The Commercial Bank of Ceylon has achieved the remarkable feat of being ranked second in the ‘LMD 100’ for 2023-24, advancing five positions in this prestigious list, often referred to as ‘Sri Lanka’s Roll of Corporate Honour.’
This recent ranking not only affirms Commercial Bank’s status as the top-ranked bank in the LMD 100 but also highlights its ability to surpass some of the nation’s largest diversified business groups based on turnover, the primary metric used in the ranking.
Notably, Commercial Bank has consistently maintained its place in the Top 10 of the LMD rankings since their inception 31 years ago.
“We are truly delighted to have secured second place in the LMD ranking, a testament to our strong performance over the past financial year,” expressed Sanath Manatunge, Managing Director/CEO of Commercial Bank. “This ranking is a clear demonstration of our financial strength, resilience, and agility. It also reflects the unwavering commitment of the Commercial Bank team to achieve growth despite challenges.”
In addition to the primary turnover-based ranking, LMD evaluates companies by various metrics, including sector performance, total assets, profit after tax, shareholders’ funds, and market capitalization. The LMD 100 features many of the country’s leading conglomerates, telecommunications firms, retail giants, insurers, and other sector leaders alongside listed banks.
For the financial year ending 2023, the Commercial Bank Group reported gross income of Rs. 341.5 billion, total assets of Rs. 2.65 trillion, and a net profit of Rs. 21.9 billion. In the first six months of 2024, these figures were Rs. 163.1 billion in gross income, Rs. 2.69 trillion in total assets, and Rs. 18.9 billion in net profit.
As Sri Lanka’s first 100 percent carbon-neutral bank, Commercial Bank holds the title of the largest private sector bank in the country and was the first Sri Lankan bank listed among the Top 1000 Banks in the World. Furthermore, it stands as the largest lender to Sri Lanka’s SME sector and is recognized for its leadership in digital innovation within the banking industry.