The Commercial Bank of Ceylon PLC has emerged the Strongest Bank in Sri Lanka in 2017, according to the prestigious Asian Banker magazine, and has once again been ranked among the 500 strongest banks in the Asia Pacific region on Balance Sheet evaluation.
Presenting the coveted accolade to Commercial Bank on the side-lines of the annual SIBOS Convention in Toronto, Canada, Asian Banker said: “The bank had strong liquidity and capital adequacy ratios, which demonstrated a sustainable balance sheet for the financial year as compared to other banks in the country. With a strength score of 3.08, Commercial Bank of Ceylon holds the top spot for the banks in Sri Lanka.”
The Asian Banker 2017 ranking of the 500 strongest banks in the Asia Pacific region includes banking giants such as Bank of China (Hong Kong) which topped the ranking, Industrial & Commercial Bank of China (Macau), HSBC, Bank of Taiwan, Hang Seng Bank, OCBC Bank (Singapore), Standard Chartered Bank (Hong Kong) China Construction Bank Corporation, Sumitomo Mitsui Financial Group (Japan), and DBS Group (Singapore).
Commenting on this latest international ranking accorded to the Bank, Commercial Bank’s Managing Director/CEO Jegan Durairatnam said: “This award is an important independent affirmation of our ability to maintain our core strengths despite challenges. Asian Banker has also stressed the point this year that we have performed well despite substantial pressure on banks in the region to maintain profitability.”
In its own assessment of the rankings, Asian Banker noted that in general, the Asia Pacific banking sector delivered better results in this year’s ‘The Asian Banker 500’ (AB500) ‘Strongest Banks by Balance Sheet’ evaluation.
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