COMBank: Only Sri Lankan bank in world’s Top 1,000 for two years running

• Highest ranked Sri Lankan Bank in prestigious annual list of ‘The Banker’

The Commercial Bank of Ceylon has moved up 23 places in the 2012 ranking of the Top 1,000 Banks of the World, and is the only Sri Lankan bank to make the ranking two years in succession. Published annually by the UK-based ‘The Banker’ magazine, this prestigious ranking has Commercial Bank in 963rd place this year, a significant ascent from 986th on Tier 1 capital in 2011.

The Top 1,000 Banks ranking is the fifth international acknowledgement of Commercial Bank in 2012, and follows awards won by the bank as the Best Bank and Best Trade Bank in Sri Lanka from Global Finance USA, Euromoney UK, Finance Asia Hong Kong and Trade Finance UK.

“Making this prestigious list two years consecutively is an achievement in itself, but moving up 23 places speaks volumes for the strength of the bank,” Commercial Bank Managing Director/CEO Ravi Dias said. “This is a noteworthy independent endorsement of the bank’s stability and robust performance at a time it is positioned to increase its role in supporting economic development in the country as its leading private bank.”

According to ‘The Banker’ report, Commercial Bank’s Tier 1 capital stood at US$ 335 million and assets at US$ 3,875 million at the end of 2011.  For FY 2011 the bank’s capital assets ratio was 8.64%, profits on capital was  29.02.% and pre-tax profit was US$ 97 million representing a YoY real profit growth of 15.91%.

At the top of the elite group of 1,000 banks (based on Tier 1 capital) are the Bank of America, JPMorgan Chase & Co, Industrial Commercial Bank of China, HSBC Holdings, Citigroup, China Construction Bank Corporation, Mitsubishi UFJ Financial Group, Wells Fargo & Co, and Bank of China.

The Top 1,000 rankings are compiled from a database of over 5,000 banks worldwide and are widely recognised by the global financial community as the definitive guide to bank rankings and analysis.  Begun in 1970, The Banker Top 1,000 Banks of the World ranking is used all year round by senior bankers, corporate treasurers, corporate financiers, the professional services community and many more. The Banker is published by Financial Times Business, which is the specialist publishing and conferences arm of the FT Group.

Established in 1969, Commercial Bank is the largest private bank in Sri Lanka, and operates a network of 226 computer-linked service points and the country’s single largest ATM network of 546 terminals.

The bank has been adjudged ‘Best Bank in Sri Lanka’ for 14 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker’, ‘FinanceAsia’, ‘Euromoney’ and ‘Trade Finance’ magazines. The bank’s operations in Bangladesh comprise of 17 service points.