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The Commercial Bank of Ceylon has been declared the Most Respected Bank in Sri Lanka for the 18th consecutive year and has retained its ranking as the fourth Most Respected corporate entity in the country overall, in the 2022 ‘Most Respected Entities in Sri Lanka’ rankings published by the LMD magazine.
The Bank was also ranked second overall for Financial Performance, Honesty, and Vision which are three of the twelve attributes covered by the survey commissioned by the magazine. Additionally, it was placed among the Top Five corporate entities in Sri Lanka in 2022 in seven of the attributes and was the highest-ranked bank for nine attributes including Financial Performance, Quality Consciousness, Management Profile, Honesty, Corporate Culture, CSR & Sustainability, Vision, HR & People Management, and Crisis Management.
Commenting on this latest accolade, Commercial Bank’s Managing Director and Chief Executive Officer Mr Sanath Manatunge said: “The respect Commercial Bank enjoys has been earned and enhanced through decades of dedication, demonstrated integrity and best practices, rigorous quality control and commitment to do the right thing. Despite the difficult socioeconomic conditions we currently operate in, the Bank was also ranked fourth overall in ‘National Perspective.’ This is a testament to the Bank’s commitment to the highest standards including sustainable business practices and a deep understanding of customer needs.”
LMD noted that Commercial Bank of Ceylon demonstrated remarkable operating resilience throughout the pandemic through customer focus, digital engagement, and operational excellence. The Bank also takes pride of place of being among the Top Five Most Respected entities in the country in every one of the 18 years since the magazine launched the ranking in 2005.
The methodology, sample composition, questionnaire and method of ranking for 2022 remain the same as the previous year when LMD shifted to a weighted ranking system based on the opinions of surveyed respondents. The ranking system operates by weighting three nominations for each company by assigning a weight of five points for the first mention, a weight of three for the second, and one for the third mention. The final rankings were based on the total sum value of the weighted scores for each company. The 12 Attributes evaluation criteria was set out by NielsenIQ’s annual peer review.
This latest survey commissioned and conceptualised by LMD and conducted by NielsenIQ, covered a sample of 800 respondents who are managers and above in companies listed in the Colombo Stock Exchange (CSE), the LMD 100 (2020/2021) and Brands Annual 2021.
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.