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The Commercial Bank of Ceylon has lent nearly Rs 250 million to small businesses and farmers in Sri Lanka’s northern region in the past four months, as part of a multifaceted on-going engagement to play a catalytic role in the economic and social resurgence of the area.

Combining the extension of banking services, capacity and knowledge building, promotion of digital banking and supporting community needs, the Bank’s efforts concentrating on the Northern area has seen its officials in a hands-on direct engagement with large numbers of existing and potential entrepreneurs both in the peninsula and the northern mainland.

In the latest connected activity, the Bank participated in a Programme for SMEs Development organised by the Central Bank of Sri Lanka. The main objective of the programme, held at the Divisional Secretariat of Mannar, was to create awareness among small scale entrepreneurs about the banking facilities available to them and to build a bridge between banks and entrepreneurs who are in need of financial assistance to expand their businesses.

Commercial Bank selected and interviewed 10 potential entrepreneurs from among the participants and invited the selected individuals to visit its Mannar branch to explore possible support for their business ideas. The majority of the participants were women engaged in the dry fish and garments businesses, the Bank said.

Loans granted over the past four months to entrepreneurs in the northern region included large agriculture loans totalling Rs 206 million, Rs 33.7 million as short term agriculture loans principally to paddy farmers, and micro loans amounting to Rs 3.6 million.

“Our activities in the north showcase the Commercial Bank’s commitment to partner and empower individuals and communities to improve their economic status and capacity,” said Mr Jegan Durairatnam, the Bank’s Managing Director. “They also exemplify the multiple roles the Bank can play in stimulating economic growth through direct engagements in several areas, including building financial literacy.”

Among the recent activities conducted by the Bank in the northern region were a seminar by the Bank’s Agriculture and Micro Finance Unit (AMFU) of Vavuniya and Mannar for 120 sea weed cultivators from the Silawathurai, Mutharipputhurai and Arippu areas; a week-long campaign to educate the public about the products and services offered by the Bank for remittances, and to raise awareness about the dangers of using illegal methods to receive money from overseas; an event in Jaffna to educate the public on the features and advantages of the Bank’s Mobile and Online banking products, and participation in the Jaffna International Trade Fair for the fourth consecutive year.

The Bank also opened its 241st branch in Sri Lanka at Chankanai in Jaffna during this period, further enhancing its presence in the Northern Province of the country.

In the sphere of community support, the CSR Trust of Commercial Bank donated equipment to the Sub Fertility Unit of Killinochchi Hospital and provided new computers to the IT Lab it had donated previously to the SOS Village Jaffna.

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.

Photo caption:
(Above) Participants at the Central Bank organised event in Mannar for SME development and (Below) Commercial Bank staff promoting the Bank's remittance services in Jaffna.

 

Sri Lanka’s leading private sector bank launches unique short term ‘Millionaire’s Account’

 

A new, aspiration targeted investment plan that enables account holders to build up a minimum balance of Rs 1 million within a specific period without a high initial investment, has been launched by the Commercial Bank of Ceylon, the largest private sector bank in Sri Lanka.

The first savings product of its kind in the local banking sector, the ‘Commercial Bank Millionaire’s Account’ guarantees the depositor a balance of Rs 1 million or multiples of Rs 1 million up to Rs 10 million in three, four, five, or six years, depending on how much he or she is willing to deposit each month.

Designed principally to cater to a segment that needs to fast track savings for specific purposes such as the purchase of assets, children’s or own education orweddings, the new product is a flexible, easy to manage investment plan with a clear goal,that generates expected returns within a targeted period of time, the Bank said.

“To many salaried workers with day-to-day expenses, becoming a millionaire in three to six years may seem out of reach,” said Mr Chandana Gunasekera, Commercial Bank’s Deputy General Manager – Personal Banking. “With the Millionaire’s Account, we show how it can be done, with the support of Commercial Bank -- one of the country’s strongest and most stable financial institutions.”

“Some people save in an unplanned manner, with no target balance in mind, and deplete their savings when needs arise. Our new product encourages taking a structured approach that can be customised to suit the payment capacity of the depositor and the duration of his or her choice.”

Available to any Sri Lankan over 18 years of age, the Commercial Bank Millionaire’s Accountthat generates a balance of Rs 1 millionrequires a monthly deposit of Rs 25,000over three years, Rs 18,100 a month for a four year plan, Rs 13,950 per month for a five year plan and just Rs 11,225 a month for a plan maturing in six years.

