Thursday, July 1, 2010

'FinanceAsia' ranks Commercial Bank Sri Lanka's Best Bank

The Commercial Bank of Ceylon PLC has been adjudged the best bank in Sri Lanka 2010 by a prestigious international financial publication, FinanceAsia.

FinanceAsia named Commercial Bank of Ceylon as the Best Bank in Sri Lanka and Citi as the Best Foreign Commercial Bank operating in the country.

Ranked alongside Commercial Bank in the 2010 list of best domestic banks in the region are banks of the calibre of DBS (Singapore), HDFC Bank (India), Bank Mandiri (Indonesia), Public Bank (Malaysia), and Asia Commercial Bank (Vietnam).

"It is always useful to be evaluated to global parameters and ranked by independent experts," said Commercial Bank Managing Director Amitha Gooneratne.

"The fact that the 2010 assessment follows a challenging year for the banking industry in most parts of the world makes the result even more interesting. We are therefore most encouraged by the FinanceAsia rating."

A detailed explanation of the reasoning behind the individual awards - which refer to the period from June 1, 2009 to May 17, 2010 - will be published in the July issue of FinanceAsia magazine. The winners will be celebrated at an awards ceremony in Hong Kong on September 1.

The publication's latest rankings are based on an evaluation of financial performance for the 2009 period and include criteria such as capital adequacy, liquidity and cost income ratios, pre and post tax profits, provisioning for possible losses, return on equity, and strong network of branches, agents and correspondents, among many others.

FinanceAsia also considered the Bank's total Assets, Loans and Deposits portfolio, vision and long term strategy, as well as its market position versus that of its nearest competitor.

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