The Commercial Bank of Ceylon has been crowned the Best Bank in Sri Lanka in 2020 by Euromoney, one of the world’s leading financial magazines, at its Asia Awards for Excellence.
This is the sixth time that Commercial Bank has been honoured with this prestigious accolade by Euromoney.
The Euromoney awards are based on detailed submissions from market participants and extensive year-round research into the banking and capital markets in the region by the magazine’s editors, journalists and research team.
Contributing factors to Commercial Bank’s win included the Bank ending 2019 with total assets of Rs 1.4 trillion, gross income of Rs 150 billion, net profit of Rs 17.4 billion, a deposit base of Rs 1.07 trillion and net loans and receivables of Rs 930.7 billion.
Commercial Bank also achieved the highest profitability, highest credit rating, highest deposit base, largest lending portfolio, and the highest return on average shareholders’ funds amongst all private sector banks in Sri Lanka.
Furthermore, it was the largest private sector bank in Sri Lanka in terms of assets, the bank with the highest market capitalisation and the best CASA rating in the country, and was the third largest listed entity overall in 2019.
Additionally, the Bank launched 12 new products and services in 2019 of which seven were the first of their kind in Sri Lanka.
(LIN)