4 October 2024 12:18 am Views - 106
The Commercial Bank of Ceylon has been ranked second in the ‘LMD 100’ for 2023-24, moving up five places in the ranking the magazine calls ‘Sri Lanka’s Roll of Corporate Honour.’
With this latest LMD ranking Commercial Bank has not only retained its status as the highest-ranked bank in the LMD 100, but has also overtaken some of the country’s biggest diversified business groups in terms of turnover, on which LMD’s primary ranking is based.
Commercial Bank also has the distinction of being in the Top 10 of the LMD ranking every year since it was first published, 31 years ago.
“The bank is truly delighted to have secured second place in the LMD ranking, a testament to our strong performance over the past financial year,” Commercial Bank Managing Director/CEO Sanath Manatunge said.
“It is an unequivocal demonstration of the intrinsic financial strength, deep-rooted resilience and agility of the bank. This ranking is also a tribute to the commitment of the Commercial Bank team to achieve growth in adversity.”
Besides its turnover-based primary ranking of Sri Lanka’s leading listed companies, LMD also ranks companies by sector as well as by total assets, profit after tax, shareholders’ funds, market capitalisation and other performance indicators. The LMD 100 ranking encompasses many of the country’s leading conglomerates, telcos, retail giants, insurers and other sector leaders, as well as listed banks.
The Commercial Bank Group ended 2023 with gross income of Rs. 341.5 billion, total assets of Rs. 2.65 trillion and net profit of Rs. 21.9 billion. The corresponding figures for the first six months of 2024 were Rs. 163.1 billion, Rs 2.69 trillion and Rs 18.9 billion respectively.
Sri Lanka’s first 100 percent carbon neutral bank, Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s banking sector.