Sri Lanka (Commonwealth Union)_ The Global Finance magazine, a US-based publication, has once again named the Commercial Bank of Ceylon as Sri Lanka’s Best Bank during its 30th annual awards ceremony for the World’s Best Banks 2023. This is the 21st time that the bank has received this prestigious award, cementing its reputation as the leading performer in Sri Lanka’s financial industry.
The latest edition of the magazine’s list of the 28 Best Banks in Asia Pacific has ranked Commercial Bank alongside well-known banks in the region such as ANZ Bank in Australia; ICBC Bank in China; The Bank of East Asia in Hong Kong; The State Bank of India; ANZ New Zealand; and DBS Bank in Singapore, which were also named as the best banks in their own countries.
The award-winning banks were recognized for their best customer service and attending to their customers’ requirements in challenging markets while achieving strong results and laying the foundations for future success. Global Finance magazine has chosen award-winning banks that have managed their assets and liabilities efficiently by considering rapidly changing interest rate scenarios and taking care of their customers’ needs.
The winners of these awards were finalized by the publication’s editors following thorough consultations with corporate financial executives, bankers, banking consultants, and analysts worldwide. According to Sanath Manatunge, Managing Director/Chief Executive Officer at Commercial Bank, despite the pandemic’s economic impacts still lingering in 2022, the bank started the year with a robust liquidity position, capital buffers, and prudent provision cover, giving it a competitive edge over its peers.
These factors enabled the bank to accelerate its growth trajectory in 2022. He stated, “Although the economic impacts of the pandemic still lingered in 2022, the Bank began the year with the strength derived from a stable liquidity position, capital buffers, and prudent provision cover. These collectively gave the Bank a competitive advantage over peers which paved the way for it to accelerate its growth trajectory in 2022.”
