The Commercial Bank of Ceylon has once again been named among the global giants in banking, becoming the only Sri Lankan bank to be ranked in the ‘Top 1000 World Banks’ announced annually by ‘The Banker’ magazine of the UK, for the 11th consecutive year in 2021.
The headwinds of the global COVID-19 pandemic notwithstanding, the country’s benchmark private bank said it has reaffirmed its consistency by becoming the Sri Lankan bank to remain for the longest period on this authoritative global ranking published for the 51st year, demonstrating its indomitable spirit and inherent financial strength. The Banker published by the Financial Times of the UK, ranks banks primarily on the basis of their Tier I capital.
“This is truly an affirmation befitting the financial strength and professionalism of the Bank, as well as the sacrifices made in its response to the COVID-19 pandemic,” Commercial Bank Managing Director S. Renganathan observed. “Becoming the first Sri Lankan bank to enter the Top 1000 World Banks ranking was a milestone achievement in itself, but to remain in this ranking for 11 consecutive years despite local and global challenges is a remarkable feat in consistency even in the global context.”
The Banker noted that “The Covid-19 pandemic has impeded even the most resilient of economies over the past year, with the global economy shrinking by 3.5% in 2020 and world trade volume contracting by 8.6%, according to the World Bank. Banks have faced other headwinds during this period, including persistently low interest rates in most countries, as well as surging competition from fintech and big tech alike. How well has the global banking industry navigated its way through such unprecedented times? Where are their strengths and weaknesses? Is their profitability up or down? Have they seen an uptick in defaulting loans? Which bank has stronger fundamentals compared to its peers? This is what The Banker’s Top 1000 World Banks ranking is able to identify, based on more than 120 data points tracked in The Banker Database year on year,” the magazine said.
The Banker ranks banks from 1 to 1,000, primarily on tier-one capital, and the regional breakdown is supported with editorial commentary, making the Top 1000 World Banks one of the most industry-recognised rankings available. Ranked Sri Lanka’s Strongest Bank Brand in 2021 by Brand Finance, Commercial Bank ended 2020 with total assets of Rs 1.763 trillion, gross income of Rs 151.966 billion, net profit of Rs 16.373 billion, a deposits base of Rs 1.287 trillion and a loan book of Rs 961.859 billion.
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