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The Commercial Bank of Ceylon has once again pledged to help students who excel at the Year 5 scholarship examination to secure a better future by presenting them with cash prizes totalling millions of Rupees under the Bank’s ‘Arunalu’ Children’s Savings Account.

In order to instil in students the value of a good education, the Arunalu Account of Commercial Bank has taken steps to assist students as they continue their studies. Students placed first, second and third Island-wide at the 2014 examination to be held in August will be rewarded with up to Rs 382,500 if they are holders of ‘Arunalu’ Children’s Savings Accounts.

Under the revised Arunalu scheme announced by the Bank in 2013, an account holder who is placed 1st in the island at the Year 5 scholarship examination will be eligible to receive up to Rs 170,000 in monthly instalments of Rs 2,000 each, until he or she turns 18 years of age. The students placed second and third in the island will receive up to Rs 127,500 and Rs 85,000 respectively in monthly instalments of Rs 1,500 and Rs 1,000, until the age of 18 years, if they are Arunalu account holders.

Additionally, ‘Arunalu’ account holders who are placed first, second and third in their respective schools will receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each, in a continuation of the previous rewards scheme operated by Sri Lanka’s largest private bank, while all district winners will also receive up to Rs. 50,000 if they are Arunalu account holders, the Bank said.

In 2013, Commercial Bank’s Arunalu Children’s Savings Account paid Rs 3.7 million in cash rewards to 575 students placed first, second and third in their respective schools at the Year 5 scholarship examination. This was in addition to the cash rewards paid to nine students who were placed first, second and third in the island at the examination.

“While encouraging the savings habit among students at an early age, the Bank has understood the importance of rewarding students for their academic achievements and motivating them,” said Mr. Hasrath Munasinghe, Deputy General Manager – Marketing of Commercial Bank. “We have seen thousands of students reap the benefits of the Arunalu rewards scheme, and have inspired them to continue excelling academically.”

A minimum balance of Rs. 5,000 should be maintained in the Arunalu account by the date of the Scholarship examination in order to receive the cash rewards, the Bank said.

An Arunalu children’s savings account can be opened at any of Commercial Bank’s branches island-wide with a minimum sum of Rs. 100, and offers the highest interest rate of eight per cent.

Launched in 1991, Arunalu has been Commercial Bank’s key savings account which caters to children of the school going age. In 1998 Commercial Bank was the first bank to introduce the year 5 Scholarship examination cash prize scheme with the intention of strengthening its enduring commitment to excellence in education.

Commercial Bank operates a network of 237 branches and 597 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.



Commercial Bank of Ceylon PLC has announced the appointment of career banker Mr Jegan Durairatnam as the Bank’s Managing Director and CEO effective 17th July 2014, on the retirement of the incumbent Mr Ravi Dias.

Mr. Durairatnam is currently Executive Director and Chief Operating Officer of the Bank.

A senior member of Commercial Bank’s corporate management team for the past nine years, Jegan Durairatnam joined the Bank in 1982. His banking experience covers all aspects of International Trade, Off-shore Banking, Credit, Operations and IT. The holder of a Bachelor’s Degree from the University of Peradeniya, he has served Commercial Bank in several senior management positions, including Deputy General Manager, Assistant General Manager – International Division and Head of Imports. He was appointed the Bank’s Chief Operating Officer/Executive Director in April 2012, in which capacity he oversaw the Corporate Banking, Personal Banking, Information Technology, Imports and Exports, Procurement and Premises, Operations, Foreign Currency Bureau/Travels and Recoveries functions of the Bank.

Mr. Ravi Dias, who took the helm of Commercial Bank in April 2012, commenced his career with the Bank in 1974 and has held many important posts while playing a pivotal role in its growth. A member of the Bank’s Corporate Management from July 1995, he was appointed Chief Operating Officer in February 2008 and to the Board in December 2010.

