TAB Global 1000 strength index 2024 ranks ComBank as ‘Strongest Bank in Sri Lanka’

Commercial Bank Managing Director/CEO Sanath Manatunge receiving the award from The Asian Banker President and Managing Editor Foo Boon Ping

The Commercial Bank of Ceylon has once again been assessed as the ‘Strongest Bank in Sri Lanka,’ taking its place in a global ranking published annually by TAB Insights, the global research and consulting subsidiary of TAB Global, the parent company of The Asian Banker magazine.

Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalisation in the Banking Sector in the Colombo Stock Exchange.

The Strongest Banks rankings are based on a detailed and transparent scorecard that ranks banks and financial holding companies on six criteria of balance sheet performance – the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity, covered by 14 specific key performance indicators. These include assets, growth in loans and deposits, loan to deposit ratio, capital adequacy ratio, growth in operating profit, return on assets, cost-to-income ratio, gross non-performing loans ratio, liquid coverage ratio and non-stable funds ratio. TAB Insights also assesses non-interest income as a percentage of total operating income; loan loss reserves as a percentage of gross non-performing loans; and liquid assets as a percentage of total deposits and borrowings.
“The assessment used to arrive at a strength score is stringent as well as comprehensive, and is completely objective,” Commercial Bank Managing Director/CEO Sanath Manatunge noted. 

“This makes it a credible benchmark for counterparty banks, investors, customers and regulators. Being ranked the strongest bank in Sri Lanka by TAB Insights is therefore extremely satisfying to every member of the Commercial Bank team, as we strive to fulfill our obligations to all stakeholder groups, including the communities we serve and our planet.”

Ranked alongside Commercial Bank on the 2024 strength index as the strongest banks in their respective countries in the Asia Pacific Region, are ANZ Group (Australia), China Merchants Bank (China), Kotak Mahindra Bank (India), Meezan Bank (Pakistan), OCBC Bank (Singapore), Sumitomo Mitsui Financial Group (Japan), Bank Mandiri (Indonesia) and Public Bank (Malaysia).

The Top five banks on the TAB Global 1000 are JPMorgan Chase & Co. (USA), China Merchants Bank (China), Royal Bank of Canada (Canada), Industrial and Commercial Bank of China (China) and China Construction Bank (China).