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The Commercial Bank of Ceylon will host a special programme in tribute to women’s contribution to the national economy and society on Sunday 8th March, to mark International Women’s Day.

The event under the aegis of the Bank’s ‘Anagi’ Savings Account for women, will be held at the National Youth Centre, Maharagama. It will comprise of a number of competitions at a special ‘Anagi’ branded stall setup with interesting features. For ‘Anagi’ accounts opened on this day, the Bank will provide a branded booklet inclusive of cookery, dress making and personal grooming advice from professionals.

All ‘Anagi’ account holders will also be entitled to attractive discounts at several popular merchant outlets including Mondy 78, Sarasavi Bookshop, Janet Salons / LuvEsence, Glory Swimwear and Vision Care from the 5th to 15th of March, the Bank said.

The Anagi Women’s Savings account is designed to recognise women and support their aspirations. The contribution of women to GDP is substantial, and more than half of the 11 million plus women in Sri Lanka are increasingly shouldering financial responsibilities despite the multiple roles they play.

An ‘Anagi’ Women’s Savings account can be opened with a minimum deposit of Rs 1,000. The account offers an interest rate over the normal savings rate, one of the best rates in the savings account category for women, Gold Loans at a concessionary rate for the purchase of jewellery and a Combank Shopping Debit Card with merchant discounts at over 35 outlets, the Bank said.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank operates a network of 241 branches and 609 ATMs in Sri Lanka. The bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

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Commercial Bank’s popular dining out promotion ‘Dine and Smile’ has returned with attractive discounts for credit and debit cardholders at 52 leading restaurants over eight weeks. 

This latest promotion, in which the participating restaurants are offering discounts of 30% and 20% respectively to the Bank’s Credit and Debit Cardholders, commenced on the 16th of February, runs through March and ends on 10th April. 

The participating restaurants are Far Pavilion Restaurant (Earl’s Regency); The Sands by Aitken Spence Kalutara; Bars, China Doll , Scarlet Room of Colombo Court Yard, Main Restaurant (Club Bentota); Fits Margosa Jaffna,Flavors Restaurant at Galadari Hotel; Ilgelato, Jack Tree, Jade Restaurant, Cinnamon Room and Cardamon Café at Jetwing Light House; Café C and Lellama at Jetwing Sea; Geoffrey’s Pavilion and Blue Lagoon at Jetwing Lagoon; Old Course Restaurant of Jetwing St.Andrew’s; The Sands Restaurant, Black Coral and The Deck of Jetwing Beach; The Kitchen, Centre Point and Café J at Jetwing Blue; The Dining Room at Jetwing Yala; King Coconut, Kinnaree Contemporary Thai Cuisine, La Fiesta, Loon Tao, La Trattoria, Maharaja Palace, Caffe Michealanjelo, Governor’s Café and Terrace at Mount Lavinia Hotel; Oak-Ray Regency Kandy, Oak-Ray Anchorage Galle, Poppy Hana Japanese Restaurant,Raja Bojun, R n R, Senani Restaurant Kandy, Siam House, Sunshine Bakery, The Mango Tree, The Sandwich Factory, Tilko Jaffna, Tsukiji Uoichi, Tsing Tao, Urban Kitchen, Board Walk, Ginza, The Bakery and The Long Bar of Waters Edge. 

These discounts will significantly enhance the benefits already offered by Comdeals, a programme which provides value addition to Commercial Bank cardholders through discounts at a number of major retail outlets in the country and 0% easy payment schemes for Credit cardholders. Commercial Bank cardholders are also eligible to participate in global promotions carried out by Visa and MasterCard.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank operates a network of 241 branches and 609 ATMs in Sri Lanka. The bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

The Commercial Bank of Ceylon has assisted two rural community–based organisations managing water supply schemes to automate their billing with a donation of computers and other equipment.

The Aththanakadawala Rural Water Supply and Environmental Society and the Ikiriwewa Pinipokuna Community based Organisation that received these donations manage two water projects in Elahera, in the Ratnapura district.

Commercial Bank donated a photocopy machine, computers and furniture for the use of the two offices located at No. 19 and No. 21 Grama Seva Divisions, and provided the funds for a billing software solution and renovation of the two offices.

Around 1,400 families in the Elahera area receive clean water 24 hours of the day through these two water supply projects. These two organisations were in need of equipment to maintain and update their daily records, computerise the billing system, as well as to photocopy various leaflets and documents.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank operates a network of 241 branches and 609 ATMs in Sri Lanka. The bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

 

  • Loan book grows 22.24% to Rs 463.6 billion
  • Deposits up 17.34% to Rs 529.4 billion
  • Assets increase by 31.29% to Rs 795.6 billion
  • PBT Rs 15.736 billion; PAT Rs 11.180 billion


The Commercial Bank of Ceylon PLC has ended 2014 on a characteristically strong note, withstanding challenging conditions in Sri Lanka and Bangladesh to post profit before tax of Rs 15.736 billion for the year, an improvement of 8.45%.

Retaining its position as the country’s largest private bank, Commercial Bank reported profit after tax of Rs 11.180 billion, which reflected a growth of 7.03%, despite marginally lower interest income due to a drop in the rate of returns on interest earning assets.

However, the strong performance of the Bank’s loan book, which grew by Rs 84.3 billion or 22.24% to Rs 463.6 billion, enabled the Bank to improve its net interest income by 5.2% to Rs 27.222 billion, buttressing profit growth. Interest expenses reduced to Rs 34.610 billion due to an improvement in the Bank’s CASA ratio, as a result of its success in mobilising low cost funds in the period reviewed.

Deposits increased by a noteworthy Rs 78.3 billion or 17.34% to Rs 529.4 billion over the year, at an average of Rs 6.5 billion per month, the Bank said in a filing with the Colombo Stock Exchange.

Gross Income improved marginally, due to the lower margins witnessed by the industry in 2014, to Rs 74.442 billion. The Bank’s assets increased by a vigorous 31.29% to Rs 795.6 billion.

