Commercial Bank wins its third best bank award of 2012

The Commercial Bank of Ceylon has been conferred its third international accolade as Sri Lanka’s Best Bank in 2012, this time from the prestigious FinanceAsia magazine. In March 2012, Global Finance chose Commercial Bank as the Best Bank in Sri Lanka for the 14th consecutive year, and on July 5, the Bank received the award for the Best Sri Lankan Trade Bank from Trade Finance magazine.

“Wining a string of international awards of this calibre does not happen by accident,” said Ravi Dias, Commercial Bank’s Managing Director and CEO. “It takes years of hard work, passion and commitment to fundamentals and best practice by the entire team to consistently be adjudged the best bank in the country.”

The FinanceAsia award is based on the respective banks’ financial performance and considers capital adequacy, liquidity and cost income ratios, pre and post tax profits, provisions for possible losses, return on equity and network of branches, agents and correspondents. The Bank’s Total Assets, Loans and Deposits portfolio, vision and long term strategy, as well as market position versus its nearest competitor are also evaluated by FinanceAsia for the award.

Other winners of FinanceAsia’s Best Bank awards in the region include HSBC – Hong Kong, HDFC Bank – India, DBS – Singapore, Chinatrust Commercial Bank – Taiwan, Hana Bank – South Korea, China Merchants Bank – China, Siam Commercial Bank – Thailand, Public Bank – Malaysia and Standard Chartered Bank – Pakistan.

Commercial Bank is the largest private bank in Sri Lanka, and the only Sri Lankan Bank listed in the world’s Top 1,000 Banks. It operates a network of 219 service points in Sri Lanka and a network of 521 ATMs, the single largest ATM network operated by a bank in the island. The Bank posted profit before tax of Rs 10.987 and profit after tax of Rs 8.047 billion in 2012.