6 July 2022 08:26 am Views - 249
The globally-respected UK magazine The Banker has once again included Commercial Bank of Ceylon in its prestigious Top 1000 World Banks ranking, making Commercial Bank the only Sri Lankan bank to be ranked among the elite global giants in banking for 12 consecutive years.
“These are the most adverse times in memory for banks in Sri Lanka, with the country’s unique issues compounding the continuing impacts of two years of the COVID-19 pandemic. In that context, our achievement of being ranked among the world’s top 1000 banks for the 12th successive year assumes even greater significance,” Commercial Bank Managing Director and CEO Sanath Manatunge said.
“This reaffirms the remarkable consistency of the bank as well as its ability to maintain strong fundamentals in the face of daunting external challenges.”
Commenting on the 2022 ranking, The Banker said, “It has been another turbulent year for the global economy and the banking sector. Yet, both have remained remarkably resilient, in no small part due to government and Central Bank fiscal support programmes. Global aggregate Tier I capital and assets have continued their onward march upwards. Global pre-tax profits have also bounced back from their slump last year. But the aggregate figures mask some significant regional and country-specific variations. China remains strong, the US has bounced back, for Europe challenges remain. The question now is how the world’s banks will fare as we enter a new period of economic turbulence, with interest rates rising and stimulus being unwound.”
The top five global banks heading The Banker’s list for 2022 are ICBC, China Construction Bank, Agricultural Bank of China, Bank of China and JP Morgan Chase & Co. Commercial Bank of Ceylon is ranked at No 930.
Compiled from a database of over 5,000 of the world’s biggest banks, The Banker’s Top 1000 World Banks ranking is considered the definitive guide to identifying which banks are the strongest in the world, based on more than 120 data points tracked in its database year-on-year. The magazine analyses results by region, country and benchmark bank to bank and runs its best-performing bank methodology to help readers identify the banks’ strengths and weaknesses compared to its peers.