Commercial Bank named 'Best Bank' for seventh year

The Commercial Bank of Ceylon Ltd. has been adjudged the Best Bank in Sri Lanka for the seventh consecutive year by the 'Global Finance,' a New York publication that serves the international business community.

Global Finance editors, along with input from industry analysts, corporate executives and banking consultants, selected the best emerging market bank in the region and in each country, through an exclusive survey.

The criteria for choosing this year's winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.

Other famous banks from the 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.

Commercial Bank's Managing Director Amitha Gooneratne said: they were honoured to have been adjudged as the 'Best Bank in Sri Lanka' yet again.

'What is significant is that in many countries in the region, the 'Best Bank' has been changing from year to year.

Yet, we have received the award consecutively for the past seven years,' he said. "This is no doubt due to our continuous commitment towards maintaining optimum levels of financial and operational performance and high investments in technology ensuring better and smoother delivery of products and services at competitive costs."

Global Finance, which enters its 18th 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.

The Commercial Bank of Ceylon, which was established in 1969, has the country's largest computer-linked network of 125 branches, and operates 200 automated teller machines. The bank has also been rated the 'Bank of the Year' in Sri Lanka by the prestigious UK based publication 'The Banker' magazine for four consecutive years since 2001.

The Commercial Bank Group ended 2004 on a high note with a solid financial performance. Pre-tax profit recorded a growth of Rs 555 million or 27.24 per cent, while group turnover grew by 27.56 per cent to Rs 12.437 billion.

Deposits rose by Rs 23.5 billion or 31.33 per cent, while advances grew by Rs 24.8 billion or 34.75 per cent. The bank paid a final dividend of 40 per cent, bringing total dividends for 2004 to 60 per cent.