Commenting on these results, Commercial Bank Chairman Mr Dharma Dheerasinghe said that in the face of challenges on both the domestic and international fronts, the efforts of the Bank’s Corporate and Personal Banking teams had resulted in its lending portfolio growing appreciably in the latter part of the year, registering a growth rate considerably higher than in the previous quarters. “Against a background of sharply declining interest margins, this healthy expansion of volume acted as a boost that raised the Bank’s overall profits– a welcome consequence no doubt appreciated by all shareholders,” he said.

Mr Dheerasinghe said the Bank had developed a strategy to diversify its activities in the year reviewed, with a particular focus on fee-based income. “In addition, the Bank launched several new products during the year aimed at improving product mix, as we cater to customer needs and preferences in areas such as credit cards, debit cards, loans, advances and savings products –including a new retirement-savings programme,” he said.

Net fees and commissions for the year reviewed grew by 13.69% to Rs 4.831 billion, while other income including gains from trading, mark to market gains on financial instruments and recoveries of past due loans, improved by 15.11% to Rs 7.018 billion.

The Bank was also successful in reducing impairment charges on loans and advances by 5.48% to Rs 4.919 billion due to a drop in non-performing loans and improved credit quality.These efforts enabled the Bank improve gross and net NPL ratios to 3.47% and 1.86% respectively, from 3.88% and 2.12% at the end of 2013.

Total expenses including personnel costs, depreciation and amortisation and other operating expenses, grew by 8.11% to Rs 15.726 billion.

Commercial Bank’s provision for financial VAT and NBT for the year totalled Rs 2.689 billion, an increase of 36.57% over the preceding year. Income tax, financial VAT and NBT as a percentage of the Bank’s profit before financial VAT was 39.32%.

The Bank’s Tier I and Total (Tier I + Tier II) Capital adequacy ratiosstood at12.93% and15.96% respectively at end of 2014 and these ratios were well above the minimum statutory ratios of 5% and 10%.

Basic and diluted earnings per share for the review period stood at Rs 12.94 (2013 – Rs 12.10) and Rs 12.88 (2013 – Rs 12.09)respectively. The Bank’s net asset value per share improved by 13.45% to Rs 81.44 from Rs 71.78 (2013).Shareholder funds grew by 15.70% to 70.512 billion in the 12 months reviewed.

The market price of Commercial Bank’s ordinary voting share at year end was Rs 171, from Rs 120.40 at the end of 2013, while the non-voting share closed at Rs 125.10 from Rs 93 a year previously. Total market capitalisation at the end of 2014 was Rs 138.5 billion, surpassing US$ 1 billion, the highest in Sri Lanka’s banking sector and the 3rd highest among all listed entities in the country.

At Group level, Commercial Bank, its subsidiaries and associates reported profit before tax of Rs 15.860 billion for the year ended 31st December 2014, an improvement of 7.96%. Profit after tax for the year grew by 6.33% to Rs 11.243 billion.

The Bank opened four new branches in Sri Lanka in 2014 to end the year with 239 branches and a network of 606 ATMs, which is the largest ATM network owned by a single bank in Sri Lanka. The Bank’s Bangladesh operations comprised of 18 service points and 19 ATMs in the year under review.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.


Offers Cisco’s ‘IT Essentials’ course to students via its online education programme

The Commercial Bank of Ceylon has partnered with Cisco Networking Academy to offer a comprehensive ‘IT Essentials’ course for teachers and students free of charge, further enhancing the Bank’s online Education programme conducted as a Corporate Social Responsibility initiative.

A group of 12 teachers from six schools have already completed the Cisco ‘IT Essentials-Instructor’ certificate course at Cisco Networking Centre at the University of Moratuwa under this programme. They were from Agamathi Balika Vidyalaya - Panadura, Thakshila Central College - Horana, Wewita Maithree Vidyalaya - Bandaragama, Kurukkuwa Central College - Madampe, Pallegama Secondary School - Deniyaya and the Computer Centre of St. Anne’s Church Wattala.

Meanwhile, Commercial Bank has enabled teachers from five schools to follow a certificate course in Microsoft Office and Free tools at the Gateway Institute, Colombo. The training programme covered 16 modules including the 2010 versions of Microsoft Office, Word, Excel, power Point, Access and Outlook. Other modules covered by the course included Pedagogical use of ICT, Windows 7 Operating system, Microsoft Auto College, Microsoft DreamSpark, Microsoft Mouse Mischief, and Windows Live Movie Maker. These teachers will thereafter offer relevant training modules to students at their schools.

The Cisco ‘IT Essentials’ course for students participating in the online IT education programme initiated by Commercial Bank, covers eight topics, including the fundamentals of computer hardware, software and concepts such as IT security, networking and the responsibilities of an IT professional.

At present, five schools that received IT Labs from Commercial Bank have commenced the Cisco ‘IT Essentials’ course, and 130 students are following it, the Bank said. A globally accepted ‘Cisco IT Essentials’ certificate will be presented to the students who successfully complete this course.

Cisco Networking Academy helps individuals prepare for industry-recognised certifications and entry level information and communication technology (ICT) careers in every type of industry. Students will earn foundational competencies in ICT while acquiring vital 21st century career skills in problem solving, collaboration, and critical thinking.

Commercial Bank commenced the second phase of its IT education programme by implementing an online learning programme via the IT laboratories it has donated. More than 50,000 children from 50 schools are now accessing carefully selected mathematics and science lessons via a specially created web platform, to supplement their regular lessons in these subjects

The Bank’s flagship CSR initiative of donating fully-equipped IT laboratories to schools across the country has to date donated 160 IT labs, and benefited more than 160,000 students. The schools are also provided accessories such as computer tables, printers and chairs, and the Bank provides assistance to maintain and upgrade these computer labs when necessary to ensure that the facilities benefit many batches of students.

