Com Bank Voted Best

Commercial Bank of Ceylon PLC was chosen as the Best Bank in Sri Lanka for the 13th successive year by the Global Finance magazine. The highly respected, US based financial publication’s latest listing of the “Best Emerging Market Banks in Asia” is to be published in its May 2011 issue.
This is the 18th year in which the Global Finance Magazine has recognised outstanding performances of Best Banks in emerging markets. The Magazine’s report covers banks in 20 countries in Asia, Middle East and Africa, Latin America and Central and Eastern Europe.
This year’s Global Finance awards which are based on the respective banks’ performances in 2010 are scheduled to be presented at the National Press Club in Washington DC on September 26.
Commercial Bank and other winners were chosen through a broadbased assessment taking into account assets growth, profitability, strategic relationships, customer service, competitive pricing and innovative products, the Bank said.
“Commercial Bank has displayed exemplary consistency to have been nominated as the Best Bank in Sri Lanka for 13 consecutive years, especially since some other leading banks in the region have been unable to do so,” the Bank’s Managing Director Amitha Gooneratne said. “This strongly reiterates Commercial Bank’s position among the leading financial institutions in the Region.”
Gooneratne noted that Commercial Bank’s success in overcoming challenges enabled it to sustain its dominant position. “This reflects the Bank’s success in an important aspect-in adapting to changes in the financial world while meeting financial needs of consumers and businesses,” he said.
The award places Commercial Bank in the company of some regional giants including HDFC Bank India, ICBC China, National Bank Pakistan, Maybank  Malaysia, Shinhan Bank  South Korea and Chinatrust Commercial Bank  Taiwan.
A notable feature in this year’s rankings is the change in the winners of “Best Bank” awards from last year in Pakistan and Malaysia.
Announcing the results of the Magazine’s latest survey, Global Finance publisher Joseph Giarraputo said: “We remain in an unusually challenging environment for banks and their customers. More than ever, customers are demanding superior competence from their banking partners. These are the banks best providing that competence.”
Commercial Bank reported a Rs. 5.523 billion net profit for the year ended  December 31, 2010, a 28.3% year on year (YoY) growth. Its total assets stood at Rs. 370.26 billion at the date, a Rs. 47 billion increase from the corresponding year.
The Bank also extended the number of its branches and delivery points in Sri Lanka to 187 and the number of ATMs to 400 by  end 2010, and added Margin Trading, Islamic Banking, and Bancasuarance to its services portfolio.
Among the achievements in the area of International Money Transfers was the Bank’s collaboration with National Commercial Bank Saudi Arabia to facilitate 24 hour money transfer services to expatriates living in the Region.