in the Asia Pacific region names Commercial Bank alongside leading banks of the calibre of CBA (Australia), China Construction Bank (China), HSBC (Hong Kong), ANZ (New Zealand), DBS (Singapore), SMBC (Japan), State Bank of India (India), City Bank (Bangladesh) and CTBC (Taiwan) which were adjudged the best banks in their respective countries.

“Global banking continues to adapt and evolve, meeting challenges and capitalising on opportunities with resilience and innovation. AI has quickly taken a pivotal role in the transformation of banking, and its growth promises to reshape the financial sector at an unprecedented pace,” Global Finance Founder and Editorial Director Joseph D. Giarraputo said. “Global Finance’s Best Bank Awards honour financial institutions that excel in diversity of offerings, long-term stability, and technological innovation.” Commercial Bank Managing Director/Chief Executive Officer Sanath Manatunge commented: “The concluded financial year was one of unparalleled milestones and transformative success for Commercial Bank of Ceylon and is particularly significant in the context of the debt restructuring and other socio-political challenges that we had to manage. The bank also raised Rs. 22.54 billion through a remarkably successful rights issue, managed an outstanding debenture issue, demonstrated exceptional financial resilience and market trust, and won 115 international and local awards, while breaking new ground in sustainability, digitisation and initiatives to help SMEs and women entrepreneurs. It is not surprising therefore, that we have once again been crowned the Best Bank in Sri Lanka.”

Global Finance’s Best Banks are to be honoured at an awards ceremony to be held during the IMF/World Bank annual meetings in Washington DC, on 18 October.

The largest private sector bank in Sri Lanka with Group assets of Rs. 2.876 trillion, deposits of Rs. 2.31 trillion, a loan book of Rs. 1.53 trillion and gross income of Rs. 275 billion as at 31 December 2024, Commercial Bank was also the biggest private sector lender overall, and the biggest lender to the country’s Small & Medium Enterprise (SME) sector. The bank continued to be the benchmark private bank in Sri Lanka with the highest market shares among private sector banks in deposits, loans, and total assets, and had the highest market capitalisation, gross income and total capital base.

In selecting the World’s Best Banks for 2024, Global Finance considered factors that ranged from the quantitative objective to the informed subjective. Objective criteria included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Award winners were selected by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.

Founded in 1987, Global Finance has readers in 188 countries, territories and districts, and a circulation of 50,000 that reaches chairpersons, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance is headquartered in New York and has offices in London and Milan.