Depositors who wish to raise more than Rs 1 million may increase their monthly deposit according to the number of millions they wish to raise, up to a maximum of Rs 10 million. Depositors can also nominate beneficiaries to receive the total amount invested in the event of their demise before maturity.

“We are very excited about the potential for this new product,” Mr Gunasekera added. “Most other investment options that offer above average rates of return require a high initial investment. With this new product, depositors can invest as they earn, and their monthly commitment will diminish in significance as their regular earnings increase over the duration of the plan.”

Commercial Bank ended FY 2014 with deposits of Rs 529.4 billion, following growth of Rs 78.3 billion or 17.34% over 12 months at an average of Rs 6.5 billion per month. The Bank’s assets stood at Rs 795.6 billion as at 31st December 2014.

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.

Rs 2.5 billion dispensed on 10th April 2015 surpassing the previous highest per day amount of Rs. 2 billion

 

If withdrawals from the ATMs of Commercial Bank in the ‘Avurudu’ season are anything to go by, Sri Lankans celebrated their New Year on a grand scale in 2015, establishing new records for cash dispensed from the largest automated teller network owned by a single bank in the country.

The previous record of Rs 2.05 billionfor cash withdrawals in a single day set on 11th April 2014, was broken on Friday, 10th April 2015, when users of the Commercial Bank’s 610-terminal ATM network withdrew Rs 2.49billion, an increase of Rs 441 million.

In a record breaking 12-day run, the Bank’s ATM network dispensed Rs 17.2 billion between the 1st and 12th of April 2015, of which Rs 11.8 billion was dispensed over the seven days from 6th to 12th April, the Bank said. The number of transactions processed in the first 12 days of the month exceeded 2 million of which 1.3 million was during the peak week.

Commercial Bank’s two-day record for cash dispensed via its ATM network was also broken this year, with Rs 4.55 billion on the 10th and 11th of April 2015, beating last year’s two-day figure of Rs 4 billion. The average ticket size of a withdrawal on 10th April 2015was Rs 11,642, also higher than a year previously.

The Bank said that these statistics demonstrate the important role the Commercial Bank ATM network plays in the lives of millions of people in Sri Lanka, and reaffirms the value of the technology as well as the capacity, robustness and reliability of the Bank’s ATM network. These aspects are particularly important during peak shopping seasons such as the Sinhala and Tamil New Year and Christmas.

The Commercial Bank ATM network is the largest automated cash dispensing facility owned by a single bank in Sri Lanka.Holders of Commercial Bank’s standard ATM cum Shopping Debit Cards can withdraw up to Rs 40,000 from the Bank’s ATMs per withdrawal. The Bank also offers customers the option of setting their own ATM withdrawal limits up to a maximum of Rs 100,000 a day, and a point-of-sale limit of up to Rs 500,000.

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 242 branches 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 supported the ‘Avurudu’ celebrations of ‘Ranaviru Sevana,’ the rehabilitation centre in Ragama for disabled war heroes, for the sixth consecutive year in 2015, enabling disabled soldiers to enjoy a day of fun activities by engaging in traditional games. In the picture (above) Commercial Bank’s Senior Regional Manager – Colombo Metro Mr Roshan Perera presents a gift to the winner of one of the events and (below) one of the events in progress.

Remittance customers of the Commercial Bank branch were hosted at a colourful‘Avurudu’ event that included partaking of the traditional meal, at the Bank’s Kiribathgoda branch recently. The event was part of the launch of the distribution of a special token of prosperity to the Bank’s remittance customers in the days preceding the Sinhala and Tamil New Year.

All customers who receive money through Bank’s own e Exchange remittance service as well as through international remittance services such as MoneyGram, Ria and Express Money will receive this special token of prosperity, which is a novel concept to add more flavour and glamour to the traditional New Year food table, the Bank said.

Commercial Bank’s DGM Personal Banking Mr. Chandana Gunasekere, AGM Operations, Mr. Palitha Perera, Chief Manager e Banking Mr. Pradeep Banduwansa, and other officials participated in the event, which included speeches about traditional Avurudu customs by the veteranartiste Mr. Sathischandra Edirisinghe and theBank’s Senior Manager and popular artiste Mr. Bandula Nanayakkarawasam. Pictured here are some of the scenes from the event.

The Commercial Bank of Ceylon recently extended its support to sea weed cultivators in the North West of Sri Lanka, as part of the Bank’s ongoing initiative to empower small and medium enterprises (SMEs) and micro entrepreneurs with the technical knowledge and financial literacy required to develop their businesses.

