Commercial Bank of Ceylon has completed two decades as LMD’s Most Respected Bank in Sri Lanka, with the announcement of the magazine’s Most Respected Entities in Sri Lanka rankings for 2024.

Sri Lanka’s largest private sector bank, Commercial Bank was also ranked as the third Most Respected corporate entity in the country overall in the rankings, moving up one place from last year.

Notably, Commercial Bank was ranked number one across sectors of business for financial performance, honesty, integrity and tax compliance – three of the most important attributes for a well-governed financial services company and was ranked among the top five Sri Lankan corporates in 11 other attributes identified by LMD for the 2024 survey.

The bank was ranked second overall for quality consciousness and national perspective, third overall for ethical outlook, corporate sustainability, strategic vision, leadership profile and corporate culture, fourth overall for corporate dynamism, aspirational workplace and crisis management and fifth overall for business innovation.

Commercial Bank has been among the top five most respected entities in the country in every one of the annual surveys conducted by LMD since the launch of the ranking in 2005.

Commercial Bank Managing Director and Chief Executive Officer Sanath Manatunge said, “Respect is earned through hard work, consistency and an unwavering commitment to best practice in all aspects. To be voted by the public as the best corporate in the country for honesty and integrity, financial performance and tax compliance is an invaluable tribute to every one of our employees and we acknowledge the public’s approbation with humility and a renewed determination to continue to excel at the highest level.”

LMD uses a weighted ranking system based on the opinions of surveyed respondents. The ranking system operates by weighting three nominations for each company by assigning a weight of five points for the first mention, a weight of three for the second and one for the third mention. The final rankings are based on the total sum value of the weighted scores for each company.