Commenting on his appointment as MD and CEO of Commercial Bank, Mr Durairatnam said: “The country is going through a development drive in which the Commercial Bank has a crucial role to play as the biggest private bank in the country. Ravi Dias has provided exemplary and inspiring leadership to Commercial Bank over the past two years, and I look forward to building on what he has achieved by turning the challenges the sector faces into opportunities for growth.”

The only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, the Bank ended FY 2013 with gross income of Rs 73.16 billion, profit before tax of Rs 14.51 billion, profit after tax of Rs 10.445 billion and assets of Rs 606.607 billion.

Commercial Bank operates a network of 237 branches and 597 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.



The Commercial Bank of Ceylon PLC has announced the appointment of Mr Sivakrishnarajah Renganathan, the Bank’s Deputy General Manager – Personal Banking, as Chief Operating Officer (COO) and Executive Director with effect from 17th July 2014.

A career banker who has served Commercial Bank throughout the entirety of his 34-year working career, Mr Renganathan has held several key positions in the Corporate Management.

In July 2003, he led the Bank’s acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI), Commercial Bank’s first ever acquisition of a banking operation, and was appointed Country Manager – Bangladesh, in which capacity he led a team of 225 over a five year tenure, building up the Bank’s operations in Bangladesh.

S Renganathan is a Fellow of the Chartered Institute of Management Accountants, UK (FCMA), Fellow of the IFS School of Finance, UK (Fifs) and a Fellow of the Institute of Bankers Sri Lanka (FIB). He is also an associate member of Financial Services Institute of Australasia.

He has served among others, as a Member of the General Council of the Institute of Bankers of Bangladesh, as founder President of the Sri Lanka Bangladesh Chamber of Commerce and Industry, Executive Committee member of the Foreign Investors Chamber of Commerce and Industry and as Assistant Treasurer of the Sri Lanka India Society.

Commercial Bank ended FY 2013 with gross income of Rs 73.16 billion, profit before tax of Rs 14.51 billion, profit after tax of Rs 10.445 billion and assets of Rs 606.607 billion.

The only Sri Lankan Bank to be ranked among the world’s top 1000 Banks for four successive years, Commercial Bank operates a network of 237 computer-linked service points and the country’s single largest ATM network of 597 terminals. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 16 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best Bank from ‘The Banker’, ‘Finance Asia’, ‘Euromoney’ and ‘Trade Finance’ magazines.



The Commercial Bank of Ceylon has opened its 237th branch in Sri Lanka at Hulftsdorp, the hub of the country’s legal fraternity.

The new branch located at the Bar Association of Sri Lanka (BASL) Modern Office Complex, No 36, St. Sebastian Hill, Colombo 12 was opened on Monday, 14th July by the Bank’s Managing Director Mr Ravi Dias.

It is equipped with two automated teller machines that are linked to the 594 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 largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 237 branches and 597 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.

In the picture Commercial Bank Managing Director Mr Ravi Dias (second right) and President of the Bar Association of Sri Lanka Mr Upul Jayasuriya accompanied by Chief Operating Officer Mr Jegan Durairatnam and senior officials of the Bank declare open the new branch.



A school in Nikaweratiya in the Kurunegala District is the latest recipient of a fully-equipped IT Laboratory from the CSR Trust of Commercial Bank of Ceylon, under the Bank’s nationally-scaled IT education programme.

The 140th IT Lab donated by the Bank to date, the new IT Lab was formally declared open by Commercial Bank Managing Director and CEO Mr Ravi Dias at the Mahamithawa Junior School, Nikaweratiya, a mixed school with 200 students.

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.

The Bank has also commenced the second phase of its IT education programme by implementing an on line learning programme via the IT laboratories donated by the Bank.

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.

Pictured here are Commercial Bank Managing Director/CEO Mr Ravi Dias and other representatives of the Bank at the opening of the new IT Lab.



