ComBank named Euromoney’s Best Bank in Sri Lanka in 2015

28 July 2015 05:27 am Views - 2295

Commercial Bank’s Chief Operating  Officer/Executive Director S. Renganathan (centre) with Tony Shale, CEO Asia  of Euromoney (left) and Clive Harwood, Editor of the magazine at the awards  presentation in Hong Kong


Euromoney, widely considered one of the world’s leading financial magazines, has adjudged Commercial Bank of Ceylon PLC the Best Bank in Sri Lanka in 2015 at the magazine’s Asia Awards for Excellence presented recently in Hong Kong.

This is the second major international award presented to Commercial Bank in the past two months, during which the Bank also had the distinction of becoming the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years.

The prestigious Euromoney accolade is 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.

According to Euromoney, the Asia Awards are seen as the benchmark for the leading firms in financial services in the region, and are fiercely contested across numerous markets and categories.

“We are further strengthened with this very credible award, which is based on evaluation criteria applied to banks across global markets and regions,” Commercial Bank’s Managing Director and CEO Jegan Durairatnam said. “We are grateful to the millions of Commercial Bank customers whose patronage has made this award possible, and to the entire team whose passion and commitment keep the Bank in the vanguard of the industry.”

The evaluation by Euromoney covers banks in all major countries in Asia, Middle East, Europe, Africa, North and Latin America, the Caribbean as well as the Nordic and Baltic regions. 

In the year reviewed for the award, Commercial Bank reported profit before tax of Rs 15.7 billion, a loan book of Rs 463.6 billion, deposits of Rs 529.4 billion, gross income of Rs 74.4 billion, assets of Rs 795.6 billion and Tier I Capital Adequacy Ratio of 12.93 percent.

The award for the Best Bank in Sri Lanka in 2015 was accepted by Commercial Bank’s Chief Operating Officer/ Executive Director S Renganathan at the presentation ceremony at Island Shangri La, Hotel Hong Kong. Leading figures from banking and capital markets across Asia were present to hear the announcement of Euromoney’s Asia Awards for Excellence 2015.