ComBank honoured as one of Sri Lanka’s ‘10 Most Admired Companies’ for 5th year

Tuesday, 5 September 2023 12:24 - - {{hitsCtrl.values.hits}}

Senior representatives of Commercial Bank with members of the presentation party at the 2022 Most Admired Companies awards

The Commercial Bank of Ceylon has been ranked one of the ‘10 Most Admired Companies in Sri Lanka’ by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA).

This is the fifth occasion that Sri Lanka’s benchmark private sector bank has been formally named on this elite list, following a rigorous evaluation of quantitative and qualitative performance indicators.

Commenting on this significant tribute, Commercial Bank Managing Director/CEO Sanath Manatunge said: “While sustainable performance remains a primary factor in generating admiration for a corporate entity, we believe that the less quantifiable perception-driven qualitative aspects such as good corporate citizenship, environmental and social governance, ethical compliance and customer responsiveness are equally important. These are key focus areas for Commercial Bank, which is why we are greatly encouraged by the endorsement implicit in the Most Admired Companies award.”

Open to both listed and unlisted companies, the ICCSL-AICPA-CIMA Most Admired Company Awards recognise companies for their financial performance, and their ability to practice sustainable and ethical ways of business for their employees, customers, investors and the community. Companies selected for recognition undergo a stringent evaluation process that is based on globally-accepted criteria by a distinguished panel of judges. Companies that had been in business for over five years as of 30 June 2023 and are 30% or more of Sri Lankan ownership were eligible to enter the awards competition.

Also ranked Sri Lanka’s ‘Strongest Bank Brand’ as well as the ‘Most Respected Bank’ in 2023, Commercial Bank of Ceylon ended 2022 with total assets of nearly Rs. 2.5 trillion, gross income of Rs. 280 billion, a deposit base of Rs. 1.9 trillion, a loan book of Rs. 1.2 trillion and net profit of Rs. 24 billion.

One of the highlights of the bank’s performance in 2022 was the confirmation by the Ministry of Finance that it was by far the biggest lender to Sri Lanka’s SME sector in that year as well, accounting for one in every three loans granted by all State-owned, private and specialised banks in the country.