Commercial Bank ranked 2nd in Business Today’s Top 30

Commercial Bank Chairman Dharma Dheerasinghe (centre) and Managing Director Jegan Durairatnam receive the Business Today Award from Prime Minister Ranil Wickremesinghe

The Commercial Bank of Ceylon PLC has been ranked second in Business Today’s ‘Top 30’ public listed companies in Sri Lanka in 2015-16 for the fourth consecutive year.

This is also the ninth year that Sri Lanka’s benchmark private sector bank has been ranked among the top five listed companies in the country on the basis of financial performance by Business Today.

The Business Today TOP 30  ranking is strictly based on the published information of companies listed in the Colombo Stock Exchange, and is compiled with the assistance of KPMG Ford Rhodes, Thornton & Co. Financial criteria considered for the ranking include share turnover, revenue, profit after tax, return on equity, Earnings per Share, market capitalisation 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.

The 2015-16 Top 30 rankings of Business Today places Commercial Bank well ahead of some of Sri Lanka’s leading diversified conglomerates, multinationals and other financial services companies.

In the year reviewed for this latest ranking, Commercial Bank posted net profit of Rs. 11.903 billion on profit before tax of Rs. 17.144 billion. Total assets stood at Rs. 880 billion as at 31 December 2015.

“Carefully audited performance-based rankings such as the Business Today’s Top 30 are very helpful in benchmarking our performance against a wide cross section of listed companies including diversified conglomerates,” Commercial Bank’s Chief Operating Officer/Executive Director S. Renganathan said. “Our consistent presence at the very top end of the ranking is a noteworthy acknowledgement of the calibre of the entire team at Commercial Bank.”

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively, Commercial Bank operates a network of 251 branches and 650 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank opened a fully-fledged Tier I Bank in September 2016 and Italy, where the Bank launched its own money transfer service in November 2016.