The Commercial Bank of Ceylon was once again named one of the world’s banking giants, becoming the only Sri Lankan bank to appear in the “Top 1000 World Banks” announced each year by the British magazine “The Banker”, for the 11th consecutive year. year in 2021.
Despite the headwinds of the global COVID-19 pandemic, the country’s benchmark private bank said it had reaffirmed its consistency by becoming the Sri Lankan bank to stay longest in this authoritative global ranking released for the 51st year, demonstrating his indomitable spirit and inherent financial strength. The Banker, published by the Financial Times of the United Kingdom, ranks banks primarily on the basis of their Tier I capital.
“This is truly an affirmation worthy of the financial strength and professionalism of the Bank, as well as the sacrifices made in its response to the COVID-19 pandemic,” observed Commercial Bank Managing Director S. Renganathan. “Becoming the first Sri Lankan bank to enter the World’s 1000 Best Banks ranking was an important milestone in itself, but staying in this ranking for 11 consecutive years despite local and global challenges is a remarkable feat of consistency, even in the global context. “
The banker noted that “The Covid-19 pandemic has hampered even the most resilient economies over the past year, with the global economy shrinking 3.5% in 2020 and the volume of global trade contracting by 8%. , 6%, according to the World Bank. Banks have faced other headwinds during this time, including persistently low interest rates in most countries, as well as increasing competition from fintech and big tech. How well has the global banking industry weathered an unprecedented period? Where are their strengths and weaknesses? Is their profitability going up or down? Have they seen an increase in delinquent loans? Which bank has stronger fundamentals than 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 Bankers Database from year to year, ”the Banker said. magazine.
The Banker ranks banks 1 to 1,000, mostly on Tier 1 capital, and the regional breakdown is supported by editorial commentary, making the Top 1000 Global Banks one of the most recognized rankings in the industry. Ranked as Sri Lanka’s strongest banking brand in 2021 by Brand Finance, Commercial Bank ended 2020 with total assets of Rs 1,763 billion, gross income of Rs 151.966 billion, net profit of Rs 16.373 billion, a deposit base of Rs 1.287 billion and a loan portfolio of Rs 961.859 billion.