The Commercial Bank of Ceylon PLC has entered into an agreement with the Central Bank of Sri Lanka to participate in the new credit guarantee scheme for pawning advances, introduced by the latter in June 2014.

The new credit guarantee scheme enables licensed commercial banks and licensed specialised banks engaged in pawning activities to provide an enhanced level of credit to their customers.

Pictured here is the exchanging of the signed agreement between Commercial Bank of Ceylon and the Central Bank of Sri Lanka by Commercial Bank’s Chief Operating Officer Mr Jegan Durairatnam (fifth from right) and Central Bank Director, Regional Development Department, Mr Srinath Abeysinghe, in the presence of senior officials of the two institutions.




The Commercial Bank of Ceylon has opened a branch at the Arpico Supercentre at Nawinna, extending the services of Sri Lanka’s largest private bank to visitors to this popular shopping complex. Visitors to Arpico Supercentre previously enjoyed access to an ATM machine from the Bank and will now enjoy many other banking services with the opening of a branch at the premises.

The 236th branch of Commercial Bank in Sri Lanka, the new branch was declared open by the Bank’s Chief Operating Officer Mr Jegan Durairatnam on Thursday, 10th July 2014.

In the picture, Commercial Bank’s Chief Operating Officer Mr Jegan Durairatnam accepts the first deposit at the Bank’s new branch at Arpico Supercentre, Nawinna.


One hundred and twenty five entrepreneurs of the eastern province were provided with valuable information relevant to their businesses, at two programmes conducted by the Commercial Bank of Ceylon recently.

The two programmes conducted in collaboration with the Central Bank of Sri Lanka (CBSL), were held in Batticaloa and Ampara and covered ‘Entrepreneurship Development and Financial Literacy’ for SME’s in the region.

Sixty five entrepreneurs from the Batticaloa, Valachchenai, Kattankudi, and Eravur areas participated at the Batticaloa programme, while the Ampara programme was attended by sixty entrepreneurs from the Ampara, Pottuvil, Kalmunai and Akkaraipattu areas.

Mr. N M Theseem, Assistant Director and Mr. N A A Wijesiri, Senior Assistant Director of the Regional Development Department of Central Bank of Sri Lanka, Commercial Bank Regional Manager for the Eastern Region Mr. S Ganeshan, Branch Managers and officers of Development Credit Department of the Bank were present at these programmes.

The Commercial Bank has conducted programmes for SMEs and micro entrepreneurs in areas such as Narammala, Galle, Monaragala, Wellawaya, Badulla, Passara, Bandarawela, Welimada, Weligama, Koggala, Karapitiya, and Matara in the recent past.

The Bank’s Agriculture and Micro Finance units are located in Ratnapura, Narammala, Kandy, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Atchuvely, Vavuniya and Tissamaharama. They identify and support people who need financial assistance to start new businesses or expand existing ones, provide guidance on how to improve their businesses and help resolve difficulties.

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches and 594 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.

Photo caption:

The two programmes for Eastern entrepreneurs in progress.



The Commercial Bank of Ceylon has been ranked among the Top 1000 Banks of the World for a fourth successive year in 2014, becoming the only Sri Lankan bank to achieve this feat.

This prestigious ranking published annually by ‘The Banker’ magazine of the UK, is an important endorsement of the consistent growth and key performance indicators achieved by Sri Lanka’s largest private bank.

The Top 1000 World Banks ranking is compiled from a database of over 5,000 of the world’s biggest banks and is acknowledged by the global financial community as the definitive guide to bank rankings and analysis. Begun in 1970, the ranking is widely used all year round by senior bankers, corporate treasurers, corporate financiers, the professional services community and many others in their day to day decisions relating to banking.

“Making the Top 1000 list is a noteworthy achievement by itself, but staying there for four years in a row despite the challenging conditions we operate in, reflects well on the strength and stability of the Bank,” said Mr. Jegan Durairatnam, Chief Operating Officer of Commercial Bank. “It is also a tribute to the passion and professionalism of the entire team that powers Commercial Bank day after day.”