Commercial Bank contributes a percentage of its post tax profits annually to its CSR Trust, established in 2004 with a start up capital of Rs. 25 million. The bank defines the overall goal of its CSR policy as ‘to generate measurable and sustainable social dividends for different segments of society, in particular those which require empowerment and enrichment.’

Other initiatives of Commercial Bank’s CSR Trust include presenting scholarships and laptops to undergraduates, providing English education to rural school children, supporting healthcare projects around the country, supporting facilities of war heroes, and funding projects for the preservation of culture and heritage.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank operates a network of 241 branches and 609 ATMs in Sri Lanka. The bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Photo Caption:
One of the training programmes conducted for teachers, at the Cisco Networking Centre of the University of Moratuwa.

The Commercial Bank of Ceylon has opened its 241st branch in Sri Lanka at Chankanai in Jaffna, further enhancing its presence in the Nothern Province of the country.

The new branch located at 146A, Ponnalai Road, Chankanai was opened on 9th February 2015 by the Bank’s Executive Director/Chief Operating Officer Mr. S.Renganathan.

It is equipped with an automated teller machine that is linked to the 608 other ATMs of Commercial Bank in Sri Lanka, as well as to millions of ATMs of the MasterCard, Maestro, Cirrus, Visa, Plus, Amex, Discover and Diner’s Club networks worldwide.

Known for its busy marketplace, Chankanai is a town located 12 km north-west of the city of Jaffna. The people of the town were predominantly agriculture based and are now gradually moving towards commercial activities.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank operates a network of 241 branches and 609 ATMs in Sri Lanka. The bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Photo Caption:
Commercial Bank’s Executive Director/Chief Operating Officer Mr. S. Renganathan opens the Bank’s Chankanai branch accompanied by senior officers of the Bank.

The Commercial Bank of Ceylon has opened its 240th branch in Sri Lanka at Nochchiyagama, further enhancing its presence in the North Central Province of the country.

The new branch located at No 25/D, Puttalam Road, Nochchiyagama was opened on Friday 30th January 2015 by the Bank’s Managing Director Mr. Jegan Durairatnam.

It is equipped with two automated teller machines that are linked to the 606 other ATMs of Commercial Bank in Sri Lanka, as well as to millions of ATMs of the MasterCard, Maestro, Cirrus, Visa, Plus, Amex, Discover and Diner’s Club networks worldwide.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank operates a network of 240 branches and 608 ATMs in Sri Lanka. The bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Photo caption:
Commercial Bank's Managing Director Mr Jegan Durairatnam (Centre) declares open the Nochchiyagama branch accompanied by the Bank's Executive Director/Chief Operating Officer Mr S Renganathan (left) and the Branch Manager Mr Buddhika Jayatilaka.

 

The Commercial Bank of Ceylon continued its engagement withthe people of Jaffna by participating in the Jaffna International Trade Fair for the fourth consecutive year recently. As in previous years, the stall of the Commercial Bank drew large numbers of visitors, for whom the Bank conducted competitions and presented gifts to the winners.Several multinationals, local conglomerates and higher education institutions participated as exhibitors at this year’s fair, held at the Jaffna Municipal Council Grounds. The Commercial Bank used its stall to promotethe extensive range of products and services it offers,includingthe ‘Anagi’ Women's Account, the ‘Udara’ Seniors' Account, Online Banking, Mobile Banking and Credit and Debit Cards. Pictured here is the Commercial Bank stall at the 2015Jaffna International Trade Fair.

The Commercial Bank of Ceylon has presented another 50 undergraduates from seven state universities with scholarships and laptops under the Bank’s CSR Trust’s ‘Sarasaviyata Nawa Saviyak’ community initiative.

The selected undergraduates will each receive Rs 30,000 a year for the period they spend at university.

This was Commercial Bank’s seventh undergraduates scholarships presentation under this programme. It was held at the Bank’s Union Place auditorium, and brought the total number of such scholarships presented by the Bank to date to 300.

Of this latest batch of scholarship recipients, 33 were female. Ten of the 50 undergraduates are studying Management, six Accountancy, three each Marketing Management and Medicine, five Finance Management, four Human Resource Management while four are studying for B.Com degrees.

Recipients of Commercial Bank’s undergraduate scholarships are chosen with the assistance of the University Grants Commission (UGC). Being ineligible for Mahapola or any other scholarship programme, the number of attempts made at the GCE A/L examination, the number of school-going children in the family, parental income and the distance between the university and the student’s home are some of the factors that are taken into consideration in identifying recipients.

The latest batch of beneficiaries were from the districts of Gampaha, Anuradhapura, Galle, Kandy, Matale, Kegalle, Badulla, Monaragala, Ratnapura, Colombo, Polonnuaruwa, Nuwara Eliya, Batticaloa, Hambantota, Ampara, Matara, Puttlam and Kalutara.

The Bank’s Flagship CSR initiative of donating fully-equipped IT laboratories to schools across the country reached a milestone recently, with the donation of its 160th IT lab. The programme has to date benefited more than 160,000 students. The schools are also provided accessories such as computer tables, printers and chairs, and the Bank provides assistance to maintain and upgrade these computer labs when necessary to ensure that the facilities benefit many batches of students.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), and ranked the most valuable private sector brand in the country in 2014, the Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Photo Caption:
Some of the undergraduates who received scholarships and laptops from Commercial Bank.

The Corporate Social Responsibility Trust of Commercial Bank has partnered with the National Hospital of Sri Lanka, Colombo (NHSL) for a gardening and landscaping project covering an area of one and half acres of the hospital’s gardens.

The project is intended to facilitate the mental wellbeing of patients and includes the planting of C02 -absorbent trees in specified plots of land belonging to the hospital to minimise carbon dioxide emissions in its immediate environs. In addition to existing trees in the garden, more mango and jack trees have been planted. The existing ponds have been cleaned and repaired along with the benches. Lush lawns enhance the aesthetic and environmental values of the property.

A Memorandum of Understanding was signed between the Commercial Bank of Ceylon and the National Hospital to formalise this partnership, and the major part of the work has already been completed, the Bank said.

