ComBank clinches two titles at FinanceAsia Country Awards
The Commercial Bank of Ceylon has once again been crowned the ‘Best Bank in Sri Lanka,’ as well as the ‘Best Sustainable Bank in Sri Lanka’ in 2022 at FinanceAsia’s flagship Country Awards which recognise institutions that have demonstrated resilience in their commitment to supporting their clients and government schemes.
This is the 11th year that Commercial Bank has been named the Best Bank in Sri Lanka by this publication that is credited with honestly and objectively commenting on Asia’s financial and capital markets for the past 25 years.
Ranked alongside Commercial Bank this year are banks of the calibre ofAllied Bank (Pakistan), HSBC (Hong Kong), Khan Bank (Mongolia), and E.SUN Bank (Taiwan).
Commercial Bank Managing Director/CEO Sanath Manatunge said: “Together, these awards representrecognition of the Bank’s prowess via an excellent combination of performance indicators, going beyond bottom line alone. While banks tend most often to be assessed on financial figures, there are many other measurements, including sustainability, which are as important to create ultimate shareholder value.”
Commercial Bank was adjudged the Best Bank for its performance in 2021 including being the private bank with the highest total operating income, highest market share of deposits, highest total asset base, highest advances base, highest profit before and after-tax and highest net interest income.Commercial Bank is also the largest lender to the SME sector in Sri Lanka.
The Bank launched a series of products and services in 2021 that contributed towards winning this title. These include introducingViber and WhatsApp banking, becoming the first Sri Lankan bank to issue a unified QR code under LANKAQR specifications, launching the first-ever Aggregator App in the local banking space, redesigning the ‘Anagi Women’s Banking’ portfolio, introducing the utility bill payment feature across the Bank’s Cash Recycler Machine (CRM) network.
Additionally, Commercial Bank became the first bank in the country to accept digital signatures in 2021. Meanwhile,Commercial Bank was named the ‘Best Sustainable Bank in Sri Lanka’ for its three-pronged approach to sustainability, encompassing Sustainable Banking which includes responsible financing, financial inclusion, and providing sustainable products and services; being a responsible organisation by operating a green and safe workplace and culture and promoting a sustainable supply chain; and for its community initiatives encompassing social and environmental engagements.
In 2021, the Bank’s Green Financing portfolio had contributed towards reducing around 225,000 metric tonnes of carbon dioxide equivalent (tCO2e)emissions to the atmosphere.Commercial Bank was also one of the top banks – and the only Sri Lankan bank– to win two Climate Assessment for Financial Institutions (CAFI) awards from the International Finance Corporation (IFC) in 2021.
Furthermore, by the close of 2021 Commercial Bank had commissioned solar power systems at 61 of its branches.
The Bank’s CSR Trust had also completed over 600 projects under the categories of education, healthcare, community, culture & heritage and environment.