The Top 1000 rankings are based on the Bank’s performance in 2013, which Commercial Bank ended with gross income of Rs 73.16 billion, profit before tax of Rs 14.51 billion, profit after tax of Rs 10.445 billion and assets of Rs 606.607 billion.

The Banker is published by Financial Times Business, which is the specialist publishing and conferences arm of the FT Group.

Announcing its 2014 Top 1000 listing, the Banker said Chinese banks ICBC and China Construction Bank top the world ranking, with two more Chinese banks in the top ten. Chinese banks now account for a third of total world banking profits, outstripping the USA (20% of profits) and contributing to the largest ever annual profits for the global banking sector of $920 billion – 23% higher than the previous year.

Brian Caplen, Editor of The Banker, said: “This is the first time since the financial crisis that we have seen such a large annual increase in global banking profits. Apart from China’s contribution US banks are also doing well and have recovered much faster from the crisis than European banks.”

Commercial Bank operates a network of 235 branches and 594 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.



The Commercial Bank of Ceylon PLC has announced the appointment of Mr Hakan John Wilson as a non-executive director of the Bank.

Mr Wilson is the Head of Banking and Chief Banking Specialist of the IFC, the private equity arm of the World Bank Group which invests debt, equity and advisory in emerging market clients.

A holder of a Master’s degree in Economics and Political Science from Uppsala University, Sweden and a Master of Public Administration (MPA) degree from Princeton, Mr Wilson is a Swedish national resident in Nairobi, Kenya.

He has held several key positions over a period of nine years as Vice President and Senior Vice President at Swedbank, the largest retail bank in Sweden, overseeing Exports, Project Finance, Structured Finance, Equity Capital Markets, International Strategy, Mergers & Acquisitions and Investor Relations.

Mr Wilson also served as Managing Director and Head of Investment Banking for Swedish operations of a large retail bank.

The only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks, the Commercial Bank operates a network of 235 branches and 594 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.


Sri Lankans in Kuwait have raised funds to help people afflicted with Chronic Kidney Disease in the North Central Province through a musical show for which Commercial Bank of Ceylon was the main sponsor.

Organized by the Society of Sri Lankans in Kuwait (SOSK) in collaboration with the Sri Lankan Embassy in Kuwait, the concert featured the popular artists Kasun Kalhara and Kushani Sandareka. The Sri Lankan Ambassador in Kuwait C A H M Wijeratne was the Chief Guest at this event.

The proceeds of the show will be utilised to provide water purification systems to schools and families that are victims of Chronic Kidney Disease in the North Central Province. Several other local and foreign companies also extended support to this concert, which had a packed audience.

The SOSK has conducted many such projects to help the needy Sri Lankans. These include scholarships to children of war heroes, construction of school buildings and donation of a Chemotherapy Medicine Mixing machine to the National Cancer hospital.

Kuwait has one of the biggest Sri Lankan expatriate populations in the Middle East.

Pictured here are the VIPs on stage for the lighting of the oil lamp at the beginning of the show, and the musical show in progress.



The Commercial Bank of Ceylon has commissioned a drive-through automated teller machine (ATM) at the ‘K Zone’ shopping complex in Ja Ela as part of its continuing expansion of the country’s largest electronic cash dispensing network owned by a single bank.

The ceremonial commissioning of the new ATM was done by Commercial Bank Chairman Mr Dinesh Weerakkody on Thursday, 26th June 2014. This is the 594th Commercial Bank ATM in Sri Lanka and the Bank’s second drive-through ATM. Commercial Bank also serves people visiting ‘K Zone’ Ja Ela with a branch inside the popular mall.

In addition to facilitating withdrawals, the Bank’s ATM machines enable convenient settlement of water and electricity bills, bills of Dialog, Mobitel, Etisalat, Hutch and Lanka Bell networks, and Commercial Bank Credit Card payments 24-hours a day, 365-days of the year. The Bank’s network of teller machines is linked with millions of ATMs across the world.