The latest programme organised by Commercial Bank’s Mannar Branch and the Bank’s Agriculture and Micro Finance Unit (AMFU) of Vavuniya and Mannar, benefitted 120 sea weed cultivators fromthe Silawathurai, Mutharipputhurai and Arippu areas. The programme was conducted with the assistance of Hayleys Aquagri (Pvt) Ltdand the Central Bank of Sri Lanka – Northern Regional Office.

Presentations were made by Mrs. Ranjini Vijayalan – Senior Manager, Central Bank of Sri Lanka - Northern Region (Financial Literacy) and by Dr. M. Shanmugam – General Manager, Research & Development at Aquagri Processing (Pvt) Ltd. and Mr. K. Sivaram – Head of Business Operations at Hayleys Aquagri.

Mr. Roy Nicholas, Commercial Bank’s Regional Manager Northern Region and Messrs Ruwan Rajapakse, Director, Hayleys Aquagri (Pvt) Ltd. and Prasanna Jayamaha – Executive Officer of the Bank’s Development Credit Department were among the special guests at the seminar.

The Bank also used the opportunity to introduce its new ‘Divisaru’ savings scheme to the micro entrepreneurs and participants,and with the assistance of the Bank’s Development Credit Department, to make them aware of the loan schemes available under Development Credit Lending.

TheMannar Sea Basin has been identified as anideal location for growing sea weed.Sea weed has high medicinal properties and is widely used to produce various types of medical products and food supplements. The high export demand for sea weed can generate substantial foreign income for the country.

The Commercial Bank has conducted similar programmes for SMEs and micro entrepreneurs in areas such as Narammala, Galle, Monaragala, Wellawaya, Badulla, Passara, Bandarawela, Welimada, Weligama, Koggala, Karapitiya, Matara, Batticaloa, Ampara, Jaffna and Vavuniya 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 for Agri/Micro businesses and provide guidance on how to improve their businesses and help resolve difficulties.

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 242 branches and 610 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:

Members of the head table at the seminar (from left) Rev. Father Denis Calistus, Parish Priest of St.Mary's church Arippu, and Messrs T. Thivaharan, Manager of Commercial Bank’s Mannar Branch, Ruwan Rajapakse, Director, Hayleys Aquagri (Pvt) Ltd., Roy Nicholas, Commercial Bank’s Regional Manager Northern Region, Mrs Ranjini V ijayalan, Senior Manager, CBSL, Northern Region and Dr M. Shanmugam, General Manager, Research & Development at Aquagri Processing (Pvt) Ltd.

Credit and Debit Card holders of Commercial Bank of Ceylon have once again been presented with an opportunity to save as they shop this Avurudu season, as a result of special discounts negotiated for them by Sri Lanka’s largest private bank.

Forty sevenpopular retailers of clothing, footwear, textiles, jewellery and perfumes are partnering with the Bank this year, offering discounts ranging from 10% to 25% on specific days between 27th March and 12th April.

Participating in this exclusive annual cardholder promotion from 27th to 29th MarchareAviraté, House of Fashions, Romafour, Saree Mandhir and The Factory Outlet (TFO); on 28th and 29th March – AndhumAndhum, Bata and Glitz; on 30th and 31st March – Double XL and Raja Jewellers; from 1st to 5th April – Be You Fashions, Brands Warehouse, Cool Planet, Fashion Bug, Nolimit&Pallu, LuvEsence and NewSriyani Dress Point; from 3rd to 5th April – Adidas, Hameedia, Planet Fashion, Signature, The Raymond shop, Crocodile, Emerald, Choice Park, Cloud 7, Diliganz, Dilly & Carlo, Genesis& Basics, Kids Land, Kreation, The Parfumerie and 7Stories Ranjanas; from 6th to 10th April – Beverly Street, BK Fashion, Kelly Felder, Mahanathi, Much More, Saman Mal and Spring & Summer, and from 6th to 12th April – Ashee Collection, CIB Shopping, DSI, Clarks, Reebok and Softwave Gallery Boutique.

Retailer participation this year is significantly higher and more varied than last year, the Bank said. As always, the Bank has made an effort to ensure an extensive choice of products and prices to cater to the needs of a wide cross section of credit and debit cardholders.

Commercial Bank cardholders also enjoy substantial discounts at 52 popular restaurants under the Bank’s“Dine and Smile” promotion till 10th April.

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 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.

