The Commercial Bank of Ceylon has been conferred the coveted title of ‘Best Bank in Sri Lanka’ for the seventh time by Euromoney, one of the world’s leading financial markets magazines, at its Asia Awards for Excellence 2021. 

The 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 regionand are fiercely contested across numerous markets and categories.

This year Euromoney received almost 1,000 submissions from banks for its regional and country awards programme that covers more than 50 regional awards and best bank awards in close to 100 countries.

“This is an award that any bank would be proud to have in its collection,” Commercial Bank Managing Director S. Renganathan commented. 

“Winning seven, and especially one based on performance in a year dominated by the global pandemic, is a fitting tribute to the strength and mettle of the bank. 

“It is particularly noteworthy considering the substantial concessions and interest rate cuts we provided to help customers weather the impacts of lockdowns in 2020, as well as the higher impairment provisions we had to make in response to the conditions that prevailed.”

Among the aspects considered for the awards are qualitative and quantitative criteria such as market position, volume of business transacted, new product development, management system, credit ratings, efficiency ratios and annual key performance indicators.

Factors that contributed to Commercial Bank being adjudged the Best Bank in Sri Lanka are key indicators from the Bank’s 2020 performance, such as Market Capitalization, Gross Income, Profit before Tax, Profit after Tax, Total Assets, Total Deposits, Gross Loans, Market Share of Deposits, Market Share of Loans and CASA Ratio.

Euromoney’s Awards for Excellence were established in 1992 and were the first of their kind in the global banking industry. The Euromoney Magazine was created in 1969 to cover the re-emergence of the international cross-border capital markets.

Euromoney reports on and champions global capital markets and their growth, and in the process has become the prime magazine of the wholesale financial world, its institutions and users.