The contractor entrusted with the work will also maintain the landscaped areas for a period of five years.

The National Hospital situated in a 32 acre block of land is the largest teaching hospital in Sri Lanka and the final referral centre in the country consisting of 3500 beds and serves over 10,000 outpatients daily. Consisting of 80 wards and 30 treatment units, 38 operating theatres and 18 intensive care units, it is the training centre for undergraduates and post graduate trainees of the Faculty of Medicine. The nurse’s training school, Colombo, PBS, and schools of Radiography, Pharmacy, Cardiograph, Physiotherapy and Occupational Therapy are affiliated to the National Hospital.

Commercial Bank contributes a percentage of its post tax profits annually to its CSR Trust, established in 2004 with a start up capital of Rs 25 million. The Bank defines the overall goal of its CSR policy as ‘to generate measurable and sustainable social dividends for different segments of society, in particular those which require empowerment and enrichment.’

The Bank’s Flagship CSR initiative of donating fully-equipped IT laboratories to schools across the country reached a milestone recently, with the donation of its 150th IT lab. The programme has to date benefited more than 150,000 students. The schools are also provided accessories such as computer tables, printers and chairs, and the Bank provides assistance to maintain and upgrade these computer labs when necessary to ensure that the facilities benefit many batches of students.

The Bank has also commenced the second phase of its IT education programme by implementing an on line learning programme via the IT laboratories it has donated. More than 50,000 children from 50 schools are now accessing carefully selected mathematics and science lessons via a specially created web platform, to supplement their regular lessons in these subjects.

Other initiatives of Commercial Bank’s CSR Trust include presenting scholarships and laptops to undergraduates, providing English education to rural school children, supporting healthcare projects around the country, supporting facilities for war heroes, and funding projects for the preservation of culture and heritage.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), and ranked the most valuable private sector brand in the country in 2014, the Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014. The Bank has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Photo caption:
Mrs Priyanthi Perera, CSR Coordinator of Commercial Bank (second left) and Dr Anil Jasinghe, Director of the National Hospital exchange the agreement in the presence of (from left) Mahesh Ratnayake of the Bank’s CSR unit and Dr Ramya Premarathne, Coordinator of the NHSL landscaping project (centre)

The Commercial Bank of Ceylon PLC, Sri Lanka’s largest private bank, has entered into two Collective Agreements effective for three years,with the Ceylon Bank Employees Union (CBEU) covering the union’sNon-Executivestaff andJunior Executive Assistants. A Memorandum of Understanding was also signed covering the Junior Executive Officers of the Bank. These Agreements are revisions of the 2012 Agreements which lapsed on 31stDecember 2014, the Bank said. The new Agreements will be in force from 01st January 2015.

Upholding the right to collective bargaining, Commercial Bank has continued signing these agreements with the CBEU developing a productive partnership in the industry.

Pictured here at the signing of these agreements are (from left) Messrs. Samantha Ratnayake - Secretary of CBEU (Commercial Bank Branch Union), KushanWijayapala - President of CBEU (Commercial Bank Branch Union), AshokaDharmasiri - Secretary General of the CBEU, A.K. Bandara - President of the CBEU,JeganDurairatnam - Managing Director/Chief Executive Officer of Commercial Bank, S. Renganathan- Chief Operating Officer/Executive Director of the Bank,IsuruTillakawardana, the Bank’s Deputy General Manager Human Resource Management,Ravi Peiris - Director General of the Employers’ Federation of Ceylon and Kanishka Weerasinghe - Deputy Director General of the Employers’ Federation.

Strong growth in transaction volumes in the United Arab Emirates (UAE), particularly in remittances, was acknowledged by the Commercial Bank of Ceylon recentlywhen it hosted a felicitation for its business partners, ex-staff and customers in the Emirate.

The event at Le Meridien Hotel in Dubai was attended by over 150 guests who were entertained by traditional Sri Lankan dances by the Channa-Upuli Dance troupe.

Commercial Bank’s Executive Director - Chief Operating Officer Mr S. Renganathan was the Chief Guest at the gala event, at which the a presentation was made on investment opportunities in Sri Lanka and Chief Manager e-Banking & remittances Mr Pradeep Banduwansa also addressed the gathering.

United Arab Emirates is a key market for remittances to Sri Lanka. Commercial Bank has 21 agents and four Business Promotion officers in the UAE, covering four emirates,Dubai, Abu Dhabi, Sharjah and Ajman.

The Bank is one of the most active players in Sri Lanka in the field of remittances, offering customers a range of options including the Bank’s own e-Exchange platform, a highly secure, low cost money transfer facility which is available to remitters via a network of agents in over 50 countries. Remitters can send money even without having an account in the Bank.

Besides its own e-Exchange remittance platform, Commercial Bank offers customers around the world the facility of transferring funds via MoneyGram, Xpress Money and Ria Financial Services.

One of the Bank’s key strengths is its island-wide network of 239 branches, many of which remain open on public, bank and mercantile holidays, and its network of 605 ATMs, which is the largest automated cash dispensing system owned by a single bank in Sri Lanka.Recipients of remittances sent to the Bank enjoy many benefits such as over 50 holiday banking centres and super market counters, a dedicated customer support call centre for remittances and an SMS alerts facility once the remittance is received and is ready to be paid out.

Adding to the versatility of its offering in remittances, the Bank recently partnered with MoneyGram to facilitate an account deposit service through which Sri Lankans working overseas can transfer funds to over 98 per cent of bank accounts in the country within an hour. The funds can be received in Sri Lankan rupees directly from 40 countries.

Ranked Sri Lanka’s ‘Bank of the Year’ by ‘The Banker’ and ‘Strongest Bank in Sri Lanka in 2014’ by The ‘Asian Banker’ magazines, Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years. The Bank was also rated the most valuable private sector brand in the country in 2014. Commercial Bank has won multiple awards as Sri Lanka’s best bank over several years, been adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014, and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

Photo Captions:
Image 1 - Commercial Bank’s Executive Director / Chief Operating Officer Mr S. Renganathan addresses guests at the felicitation.