Commercial Bank recently concluded a successful week-long campaign in the Northern region to educate the public about the superior products and services offered by the Bank for remittances,and to raise awareness about the dangers of using illegal methods to receive money from overseas. The campaign involved door-to-door visits in villages and residential areas and meeting people in populated places such as market places, bus stands shops, malls and schools, coveringan extensivearea from Vavuniya to Point Pedro.Pictured here are some of activities of the campaign.

The Commercial Bank of Ceylon actively promoted digital banking options such as Online and Mobile banking services to customers in the Jaffna peninsula recently.

An event conducted by the Bank in Jaffna recently was attended by more than 100 participants who were briefed on the features and advantages of the Bank’s Mobile and Online banking products.

“The rapid growth of business activities in the Jaffna Peninsula needs to be supported with state-of-the-art banking technology and services,” said Mr Pradeep Banduwansa Chief Manager e-Banking. “Commercial Bank is happy to be able to fulfill this need with its advanced digital banking services. Customers were extremely pleased with the presentation made to them on Mobile and Online banking. Many queries related to the services were sorted out and they are excited to use these services.”

The corporate version of Commercial Bank’s Online Banking provides the latest security enhancements for the benefit of corporate customers, such as two layer login; secure image upload were a user can upload a favourite image in to the Online banking portal so that it would be displayed when signing on, facilitating verification of the site prior to entering a password; and a virtual key board that gives the user the option to use an onscreen key board to avoid stealing of passwords.

Viewing images of deposited and presented cheques is also possible for users of this facility. This is the first time a Bank in Sri Lanka has enabled its customers to view images of their deposited and clearing cheques through an online banking platform. Registering of regular payment beneficiaries and executing payments to them 365 days of the year is also now possible. Submission of Letter of Credit applications with supporting document uploading too is possible. The Bank has also enabled a corporate administrator facility for companies to manage their internal user authorities as and when required, conveniently without having to contact the bank. The multilevel authorization module introduced for financial transactions is extremely convenient for corporate clients using this latest Online Banking facility.

The personal version of Commercial Bank’s Online Banking service already enables customers to apply for Fixed Deposits, Personal Loans and Housing Loans, check balances of their current, savings, investment, loan, and credit card accounts, and to transfer funds between own accounts and to registered third parties who have Commercial Bank accounts, on a real-time basis around the clock.

The Online Banking service also supports bill payments to more than 36 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Schools and Rates.

The Bank’s Mobile Banking facility is operated on USSD (Unstructured Supplementary Service Data) technology to communicate with their service providers’ computers.

With its easy to access menu-driven portal, USSD based mobile banking offers greater convenience and functionality enabling users to carryout numerous banking transactions including Account Balance and Credit Card Balance Inquiries, Utility Bill Payments, Fund Transfers, Exchange Rate Inquiries, PIN Changes, Mobile Reloads and request Micro Statements.

Because these services are offered on the USSD platform, they can be accessed via any phone device ranging from a basic phone unit that is in the market and do not require an internet connection.

Additionally, Commercial Bank customers who use Apple and Android mobile devices are provided with a new level of convenience with the Bank’s mobile App. Offering both on and off line functionality, the App which can be downloaded free of charge enables users to conduct a wide range of transactions and view key information on their mobile phones 24 hours of the day.

Among the online features are a dashboard view for account inquiry and bank notifications sent via secure messages, credit card balance inquiry, bill settlement, current cycle of transactions and online payment history, inquiries on investments and loans, payments and online payment history, transfer of funds between own and registered accounts with online transfer history, and password changes.
The offline menu provides locations of Commercial Bank branches and ATMs, exchange and interest rates, general notices, a ‘Help’ feature and the ‘Contact us’ option.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank now operates a network of 242 branches and 610 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: 

(Above) Commercial Bank’s Chief Manager e-Banking & Remittances Mr Pradeep Banduwansa addresses the programme and (Below) Some of the participants at the programme.

More than 5000 customers enrolled for Commercial Bank’s Mobile and Online Banking service at a promotional event focused on the Bank’s Biyagama branch and the Biyagama Export Processing Zone recently.

In an event for corporate sector entities at the Biyagama EPZ,the Bank also conducted an awareness program on its latest Online Banking – Corporate platform at PT Gardens Hotel in Biyagama.

“Staff of Commercial Bank visited factories to communicate the benefits of both Online and Mobile Banking services. Customers who enrolled for these services were provided with hands on experience. The convenience offered by our Mobile and Online Banking services is extremely attractive. All it takes is a simple demonstration to convince customers to enroll for these services,” a Spokesperson for the Bank said.

