The Commercial Bank of Ceylon has been declared the ‘Strongest Bank in Sri Lanka in 2020’ by the Asian Banker Magazine, based on the strength of its balance sheet.
This accolade was presented to the Bank at a virtual plaque presentation ceremony on February 25, 2021 during which it was recognised as the strongest bank, with 50 places separating Commercial Bank and the second highest placed Sri Lankan bank.
Commenting on this international ranking accorded to the Bank, Commercial Bank Managing Director, S. Renganathan said, “This award is a testament not just to our resilience, but to our ability to grow in the face of adversity. Maintaining a strong balance sheet is crucial to our ability to continue to help our customers survive the effects of the pandemic”.
The 2020 Asian Banker Strongest Banks ranking, which should have been announced between August and September of the year, was delayed this time, to enable the Magazine’s research team to collate and incorporate the 2020 financial information into the assessment, to appraise performance during the pandemic.
As such, this year’s ranking reflects some of the impacts of the pandemic on the financial performance of banks, the magazine said.