Image 2 – Guests at the felicitation.

Sri Lanka’s benchmark private bank wins two awards from South Asian Federation of Accountants

The 2013 Annual Report of the Commercial Bank of Ceylon PLC has won two key awards at the Best Presented Annual Report Awards presented by the South Asian Federation of Accountants (SAFA), reaffirming the high quality of the Bank’s financial reporting standards.

Sri Lanka’s benchmark private bank was adjudged the winner in the ‘Private Sector Banks’ category and was the first runner-up for the SAARC Anniversary Award for Corporate Governance Disclosures, at this prestigious event in Bhubaneshwar, India, alongside the 37th Board Meeting of SAFA in early December.

In second and third place among private sector banks in the South Asian region were MCB Bank Limited of Pakistan and Prime Bank Limited of Bangladesh.

The SAFA awards, presented annually under different categories, are conferred on the basis of evaluations administered by the Federation’s Committee for Improvement in Transparency, Accountability and Governance, of the published annual reports of entries from South Asian countries.

“The Commercial Bank has been a consistent winner at the awards for many years, establishing itself as one of the best in the region for financial reporting,” the Bank’s Managing Director Mr. Jegan Durairatnam said. “The Annual Report is by far the single most important document a public listed company produces, and we constantly look at going beyond simply conforming to international standards, to keep adding value through greater transparency in the presentation of our performance.”

Emphasising the importance of the right banking partner, the 2013 Annual Report of Commercial Bank was themed ‘Together to Prosperity.’ Its preamble set the tone with the words “Everyone has dreams for the future. But sometimes the challenges of the journey ahead can loom larger than the goals we’ve set for ourselves, keeping our aspirations in the realm of dreams. The journey becomes far easier, though, when we have the right travelling companion.”

Ranked Sri Lanka’s ‘Bank of the Year’ by ‘The Banker’ and ‘Strongest Bank in Sri Lanka in 2014’ by The ‘Asian Banker’ magazines, Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years. The Bank was also rated the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka and has won multiple awards as Sri Lanka’s best bank over several years, been adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014, and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.

As its financial year draws to a close, the Commercial Bank of Ceylon has achieved yet another milestone, being declared Sri Lanka’s ‘Bank of the Year’ by the respected UK-based ‘The Banker’ Magazine.

This is the ninth Bank of the Year award presented to Commercial Bank by ‘The Banker’ – the magazine that is also responsible for the annual ranking of the Top 1000 Banks of the World. The Bank of the Year award also referred to as a ‘Bracken’ is considered the ‘Oscar’ of the international banking industry, and is decided on performance across diverse key indicators.

The Bank of the Year award presented on 27th November at the InterContinental Hotel, Park Lane, London, is the second major international banking award won by Commercial Bank in the past three months. In September, the Bank was adjudged ‘The Strongest Bank in Sri Lanka in 2014’ by The Asian Banker magazine.

Commercial Bank is also the only Sri Lankan bank to be ranked in the world’s Top 1,000 Banks for four consecutive years.

The comprehensive evaluation for the Bank of the Year awards named after Brendan Bracken, the founding editor of ‘The Banker’ in 1926 and Chairman of the Financial Times from 1945 to 1958, covers qualitative achievements, strategic initiatives, financial results, growth rates and performance data as well as other aspects such as technology and key strategic developments.

The award was received by Commercial Bank’s Managing Director Mr. Jegan Durairatnam at a gala event attended by VIP guests and leading personalities in the international banking industry.

Commenting on the award, Mr Durairatnam said: “We believe that the emphasis we place on achieving performance excellence while maintaining an equitable balance between stakeholder expectations and our responsibilities to the community, is the basis for many of the international accolades that come our way. As always, they are a tribute to the entire team of Commercial Bank, and are a re-affirmation of the value of focusing on best practices and banking fundamentals.”

Other Bank of the Year award winners ranked alongside Commercial Bank in 2014 included those of the calibre of Westpac, Royal Bank of Canada, Raiffeisen Bank and Axis Bank.

Besides the many international awards it won in 2014, Commercial Bank was also rated the most valuable private sector brand in the country this year. The Bank operates a network of 239 branches and 605 ATMs in Sri Lanka and has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated NO 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Photo Caption:
Commercial Bank Managing Director/CEO Mr. Jegan Durairatnam with the ‘Bracken’ award presented to the Bank by the Banker.

Dominates the award ceremony with 7 awards

The Commercial Bank’s status as one of Sri Lanka’s leading corporate citizens was emphatically reaffirmed this week when the Ceylon Chamber of Commerce presented the country’s largest private bank with the Runner-Up award at the 2014 Best Corporate Citizen Sustainability Awards, along with seven more accolades.

While retaining its position as one of the Top 10 Best Corporate Citizens in Sri Lanka, the Bank emerged the winner in the category award for ‘Economic Contribution,’ took the award for ‘Economic Sustainability’ in the Triple Bottom Line category and was awarded as the winner in ‘Financial Services’ in the sector awards. Under the project category the Bank was recognised with a special Long Term Project Award for its efforts to support the national healthcare system. This was the only award that was presented in this category and was a special honour for the Bank’s consistent and ongoing efforts to support the national healthcare system. Commercial Bank also received a Merit Award for its coral replanting project in Hikkaduwa.

This rich haul of accolades resulted in Commercial Bank becoming the most-awarded bank at this year’s edition of this prestigious awards programme, in only the third year of its participation.

“Sustainability and good corporate citizenship have always been at the top of our corporate values,” Commercial Bank’s Chairman Mr. Dharma Dheerasinghe said. “It is therefore most encouraging to have an entity of the calibre of the Ceylon Chamber of Commerce acknowledge the pre-eminence the Bank has achieved in these vital performance benchmarks.”