The corporate version of Commercial Bank’s Online Banking provides the latest security enhancements for the benefit of corporate customers, such as two layer login; secure image upload where a user can upload a favorite image in to the Online Banking portal so that it would be displayed when signing on, facilitating verification of the site prior to entering a password; and a virtual key board that gives the user the option to use an on screen key board to avoid stealing of passwords.

Viewing images of deposited and presented cheques is also possible for users of this facility. This is the first time a Bank in Sri Lanka has enabled its customers to view images of their deposited and clearing cheques through an online banking platform. Registering of regular payment beneficiaries and executing payments to them 365 days of the year is also now possible. Submission of Letter of Credit applications with supporting document uploading too is possible. The Bank has also enabled a corporate administrator facility for companies to manage their internal user authorities as and when required, conveniently without having to contact the bank. The multilevel level authorization module introduced for financial transactions is extremely convenient for corporate clients using this latest Online Banking facility.

The personal version of Commercial Bank’s Online Banking service already enables customers to apply for Fixed Deposits, Personal Loans and Housing Loans, check balances of their current, savings, investment, loan, and credit card accounts, and to transfer funds between own accounts and to registered third parties who have Commercial Bank accounts, on a real-time basis around the clock.

The Online Banking service also supports bill payments to more than 36 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Schools and Rates.

Based on Microsoft.net a leading technology framework, Commercial Bank’s Online Banking service offers exceptionally user-friendly menus, and benchmark security and encryption features.

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 242 branches and 610 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:

(Above) Commercial Bank’s Chief Manager e-Banking &Remittances Mr Pradeep Banduwansa addresses the awareness programme in Biyagama and (Below) some of the participants.

 

 

The Commercial Bank of Ceylon has opened its latest branch in Sri Lanka at Batapola, extending the services of the country’s largest private bank to this southern town.

The Bank’s 242nd branch is located on the Kahawa Road at Mahawatte, Batapola, and is networked with the Bank’s branches island-wide, offering the full range of services to customers in the area.

The new branch is equipped with an automated teller machine that is linked to the 609 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 Batapola branch was formally declared open by Commercial Bank’s Deputy General Manager – Personal Banking Mr Chandana Gunasekera at the invitation of Mr Manoj De Silva, the Manager of the branch.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), Commercial Bank now operates a network of 242 branches and 610 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 Deputy General Manager – Personal Banking Mr Chandana Gunasekera declares open the new branch at Batapola. The branch Manager Mr Manoj De Silva is also in the picture.

The Commercial Bank of Ceylon recently extended its support to 150 entrepreneurs of the Uva Province by providing them with valuable information on developing their businesses, through a special programme organised for them. The programme was jointly organised by the Bandarawela,Badulla and Welimada branches with assistance of the Bank’s Agriculture and Micro Finance Unit(AMFU) –Bandarawela.

The programme in Bandarawela was conducted in collaboration with the Central Bank of Sri Lanka (CBSL), and covered the topics ‘Improvement of agricultural product quality by applying key concepts of post harvesting technology, in relation to cut flower, vegetable and tea industries’ and ‘Possibilities of entering export markets in the above sectors.’

Entrepreneurs from the Tea, Floriculture and Vegetable sectors, nominated by the Bank’s Badulla, Bandarawela and Welimada branches participated in this programme.

MrSanathPerera, Regional Manager, Commercial Bank, Uva-Sabaragamuwa, MrD.M.D.B. Disanayaka, Provincial Manager – Kandy of the Central Bank of Sri Lanka and MrE.B.Sooriyaarachchi,Senior Manager, Commercial Bank Development Credit Department were the chief invitees for this programme.

Among the representatives of other supportive institutions were MessrsG.A. Gurusinghe, Deputy Director of the Agriculture Department, D.Perera, Deputy Director of the Export Development Board, S.S.S.Guruge, Assistant Commissioner of the Tea Board and I.V.Mohotti, Assistant Regional Manager of the Tea Small Holdings Development Authority.

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

The Bank’s Agriculture and Micro Finance Unitsare located in Ratnapura, Narammala, Kandy, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Atchuvely, Vavuniya and Tissamaharama.They identify and support people who need financial assistance for Agri/Micro businesses and provide guidance on how to improve their businesses and help resolve difficulties.

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:

BuddhikaSumanasekera, the Manager of Commercial Bank’s Bandarawela Branch presents a complimentary item to a participant in the programme.

 

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.

b2ap3_thumbnail_dine_and_smile_2015.jpg

 

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.