Commercial Bank ATMs also support the networks of Mastercard, Maestro, Cirrus, Visa, Plus, Amex, Discover and Diner’s Club, enabling tourists and other visitors to Sri Lanka to withdraw money from their overseas accounts for spending in the country.

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed three years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches in Sri Lanka. Ranked the most valuable private sector brand in Sri Lanka in 2014, the Bank has won multiple awards as the country’s best bank over several years.

In the picture, Commercial Bank Chairman Mr Dinesh Weerakkody commissions the new drive-through ATM.

 


Fifteen teams representing banks and other private sector organisations displayed their debating skills on the latest HR concepts at the fifth edition of the ‘Great HR Debate’ held recently at the BMICH with sponsorship by the Commercial Bank of Ceylon.

This was the third consecutive year that Commercial Bank sponsored this event. The debate was organised by the Institute of Personnel Management (IPM) during the National HR Conference which was held from 18th-19th June at BMICH.

The Hemas Holdings PLC team emerged the winner of the debate opposing the topic, ‘Introduction of Hire and Fire system will boost organisational performance’.

In the picture, Commercial Bank’s Chief Information Officer Mr. Rohan Muttiah presents the trophy to the winning team.

 

The Commercial Bank has begun work on renovating two sections of the steps to the summit of Sri Pada for the benefit of thousands of pilgrims who make the trek up Sri Lanka’s holy mountain.

The Bank’s CSR Trust has allocated substantial funds for the project, which entails repairs to the steps between lamp posts 192 to 212 and 247 to 260, on the stretch leading up to Seetha Gangula.

The work in two phases is due to be completed in December, before the commencement of next Sri Pada worshipping season. Labour for the project is provided by the Civil Defence Force, the Bank said.

This is the second occasion that Commercial Bank has undertaken restoration of the pathway up Sri Pada.

Commercial Bank’s Maskeliya Branch has undertaken to coordinate the project, liaising with suppliers to arrange the building materials, and the Civil Defence Force unit attached to Sri Pada.

The Commercial Bank previously funded the reconstruction of the pathway between Seetha Gangula and Thenna in 2008.

Sri Pada is revered as a holy site by several religions and annually thousands of pilgrims climb the steps up this holy mountain to worship. It is of particular significance to Buddhists due to the belief that the foot print of Lord Buddha is imprinted on top of the mountain. The peak pilgrimage season is in April. 

Preserving Sri Lanka’s cultural heritage is one of the focus areas of the CSR Trust of Commercial Bank. Two of the main projects it has completed in this sphere are the construction of a Museum at Krivehera and the renovation of the lamp posts donated by the Bank to Dambulla Temple.

Commercial Bank contributes a percentage of its post tax profits annually to its CSR Trust, established in 2004. 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 donation of IT laboratories to schools, presenting scholarships and laptops to undergraduates, providing English education to rural school children, supporting healthcare projects around the country and supporting facilities for war heroes.

The only Sri Lankan Bank to be listed three years consecutively in the world’s Top 1,000 Bank’s, Commercial Bank operates a network of 235 branches and 590 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.


Photo caption:
Staff of Commercial Bank inspect a section of the steps to be repaired.

 

The Commercial Bank’s CSR Trust in collaboration with the British Council in Kandy conducted a training programme in Kandy recently to enhance the skills of 200 English language teachers in the district.

Teachers were selected from 153 schools from four educational zones for this programme, conducted at Kingswood College, Kandy.

The programme in the form of a road show, consisted of a series of training sessions conducted by eight trainers with one training coordinator and logistical support. Participants rotated around a series of four sessions.

