Commercial Bank in World’s Top 1,000 Banks for 4th successive year

Friday, 4 July 2014 00:51 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has been ranked among the Top 1000 Banks of the World for a fourth successive year in 2014, becoming the only Sri Lankan bank to achieve this feat. This prestigious ranking published annually by ‘The Banker’ magazine of the UK, is an important endorsement of the consistent growth and key performance indicators achieved by Sri Lanka’s largest private bank. The Top 1000 World Banks ranking is compiled from a database of over 5,000 of the world’s biggest banks and is acknowledged by the global financial community as the definitive guide to bank rankings and analysis. Begun in 1970, the ranking is widely used all year round by senior bankers, corporate treasurers, corporate financiers, the professional services community and many others in their day to day decisions relating to banking. “Making the Top 1000 list is a noteworthy achievement by itself, but staying there for four years in a row despite the challenging conditions we operate in, reflects well on the strength and stability of the bank,” said Jegan Durairatnam, Chief Operating Officer of Commercial Bank. “It is also a tribute to the passion and professionalism of the entire team that powers Commercial Bank day after day.” The Top 1000 rankings are based on the bank’s performance in 2013, which Commercial Bank ended with gross income of Rs. 73.16 billion, profit before tax of Rs. 14.51 billion, profit after tax of Rs. 10.445 billion and assets of Rs. 606.607 billion. The Banker is published by Financial Times Business, which is the specialist publishing and conferences arm of the FT Group. Announcing its 2014 Top 1000 listing, the Banker said Chinese banks ICBC and China Construction Bank top the world ranking, with two more Chinese banks in the top ten. Chinese banks now account for a third of total world banking profits, outstripping the USA (20% of profits) and contributing to the largest ever annual profits for the global banking sector of $ 920 billion – 23% higher than the previous year. Brian Caplen, Editor of The Banker, said: “This is the first time since before the financial crisis that we have seen such a large annual increase in global banking profits. Apart from China’s contribution US banks are also doing well and have recovered much faster from the crisis than European banks.” Commercial Bank operates a network of 235 branches and 594 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, the bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013.

Dinesh calls on Bangladesh Governor Dr. Rahaman

Commercial Bank of Ceylon Chairman Dinesh Weerakkody and CEO/MD Ravi Dias paid a courtesy call on Dr. Atiur Rahman, Governor of Bangladesh Bank, the central bank of Bangladesh, in Dhaka last week. Commercial Bank of Ceylon operates a network of 18 branches and service points in Bangladesh