“We are especially delighted to top the Financial Services sector and to be recognised as the best in respect of our economic contribution and in respect of economic sustainability. As the largest private bank in the country we are committed to the development of Sri Lanka and its future generations,” the Bank’s Managing Director/CEO Mr Jegan Durairatnam added.

In terms of economic contribution, Commercial Bank ended 2013 with assets of Rs 600 billion, deposits of Rs 451 billion, a loan book of Rs 419.5 billion, revenue of Rs 73 billion, and net profit of Rs 10.5 billion, at the head of all licensed private banks in the country. The Bank has consolidated this position further in 2014, with assets of Rs 747 billion at the end of the third quarter, deposits of Rs 504 billion and a loan book of Rs 482.8 billion.

The Triple Bottom Line award recognises the Bank’s commitment to corporate sustainability through its focus is on People, the Planet and Profits, represented by its numerous initiatives to fulfil its responsibilities in the Social, Environmental and Economic dimensions of its operations.

The Long Term Project Award presented to Commercial Bank at the Best Corporate Citizen awards is in respect of the Bank’s on-going programme of donations of critical care equipment and other facilities to government hospitals around the country, alongside support to refurbish buildings where necessary.

A ground-breaking project undertaken to replant coral in the Hikkaduwa Marine National Park in partnership with the Department of Wildlife Conservation won the Bank the Merit Award. The initiative involved the replanting of 1,000 square feet in the Walduwa area of the marine park, using techniques perfected in the Philippines. The original coral in this protected area was damaged in 1998 due to the warming of the ocean due to the ‘El Niño’ southern oscillation and the tsunami of 2004.

All centrally-funded Corporate Social Responsibility initiatives come under the purview of the Commercial Bank CSR Trust, established in 2004. The Bank contributes a percentage of its post-tax profits annually to the Trust, and defines the overall goal of its CSR policy as ‘to generate measurable and sustainable social dividends for different segments of society, in particular those which require empowerment and enrichment.’

Besides its initiatives in the area of healthcare Commercial Bank has made a long term commitment to promoting IT literacy on a national scale with the donation of IT laboratories to schools across the country. The Bank has donated 150 such IT Labs to date, benefitting more than 150,000 students, and has launched an online learning programme via some of these IT Labs engaging a further 50,000 children from 50 schools.

Other initiatives of Commercial Bank’s CSR Trust include presenting scholarships and laptops to undergraduates, providing English education to rural school children, supporting facilities for war heroes and funding projects for the preservation of culture and heritage.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated NO 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Photo Caption:
Commercial Bank Chairman Mr. Dharma Dheerasinghe, Managing Director Mr. Jegan Durairatnam and Chief Operating Officer Mr. S Renganathan flanked by the Commercial Bank team at the awards ceremony.

Sri Lanka’s largest private bank seeks to emulate its success in Bangladesh with second overseas operation

The Commercial Bank has become the first Sri Lankan bank to be granted a licence by the Central Bank of Myanmar to operate a Representative Office in the South East Asian republic of more than 50 million people.

“We believe that there is further potential to increase bi-Iateral trade between Myanmar and Sri Lanka, and that there is a likelihood of some of Sri Lanka's leading apparel exporters and other industries setting up operations in Myanmar,” Commercial Bank’s Chairman Mr Dharma Dheerasinghe said. “The presence of a Representative Office of Sri Lanka’s largest private bank would facilitate this process, and be mutually beneficial to the two countries.”

Commercial Bank’s Managing Director and CEO Mr Jegan Durairatnam said the Bank is in the process of planning out the services it will offer initially in Myanmar, as well as the timelines for setting up its Representative Office there.Commercial Bank envisages that its Representative Office will offer Advisory Services to Sri Lankan and Bangladeshi businessmen wishing to enter the Myanmar Market and arrange Banking and Advisory facilities and funds transfer and encashment services, subject to approval of the Central Bank of Myanmar.

“The Banking Sector in Myanmar is expanding fast,” Mr Durairatnam added. “By opening a Representative Office, it would also be possible for Commercial Bank to build closer relationships with local banks and offer them its experience in very successfully moving from manual and mechanical systems to high-tech banking.”

According to the Asian Development Bank (ADB), Myanmar could follow Asia's fast growing economies and expand at 7-8% a year, become a middle income nation and triple per capita income by 2030.

Myanmar will be Commercial Bank’s second overseas operation after Bangladesh, which the Bank entered in July 2003, with the acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI), Commercial Bank’s first ever acquisition of a banking operation. Today, Commercial Bank’s operations in Bangladesh have grown to 18 outlets, and have won numerous awards including a CSR Award from The Bankers Forum in Bangladesh, the Financial Mirror - Robintex Business Award for outstanding performance, the Financial News Services (FNS) Business Award for the 'Best Performing Foreign Bank' in Bangladesh and the ICMAB, National Best Corporate Award.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated NO 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

Photo Caption:

Commercial Bank’s AGM Plan Implementation and Compliance Officer Mr Richard Rodrigo (center) receives the licence from Ms May Toe Win, Director Financial Institutions Regulation & Anti-Money Laundering Department of the Central Bank of Myanmar.



The Commercial Bank of Ceylon has once again announced a series of attractive discounts for Credit and Debit Cardholders at 44 popular retailers of clothing, lingerie,footwear, jewellery, home appliances and perfumesduring the festive season.

Discounts of 10% to 25% will apply on purchases paid for with Commercial Bank Credit Cards while discounts from 10% to 20% will be available on Debit Cards under this promotion on specified days between 4th to 28th December 2014, the Bank said.

The participating retailers are Ashee Collection,Beverly Street,Brand Wearhouse, Choice Park, CIB Shopping , Cool Planet ,Diliganz,Dilly & Carlo,Emerald /Crocodile,Dockers, French Connection, Galleria, Giordano, Levi’s, Mango, Mothercare, Nike, Double XL, DSI, Reebok, Clarks,Fashion Bug,Genesis & Basics, Glitz,Hameedia, Adidas, Planet Fashion, Signature, The Raymond Shop,Kreations,Mahanathi, Much More,New Sriyani Dress Point,Nolimit, Pallu,Romafour, Saree Mandir, 7 stories Ranjanas,Spring & Summer, TFO, The Parfumerie, Triumph andVogue Jewellers.