The primary objectives of the programme were to make teachers more confident in using English in the English language classroom, better able to exploit their text books to develop speaking and listening skills, to increase the ratio of pupil talking time as opposed to teacher talking time in their classrooms, and to use a more child-centred and activity-based methodology in the classroom.

The British Council also developed new training materials in booklet form to increase the ability of English teachers to develop the listening and speaking skills of pupils.

At the end of the programme participants received certificates and took part in a competition for which prizes were provided by the British Council and Commercial Bank.

The programme was designed to support Commercial Bank’s own CSR initiative to develop the Spoken English skills of Secondary school pupils in Sri Lanka.

The Commercial Bank’s CSR Trust was established in 2004. The overall goal of the Bank’s Corporate Social Responsibility policy is to generate measurable and sustainable social dividends for different segments of society, in particular those which require empowerment and enrichment.

Among the other CSR initiatives of the Bank are the presentation of scholarships and laptops to undergraduates, projects that contribute to the preservation of cultural heritage, the donation of health equipment to hospitals and regional projects.

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed three years consecutively in the world’s top 1,000 Banks, Commercial Bank operates a network of 235 branches and 588 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.

Photo Captions:
1. Participants at the teacher training programme at Kingswood College, Kandy.
2. A group session in progress.


The Commercial Bank of Ceylon has once again come to the aid of people affected by floods in some of the worst hit areas of the country, with timely distribution of emergency relief.

Teams from the Bank were deployed in areas such as Horana, Bandaragama, Elpitiya and Matugama since 4th June to distribute dry rations, clothing, drinking water and stationery in a relief operation similar to the one mounted by the Bank in December 2012.

Packs of dry rations were distributed with the assistance of local authorities to families affected by the floods in some of these areas. Clothes were provided for needy people while children who lost their school requirements were provided with exercise books, pens, pencils, mathematical instruments, school bags and water bottles, the Bank said.

Pictured here is the distribution of flood relief provided by the Bank in the Kalutara area.



From the southern wilds of Yala and Udawalawe to the cool highlands of Haputale and Nuwara Eliya or the scenic north western coast of Kalpitiya, Commercial Bank’s credit cardholders will be treated to a new collection of discounted vacation offers unveiled recently by Sri Lanka’s largest private bank.

Running concurrently with Serendib Leisure Hotels and Bungalows.lk, these latest promotions offer discounts of up to 50% at 21 attractive properties at some of the country’s most popular locations for leisure seekers.

At Serendib Leisure Hotels, the offer is valid till 30th June and covers the Club Hotel Dolphin, Hotel Sigiriya, AvaniKalutara Resort, and AvaniBentota Resort & Spa Commercial Bank credit cardholders are eligible to receive 50% off on a double room and 33% off on a triple room rate at these hotels during the period of the promotion when they settle their bills with their credit cards.

Meanwhile, 17 bungalows listed on www.bungalows.lk areoffering the Bank’s credit cardholders discounts of 40% till 31st August 2014. The bungalows are Aarya Lagoon – Kalpitiya, Boulders - Yala, Bungalow by Amaya – Kandy, Coco Palms Ibbagamuwa – Kurunegala, Cocoon Hills – NuwaraEliya, Iona Agarapatana – Dikoya, Joe’s Bungalow – Koggala, Joe’s Bungalow – Yala, KudaOyaRathtota – Matale, Octopus Reef – Koggala, Panthera Lodge – Yala, Saffron Fields – Udawalawe, Saffron Hill House – Bandarawela, The Hamilton Beach Villa – Uswetakeiyawa, The Wild Tusker – Yala, Udapola – Deraniyagala, and Viharagala Estate Bungalow – Haputale.

The month of June will also bring benefits to Commercial Bank credit cardholders seeking to purchase electronics appliances and other home needs, with the Abans Group offering them discounts of up to 20% with 0% instalment plans upto 24 months.

Additionally, buyers of three or more items from Hameedia who pay with their Combank Visa cards will receive discounts of 50%, 75% and 100% respectively on the lowest priced third, fourth or fifth item purchased.

