ComBank ranked Strongest Bank in Sri Lanka in TAB Global 1000 strength index 2024

Commercial Bank Managing Director/CEO Mr Sanath Manatunge receives the award from The Asian Banker President and Managing Editor Mr Foo Boon Ping.

The Commercial Bank of Ceylon has once again been assessed as the ‘Strongest Bank in Sri Lanka,’ taking its place in a prestigious global ranking published annually by TAB Insights, the global research and consulting subsidiary of TAB Global, the parent company of The Asian Banker magazine.

The Strongest Banks rankings are based on a detailed and transparent scorecard that ranks banks and financial holding companies on six criteria of balance sheet performance – the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity, covered by 14 specific key performance indicators.

These include assets, growth in loans and deposits, loan to deposit ratio, capital adequacy ratio, growth in operating profit, return on assets, cost-to-income ratio, gross non-performing loans ratio, liquid coverage ratio and non-stable funds ratio. TAB Insights also assesses non-interest income as a percentage of total operating income; loan loss reserves as a percentage of gross non-performing loans; and liquid assets as a percentage of total deposits and borrowings.

“The assessment used to arrive at a strength score is stringent as well as comprehensive, and is completely objective,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge noted. “This makes it a credible benchmark for counterparty banks, investors, customers and regulators. Being ranked the strongest bank in Sri Lanka by TAB Insights is therefore extremely satisfying to every member of the Commercial Bank team, as we strive to fulfill our obligations to all stakeholder groups, including the communities we serve and our planet.”

Ranked alongside Commercial Bank on the 2024 strength index as the strongest banks in their respective countries in the Asia Pacific Region, are ANZ Group (Australia), China Merchants Bank (China), Kotak Mahindra Bank (India), Meezan Bank (Pakistan), OCBC Bank (Singapore), Sumitomo Mitsui Financial Group (Japan), Bank Mandiri (Indonesia) and Public Bank (Malaysia).

The Top five banks on the TAB Global 1000 are JPMorgan Chase & Co. (USA), China Merchants Bank (China), Royal Bank of Canada (Canada), Industrial and Commercial Bank of China (China) and China Construction Bank (China).

The Asian Banker has been publishing its annual ranking of the Strongest Banks in the Asia Pacific region on the basis of balance sheet strength since 2007. The ranking is widely followed by investors, analysts, and the media as the leading source to assess the financial strength of commercial banks. In 2023, the rankings expanded to include the world’s 1,000 largest and strongest banks.

Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange. The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank. Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.