At Emerald/Crocodile, Diliganz, Beverly Street, Cool Planet, Saree Mandir and The Parfumerie discounts will be offered from 4th to 7th December, while discounts at Glitz will be offered on8thand 9th December. Discounts at Brand Wearhouse, Romafour, Softlogic outlets, Double XL, Kreations and the TFO are offered from 8th to 10th December, the Bank said.

Spring & Summer, 7 stories Ranjanas, New Sriyani Dress Point, Dilly & Carlo, Mahanathi and Fashion Bug offer discounts for Credit and Debit Cards from 10th to 14th December. Nolimit and Pallu will offer discounts on 12thand 13th December, while Much More, Triumph and Choice Park will offer discounts from 12th to 14th of December. Hameedia will also join the promotion for Credit and Debit cards from 13th to 15th December.

CIB Shopping, Vogue Jewellers (offering 17% on GoldJewellery and up to 45% on Diamond jewellery), DSI, Clarks, Reebok and Ashee Collection offer discounts for Credit and Debit Cards from 16th to 21st December. Genesis & Basics join the promotion from 22nd to 24th December, while discounts at the Beverly Street Rajagiriya outlet will be from 26th to 28th December.

“As always, Commercial Bank reserves special offers for every major festive season of the year,” said Mr.ThusithaSuraweera, Chief Manager of the Commercial Bank Card Centre. “Commercial Bank Credit and Debit Cards make the shopping experience much more enjoyable at such times.”

These promotions significantly enhance the benefits already offered by ‘Comdeals,’ a programme which provides value addition to Commercial Bank Cardholders through discounts at a number of major retail outlets in the country and 0% easy payment schemes for Credit Cardholders, the Bank said. Commercial Bank Cardholders are also eligible to participate in global promotions carried out by Visa and MasterCard.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

b2ap3_thumbnail_hasrath_cmo_award.jpg

 

Commercial Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe has been named one of the ‘100 Most Talented Global Marketing Leaders’ by the Chief Marketing Officer (CMO) Council.

This prestigious accolade was presented at the 2014 Global Marketing Excellence Awards of the World Marketing Congress at Taj Land’s End, Mumbai recently.

The World Marketing congress is an annual event at which marketers from around the globe are rewarded for their achievements. Recipients are selected by an experienced and prestigious panel of judges after many rounds of evaluation which assess their leadership in achieving marketing excellence, brand building abilities and outstanding contribution to mentor marketing professionals. Candidates from more than 50 countries are considered for this award.

This is the second international marketing-related award won by Mr Munasinghe this year. In August, he was recognised as ‘Marketing Professional of the Year’ at the CMO Council Global Brand Excellence Awards in Singapore.

He holds nine professional and academic qualifications including two Masters qualifications, a MSC in IT from the University of Moratuwa and an MBA from the University of Southern Queensland, and a Post Graduate Diploma in Marketing from the Chartered Institute of Marketing (CIM) UK. He has the distinction of being the youngest Sri Lankan to achieve both FCIM-UK and FSLIM status.

Hasrath Munasinghe counts 20 years of hands-on experience in Marketing, Sales and Communications, of which 15 have been in management. He has been involved in building many iconic brands in Sri Lanka in broadcast media, personal care and mobile telecommunications and has won multiple Gold awards for his efforts from the Sri Lanka Institute of Marketing (SLIM).

Adjudged one of the ‘Ten Outstanding Young Persons’ (TOYP) in Sri Lanka in 2013, Hasrath was twice named in the ‘Top 40 under 40’ list of the top 40 executives under 40 years of age in Sri Lanka by Echelon magazine. He is also a recipient of the Achievers and Leaders International Award from the Sri Lanka-India-South Africa-Singapore Partnership Summit.

Hasrath has taken part in many local and international forums and seminars as a speaker, panellist, moderator and trainer in ten countries. He contributes articles and papers to journals and publications on the topics Marketing, Corporate Communications, CSR and Sustainability, conducts guest lectures at the Center for Banking Studies of the Central Bank of Sri Lanka and is a part time guest lecturer at several educational institutes. Hasrath also served as a Board Member and Treasurer of the International Advertising Association (IAA) Sri Lanka Chapter and is a Council Member of Chartered Certified Management (CMA Australia) Sri Lanka Chapter. He is a member of the Sri Lanka Institute of Directors (SLID) and a member of the Association of Professional Bankers (APB), Sri Lanka. Hasrath has also been a member of the judging panels of the Effie Awards and Young Marketer Competition organised by the Sri Lanka Institute of Marketing (SLIM) and has acted as a moderator for the judges at the “Chilies” --the Sri Lankan Advertising Awards organised by IAA and 4 As of Sri Lanka.

Hasrath has held many positions in bodies and committees including committees of CIM and IAA, and the “Chilies.” He also held the position of Chairman of the organising committee of “Brand Mantra” the most sought after marketing and brand management training programme in the country.

He currently serves as a board member of the Chartered Institute of Marketing (CIM) Sri Lanka region, on several committees of other institutes, and is a Trustee of the Commercial Bank’s CSR Trust.

 

Photo Caption: 

Commercial Bank’s DGM – Marketing Mr Hasrath Munasinghe (center) after receiving the award.

 

b2ap3_thumbnail_150th_-itlab.jpg

Beligamuwa Kanishta Vidyalaya Galewela the latest beneficiary of nation-wide IT education programme

 

The CSR Trust of Commercial Bank achieved a significant milestone under its nationally-scaled IT education programme, when it donated its 150th fully-equipped IT laboratory to a school in Galewela in the Matale district.