Secured discounts ranging from 15% to 40% on dining, shopping or travel purchased from 13 participating vendors – Casons Tours, LuxeAsia, EcoTeam Sri Lanka, Citrus, Cinnamon Hotels & Resorts, Amaya Resorts & Spa, Cocoon Resort & Villas, Mathura, 7stories, Premadasa Gems & Jewellery, Cioconat Lounge, CASA Colombo and Coco Veranda are offered for payments with CombankMasterCard credit cards.

Discounts of this nature 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 listed three years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches and 588 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.

 

 

The Commercial Bank of Ceylon has announced a reduction of interest rates on leasing and said it now offers the lowest rentals in the leasing market.

Customers have the opportunity to apply for leasing facilities for Brand new/unregistered vehicles and hire purchase facilities for registered vehicles. The Bank also offers leasing facilities for purchase of machinery.

The rental for unregistered vehicles now stands at Rs. 2,202 for every Rs. 100,000 on a 5 year lease facility. For registered vehicles the Bank offers hire purchase facilities with a rental of Rs.2,350 for Rs. 100,000, also in a 5 year facility.

“Companies as well as individuals seeking the purchase of multiple vehicles in particular will greatly benefit from this rate reduction,” said Mr. Selva Rajasooriyar, Commercial Bank’s Assistant General Manager – Personal Banking III.

The Bank also offers personal loan facilities for the purchase of registered or unregistered vehicles.

These leasing and loan facilities are applicable to Duty Free Permit holders who purchase new vehicles as well, the Bank said.

Commercial Bank currently has special arrangements with Ideal Motors for leasing Mahindra branded vehicles, and with AMW for Suzuki, Nissan Patrol and Nissan X-Trail vehicles under which the vehicle agents offer discounted prices and special benefits.
The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed three years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches and 588 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.

 

The dream of a Sri Lankan inventor was brought to fruition with the assistance of the Commercial Bank of Ceylon this week when Indresri Karunatilaka launched his eco friendly boat on the waters of the Beira Lake.

Members of the family of the legendary inventor Deshamanya Ray Wijewardene were among the first passengers on board the 12-foot, eco-friendly ‘Nadee Yathra’ – the winner of the inaugural ‘The Ray’ award for invention presented in 2012 by the Ray Wijewardene Charitable Trust in collaboration with the Sri Lanka Inventors Commission and the Commercial Bank.

As Principal Sponsor of this life-time award, the Commercial Bank provided a grant of Rs. 1 million to enable Karunatilaka to prepare the invention for commercialisation.

On Thursday 22nd May, the blue and white craft which can seat four people and has a mid-mounted 15hp motor was formally launched in the presence of representatives of the three organisations that supported its fabrication from an award-winning prototype to a commercially viable conveyance that can traverse inland waters without disturbing river banks and riverbeds.

Speaking at the launch ceremony, Commercial Bank’s Chief Financial Officer Mr Nandika Buddhipala, one of the Trustees of the Bank’s CSR Trust, said innovation is the key to economic development, and that in that context, the Commercial Bank is proud to be associated with the Ray Wijewardene Charitable Trust to help stimulate inventions and innovations that contribute to viability and sustainability.

Representing the Sri Lanka Inventors Commission, Commissioner Deepal Sooriyarachchi said it is encouraging to see organisations like the Commercial Bank coming forward to support inventors and innovators of this nature, thereby giving an impetus to a national endeavour. “It is only through innovation that we can win economic prosperity for the country,” he said.

An accountant by profession, inventor Indresri Karunatilaka inherited a dormant passenger and cargo transport business from his grandfather, but could not resume the service along the Kalu Ganga because environmental regulations now prohibit motor boats on Sri Lanka’s rivers due to the damage caused to riverbeds by the waves they generate. This inspired him to design a unique new rectangular boat with a revolutionary hull shape that can travel at speed without creating a wave, and even minimises ripples, -- an invention that was chosen from six shortlisted for the prestigious ‘The Ray’ award in October 2012.

