Commercial Bank moves up to 2nd place in Business Today Top 25

Wednesday, 30 October 2013 00:00 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon PLC has been accorded second place in the Business Today ‘Top 25’ ranking of Sri Lanka’s top performing public listed corporate entities in 2012-13. Sri Lanka’s largest private bank has moved up one place from last year’s ranking.

Financial criteria considered for the ranking include share turnover, revenue, profit after tax, growth in sales turnover, growth in profit, return on equity, growth in earnings per share, market capitalisation, value of shares transacted and value addition. Weights are assigned to the criteria uniformly to arrive at the scores on which the order in which companies are ranked is decided. In the year reviewed for the latest Business Today ranking, Commercial Bank established yet another performance milestone, becoming the first private bank in Sri Lanka to surpass Rs. 10 billion in net profit, following a solid all-round 2012 performance. The bank’s profit before tax for the 12 months ending 31 December 2012 grew 30.26% to Rs. 14.311 billion, while profit after tax improved by 25.15% to Rs. 10.072 billion. Total assets crossed the Rs. 500 billion milestone during the year to Rs. 510.75 billion. “The Business Today ranking is not about size, but performance,” Commercial Bank Managing Director/CEO Ravi Dias said. “In that context, we are pleased not only to be the highest ranked bank in this eminent group, but also to be considered the second best listed company in Sri Lanka across all sectors. This is truly an acknowledgement of the professionalism and commitment of the entire team at Commercial Bank.” Sri Lanka’s most internationally-lauded bank, Commercial Bank is the only Sri Lankan bank to be ranked among the world’s top 1000 banks for three successive years. The bank operates a network of 232 branches and service points in Sri Lanka and an ATM network of 576 terminals, the largest cash dispensing facility operated in the country by a single bank. Adjudged ‘Best Bank in Sri Lanka’ for 15 consecutive years by ‘Global Finance’ Magazine Commercial Bank has also won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.