The 150th IT lab donated by the Bank was ceremonially inaugurated by Commercial Bank Chairman Mr. Dharma Dheerasinghe at Beligamuwa Kanishta Vidyalaya, Galewela, which has a student population of 200.

The IT Lab has four computers, accessories and furniture. All computer laboratories donated by Commercial Bank’s CSR Trust are equipped with brand new computers with licensed software. The schools are also provided accessories such as computer tables, printers and chairs, and the Bank provides assistance to maintain and upgrade these computer labs when necessary to ensure that the facilities benefit many batches of students.

Speaking at the presentation of the IT Laboratory to the school, Mr. Dheerasinghe commented that the objective of the Bank is to develop a future generation fully conversant in IT. “We started this initiative with the aim of improving the IT knowledge of the future generations and we have reached our 150th milestone in this journey, which is a remarkable achievement,” he said. He also stated that the Bank is committed to create opportunities for the rural school children through IT and English education.

Commercial Bank’s IT Education programme is designed to empower younger generations and the country to face the future with confidence with world-class knowledge. The programme shares synergy with the Bank’s vision of being the most technologically-advanced, innovative and customer- friendly financial services organisation in Sri Lanka.

The Bank’s IT education programme has to date benefited more than 150,000 students in schools across the country.

The Bank has also commenced the second phase of its IT education programme by implementing an on line learning programme via the IT laboratories it has donated. More than 50,000 children from 50 schools are now accessing carefully selected mathematics and science lessons via a specially created web platform, to supplement their regular lessons in these subjects.

Commercial Bank contributes a percentage of its post tax profits annually to its CSR Trust, established in 2004 with a start up capital of Rs 25 million. The Bank defines the overall goal of its CSR policy as ‘to generate measurable and sustainable social dividends for different segments of society, in particular those which require empowerment and enrichment’.

Other initiatives of Commercial Bank’s CSR Trust include presenting scholarships and laptops to undergraduates, providing English education to rural school children, supporting healthcare projects around the country, supporting facilities for war heroes, and funding projects for the preservation of culture and heritage.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated NO 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.

 

Photo caption:

(Above) Commercial Bank Chairman Mr Dharma Dheerasinghe and the Principal of the school Mr H W S Peiris open the new IT Lab as the Bank’s Chief Information Officer Mr Rohan Muttiah looks on, and (Below) Mr Dheerasinghe in the new IT Lab donated by the Bank.

 

  • 3Q acceleration sees PBT & PAT growths in excess of 20%
  • Assets up by 23.19% in 9 months to Rs 747.29 billion
  • 9-month PBT tops Rs 11.2 billion

The Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 13.119 billion for the nine months ended 30th September 2014 in a performance befitting its status as Sri Lanka’s largest private bank.

In spite of a healthy10.38% growth inOperating Income, Profit before tax grew by 7.77 % due to the imposition of Nation Building Tax (NBT) effective January this year, the Bank said in a filing with the Colombo Stock Exchange.

Profit after tax improved by 7.89% to Rs 7.805 billion despite lower margins during the period under review resulting in gross income growing 2.14% to Rs 54.644 billion, the Bank said.

Net interest income for the nine months was up 6.23% to Rs 19.789 billion, and other income comprising of commissions, exchange profit, recoveries and gains on trading, grew by a noteworthy 21.63% to Rs 8.366 billion, largely due to gains from financial investments.

Commercial Bank Chairman Mr Dharma Dheerasinghe described the Bank’s nine-month performance as “characteristically robust,” with higher business volumes compensating to some degree, for the reduced margins.

The Bank’s Managing Director/CEO Mr Jegan Durairatnam said momentum had picked up during the third quarter, during which pre and post-tax profit had grown by a healthy 21.62% and 20.40% respectively over the corresponding three months of 2013, to Rs 4.739 billion and Rs 3.326 billion.

Net operating income for the period improved by 9.89% to Rs 24.713 billion, despite an increase in impairment charges by 14.04% to Rs 3.443 billion, mainly due to a change in the basis of computation of provisioning for individual impairment. This change is intended to improve provision cover.

Operating expenses for the period under review grew by 9.35% to Rs 11.594 billion.

Total assets increased by Rs 140.683 billion or23.19% over the nine months to Rs 747.290 billion, from Rs 606.607 billion at 31st December 2013, averaging a growth of over Rs 15 billion a month.

Total loans and receivables to banks and customers amounted to Rs 482.940 billion at the end of the period under review, an increase of Rs 63.435 billion or 15.12% since end December 2013. This represents an average loan book growth of Rs 7 billion a month during the period.

Total deposits grew by Rs 53 billion or 11.75% over the nine months at an average of almost Rs 6 billion a month, to Rs 504.161 billion as at 30th September, 2014.

The Bank’s Tier I capital adequacy ratio stood at 12.97% while the total capital adequacy ratio (Tier I + Tier II) stood at 16.13%, both well above the minimum statutory requirement of 5% and 10%.

Commercial Bank improved gross and net NPL ratios to 3.84% and 2.10% respectively, from 3.88% and 2.12% at the end of 2013. The interest margin narrowed to 3.91% from 4.53% for the whole of 2013.

Shareholder funds grew by 14.36% to 69.084 billion in the nine months reviewed. The Net Asset Value per share improved by 11.27% to Rs 79.87.

The Bankhas declared an interim dividend of Rs 1.50 per share in respect of the period under review. The Commercial Bank share which traded as Rs 155.90 (voting) and Rs 113.90 (non-voting) at the end of the third quarter, traded at Rs 174.00 and Rs 118.50 respectively on 13th November 2014. Commercial Bank has the highest market capitalisation among companies in Sri Lanka’s financial services sector and ranks No.3rd among all listed companies.

Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years, Commercial Bank is also the most valuable private sector brand in the country in 2014. Commercial Bank operates a network of 239 branches and 605 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s best bank over several years, was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and has been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years. It has also been the second Most Respected Corporate entity in the country overall for the past four years in the LMD rankings, and has been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the Magazine.