Presented in memory of Deshamanya Ray Wijewardene (1924 – 2010), The Ray Award is open to all Presidential Award winners of the Sri Lanka Inventors Commission, in the categories of Sustainable Agriculture, Renewable Energy, Engineering and Aeronautics, disciplines that were close to his heart.

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed three years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches and 588 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.

Picture shows Mr.IndresriKarunatilakain his award-winning eco-friendly boat at the launch.

 

The Commercial Bank of Ceylon PLC has made a measured start to 2014 despite excess liquidity, lower demand for credit and thinning margins.

The Bank has reported operating profit before VAT and NBT of Rs 3.897 billion for the three months ended 31st March 2014, reflecting growth of 4.73% over the first quarter of 2013. Operating profit after VAT and NBT (PBT) grew by a modest 1.88% to Rs 3.291 billion, with VAT and NBT for the three months totalling Rs 606.3 million, an increase of 23.53%.

The Bank’s profit after tax for the quarter reviewed was up 1.68% to Rs 2.279 billion on gross income of Rs 17.760 billion.

Commenting on these results, Commercial Bank Chairman Mr Dinesh Weerakkody said: "The Bank performed well this quarter, despite a very challenging environment. We continued to grow our business volumes as well as strengthen our key performance indicators. As we move into the second quarter, we expect to grow in the areas where we have a long track record of strong earnings, and will continue to execute on our strategic priorities.”

Commercial Bank Managing Director Mr Ravi Dias added:“The Bank recorded healthy growth in net interest income despite narrowing margins through an increase in interest-earning assets and timely re-pricing of assets and liabilities.”The Bank had also achieved gains from trading and financial investments and contained the growth in expenses to under 10% in the period reviewed he said, adding that the Bank had also maintained the momentum of deposit growth, averaging more than Rs 5 billion a month.

The Bank’s net interest income for the three months grew 17.07% to Rs 6.571 billion. Net gains from trading recorded an increase of Rs 377 million,while net gains from financial investments increased by Rs 123 million. Net fees and commission income was up 15.24% to Rs 1.047 billion. However, ‘other income’ comprising of recoveries and foreign exchange profit including translation gains,declined by 39.74% to Rs 679 million largely due to a drop in exchange profit and translation losses during the review period.

Total operating income comprising of net interest income, net fees and commissions and other income amounting to Rs 8.895 billion reflected an improvement of 14.84% for the quarter.

Impairment charges on loans and losses increased from Rs 517 million in the first quarter of last year to Rs 1.151 billion in the quarter reviewed, due to higher non-performing loans (NPLs), a common challenge faced by the banking industry. The Bank’s gross NPL ratio increased from 3.88% at the end of December 2013 to 4.40% at the end of the first quarter of 2014, while its net NPL ratio increased from 2.12% to 2.54%.

Total expenses for the period amounted to Rs 3.847 billion, an increase of 9.68%. The Bank said it expects a similar trend in expenses, as its plans moderate expansion of the branch network in 2014, given the fact it is now present in key towns in all districts of Sri Lanka.

The Bank’s total assets reached Rs. 648 billion at the end of first quarter 2014 recording a growth of Rs. 41 billion or 6.83%.

Loans and receivables totalled Rs 418billion at the end of the period reviewed, while total deposits reached Rs 481 billion.

The Bank’s capital adequacy ratios stood at a healthy12.84% for Tier I and 16.34% for Tier I + Tier II, well above the minimum statutory requirement of 5% and 10%.

Taken as a Group, the Commercial Bank, its subsidiaries and associates posted pre-tax profits of Rs 3.324 billion for the three months, a growth of 2.13%. Group profit after tax was up 2% to Rs 2.302 billion.

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed three years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches and 588 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, 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.