FinanceAsia names Commercial Bank â€˜Best Bankâ€™ in Sri Lanka
ECONOMYNEXT – FinanceAsia magazine has declared Commercial Bank of Ceylon as the ‘Best Bank’ in Sri Lanka in 2016 in its latest awards.
“This is the sixth ‘FinanceAsia Country Banking Achievement Award’ presented to Commercial Bank in the eight years since the Bank became the first entity in Sri Lanka to receive this coveted tribute in 2009,” a statement said.
As FinanceAsia celebrates 20 years covering Asia’s financial markets this year, the magazine chose Commercial Bank for a one-off Platinum Award presented to banks and corporations that have consistently excelled over the past two decades.
The FinanceAsia Country Award is based on the banks’ financial performance.
It considers profits, bad loan ratios, provisioning, return on equity, capital adequacy ratios, totalassets, loans, deposits, branch network, vision and long-term strategy, market position versus the nearest competitor, principal sources of profit, and feedback of stock market analysts.
“There are no subjective assessments for the FinanceAsia awards, which are based strictly on hard facts and figures,” Commercial Bank’s Managing Director/CEO Jegan Durairatnam said.
“They are, therefore, an excellent benchmark not only to reaffirm the Bank’s position in the market, but to compare its performance with other top banks in the region.”
(COLOMBO, May 23 2016)