Thursday Nov 28, 2024
Thursday Nov 28, 2024
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The Commercial Bank of Ceylon has once again become the highest-ranked bank in the ‘LMD 100’ and is among the Top 10 corporate giants on this prestigious list for the 28th consecutive year, having been ranked among the Top 10 every year since the ranking was first published in respect of 1993-94.
The LMD 100 for 2020-21 ranks Sri Lanka’s benchmark private sector bank at No. 1 overall in terms of Assets, at No. 2 for Profit, at No. 2 for Shareholder’s Funds and at No. 4 for Revenue, among all corporates, reaffirming the bank’s status as one of the country’s strongest business entities.
The LMD’s primary ranking is based on turnover, but the magazine also ranks companies by sector as well as by total assets, profit after tax, shareholders’ funds, market capitalisation and other performance indicators.
Commenting on the bank’s continuing presence at the top of the LMD rankings, Commercial Bank Managing Director and Group CEO S. Renganathan said: “Consistency is very highly valued in the sphere of financial services, and more so when performance is maintained in challenging conditions like those experienced in 2020-21, the year of assessment for the latest LMD ranking. Retaining our position as the highest-ranked bank on the list underlines the intrinsic strength of Commercial Bank and its team.”
The LMD 100 ranking encompasses many of the country’s leading conglomerates, telcos, retail giants, insurers and other sector leaders, as well as listed banks.
The largest private sector commercial bank and third largest bank in Sri Lanka, the Commercial Bank Group ended 2020 with the revenue of Rs. 151.9 billion, total assets of Rs. 1.762 trillion, shareholders’ funds of Rs. 159.4 billion and net profit of Rs. 17 billion.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 938 automated machines in Sri Lanka.
Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s banking sector. The bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets; Myanmar, where it has a microfinance company in Nay Pyi Taw; and the Maldives, where the bank has a fully-fledged Tier I Bank with a majority stake.
