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Commercial Bank ranked Sri Lanka`s Best Bank for a record 8th successive year
Tuesday, 16 May 2006 - 5:13 AM SL Time
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Sri Lanka`s leading private sector bank has once again been internationally recognised as the country`s `Best Bank` by Global Finance one of the top financial publications in USA.
In its latest annual survey of the Best Emerging Market Banks of the world, the prestigious Global Finance magazine has rated the Commercial Bank of Ceylon as the `Best Bank in Sri Lanka` for the eighth consecutive year.
An in-depth evaluation of the Bank`s performance over the past year, including capital strengths, asset growth, profitability, strategic relationships, customer service, competitive pricing and innovative products, led Global Finance editors, with input from industry analysts, corporate executives and banking consultants to select Commercial Bank as the best out of all local banks.
Other well-known banks from the Asian Region to receive the award include HSBC, ICICI Bank - India, Maybank - Malaysia, the National Bank of Pakistan, Shinhan Bank - South Korea and Chinatrust Commercial Bank - Taiwan. In the case of Asia, the Best Banks in 19 countries were identified.
Speaking about this latest accolade, the Managing Director of Commercial Bank Amitha Gooneratne said: `We are understandably elated at being ranked Sri Lanka`s Best Bank for the eighth consecutive year. It is quite noteworthy that while several other countries have had their best bank`s changing from year to year we have been quite steady in this respect. I would like to thank the Management and our staff for their hard work as such an achievement would not have been possible without their dedication and commitment.`
This is the 13th year that Global Finance has selected top banking performers in emerging markets.
This evaluation by Global Finance covers banks in all major countries in the Middle East and Africa, Latin America and Central and Eastern Europe.
Global Finance, which enters its 19th year of publishing in 2005, has 50,000 subscribers and over 250,000 readers in more than 158 countries. This audience includes chairmen, presidents, CEOs, CFOs, treasurers, and other financial officers responsible for making investments and strategic business decisions for large global companies and financial institutions. Global Finance also targets the 8,000 key portfolio investors who control over 80 per cent of all assets under professional management.
Established in 1969, the Commercial Bank of Ceylon is the country`s benchmark private sector bank and operates a computer-linked network of 137 branches, and 225 ATMs.
The Bank also operates three fully-fledged Branches and two Booths in Bangladesh. The Bank has also been rated the `Bank of the Year` in Sri Lanka for the past five years by the UK`s `The Banker` magazine.
The Commercial Bank Group ended 2005 with a stellar performance, which saw group pre-tax profits soar 41.4 per cent to Rs 3.668 billion. Post-tax profits rose to Rs 2.358 billion in 2005 while total deposits of the group rose to Rs 127.490 billion, a healthy growth of 29.27 per cent. The total assets of the Group rose to Rs 180.135 billion from Rs 141.792 billion last year, a growth of 27.04 per cent.
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