Combank crowned as Best Bank in Sri Lanka for 22nd year
Commercial Bank of Ceylon has been named as the Best Bank in Sri Lanka for the 22nd year in the World’s Best Banks 2024 list released recently by the Us-based Global Finance magazine.
Global Finance said its Best Bank Awards recognise financial institutions that offer the broadest range of services, long-term reliability and technological innovation.
“The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success,” the magazine said.
“The winning organisations managed their assets and liabilities in a savvy way in light of the fast-changing interest rate scenarios.”
The 2024 edition of Global Finance’s list of 28 Best Banks in the Asia Pacific region names Commercial Bank alongside leading banks of the calibre of CBA (Australia), China Construction Bank (China), HSBC (Hong Kong), ANZ (New Zealand), UOB (Singapore), Hana Bank (South Korea), MUFG Bank (Japan) and State Bank of India (India), which were adjudged the best banks in their respective countries.
These winning banks are to be honoured at an awards ceremony to be held during the International Monetary Fund/ World Bank annual meetings in Washington DC, on October 26, 2024.
“The last financial year saw the bank achieve several milestones in performance and break new ground in sustainability, digitisation and initiatives to help the small and medium enterprise (SMES) and women entrepreneurs build their businesses. All of this was achieved while managing volatility in the market and we have ended the year stronger, with our market leadership positions intact,” Commercial Bank Managing Director/ Chief Executive Officer Sanath Manatunge said.
The largest private sector bank in Sri Lanka, with group assets of Rs.2.656 trillion, deposits of Rs.2.148 trillion, a loan book of Rs.1.296 trillion and a gross income of Rs.341.566 billion, as at December 31, 2023, Commercial Bank was also the biggest lender overall to the country’s SME sector in 2023.
The bank continued to be the benchmark private bank in Sri Lanka with the highest market shares among the private sector banks in deposits, loans, total assets, market capitalisation, gross income and total capital base.