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23-09-2022 News & Events

ComBank once again the highest-ranked bank in LMD 100

  • Only bank among Sri Lanka’s Top 10 listed companies in 2021-22 ranking
  • Highest ranked Bank on revenue and profit
  • Ranked among Top 10 for 29th consecutive year

The Commercial Bank of Ceylon has once again been confirmed the highest-ranked bank in the latest edition of the ‘LMD 100’ and is the only bank among the Top 10 companies on this prestigious list widely considered Sri Lanka’s version of the Fortune 500.

The Bank has steadfastly remained among the Top 10 corporate giants every year since the inception of this ranking 29 years ago and has been affirmed the bank with the highest revenue and profit for 2021-22.

The LMD 100 positions Sri Lanka’s largest private sector bank 7th overall in terms of revenue and 6th overall in terms of profit among the largest business groups in the country, proving the Bank’s mettle in what the magazine describes as a “watershed year” for Sri Lanka’s listed entities.

The LMD’s primary ranking is based on turnover, but the magazine also ranks companies by sector as well as by total assets, profit after tax, shareholders’ funds, market capitalisation and other performance indicators.

Commenting on the Bank’s consistent ranking among the top tier of the LMD 100, Commercial Bank Managing Director and Chief Executive Officer Mr Sanath Manatunge said: “Customers and investors alike look for unshakeable strength and stability in a bank, especially in times of adversity and change. Commercial Bank’s record in this respect has been exemplary, holding its own among the largest diversified conglomerates in the country for nearly three decades, and leading the Banking sector on the LMD 100 since the inception of the ranking.”

The LMD 100 ranking encompasses many of the country’s leading conglomerates, telcos, retail giants, insurers and other sector leaders, as well as listed banks.

Sri Lanka’s benchmark private sector bank, Commercial Bank ended 2021 with gross income of Rs 163.675 billion, net profit of Rs 24.29 billion, total assets of Rs 1.983 trillion, a deposits base of Rs 1.473 trillion and a loan book of Rs 1.095 trillion.

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

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