ComBank adjudged the ‘Best Bank in Sri Lanka’ by Global Finance for 21st time

The Commercial Bank of Ceylon has been recognised as Sri Lanka’s Best Bank once again by the US-based Global Finance magazine, at its 30th annual awards ceremony for the World’s Best Banks 2023, reaffirming the Bank’s reputation as the top performer in the country’s financial industry.

This is the 21st occasion that Commercial Bank has won this title. The latest edition of Global Finance’s list of 28 Best Banks in Asia Pacific has placed Commercial Bank alongside popular banks in the region such as ANZ Bank – Australia, ICBC Bank – China, The Bank of East Asia – Hong Kong, The State Bank of India, ANZ New Zealand, and DBS Bank – Singapore, which were declared the best banks in their respective countries.

The award-winning banks were those that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success. Winning organisations managed their assets and liabilities in a savvy way considering the fast-changing interest rate scenarios, the magazine noted.

In selecting these top banks, Global Finance considered factors that ranged from the quantitative objective to the informed subjective. Objective criteria included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Award winners were selected by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.

Commenting on winning this coveted award, Commercial Bank Managing Director/Chief Executive Officer Sanath Manatunge said: “Although the economic impacts of the pandemic still lingered in 2022, the Bank began the year with the strength derived from a stable liquidity position, capital buffers, and prudent provision cover. These collectively gave the Bank a competitive advantage over peers which paved the way for it to accelerate its growth trajectory in 2022. Commercial Bank reaffirmed its status quo as the industry benchmark private bank in Sri Lanka by establishing itself as the bank with the highest profit before and after tax, the highest deposit base, highest loans and advances portfolio, highest total asset base, and highest market capitalisation among others in the year of assessment.”