The Commercial Bank of Ceylon has announced a partnership with the National Science Foundation (NSF) to further enhance the Bank’s science, technology, engineering, and mathematics (STEM) education projects and the delivery of STEM education to selected underperforming schools in Sri Lanka.

This initiative in collaboration with the Ministry of Education comes a year after the Bank supported the establishment of 100 STEM smart classrooms island-wide to deliver digitised educational content. Under the MoU signed with NSF, the Bank’s CSR Trust will provide a list of schools to implement STEM projects and deliver logistical support to launch the STEM programme and carry out impact assessments.

Recognising the rapid advancements in technology globally and the increasing demand for skilled professionals in the STEM fields, the Bank said its CSR Trust chose to implement this project to prioritise STEM education in the local education system.

For its part, the NSF will recommend schools deserving of STEM education support, assist the Bank in selecting and evaluating education projects which would yield impact at national level, assist the Bank to design the training programme, and perform impact assessments after the implementation of the STEM programme.

Both parties will identify and implement interventions to address specific requirements of selected schools chosen for the programme, among their other responsibilities listed in the agreement.

Commenting on this latest STEM education programme, Commercial Bank Chief Financial Officer Mr Nandika Buddhipala said: “The Bank decided to expand its efforts in the field of STEM education because this will help prepare students for the jobs of the future. Many of the fastest-growing and highest-paying jobs in the modern economy are in STEM fields such as computer science, engineering, and data analysis. By providing students with a strong foundation in these subjects, we can ensure that the next generation of Sri Lanka is well-equipped to succeed in careers that are in demand.”

He added that by partnering with a reputed government institution such as the NSF which is mandated to serve and strengthen the science and technology sectors in Sri Lanka, the Bank will be able to benefit from the expertise it offers to further develop its STEM projects for the benefit of a larger group.

STEM education helps foster critical thinking and problem-solving skills. By teaching students how to analyse data, design experiments, and solve complex problems, STEM education helps to equip them with the skills necessary to succeed in any field. In addition to preparing students for future careers and fostering critical thinking skills, the STEM education programme can also help promote innovation and drive economic growth in the country, the Bank said.

Commercial Bank’s largest commitment in the sphere of corporate social responsibility is to digital technology education in Sri Lanka. In September 2022, the Bank donated its 250^th IT lab under its flagship community initiative to take digital literacy to even the most rural towns in the country. It was also a key partner in the national Smart Schools initiative where 165 schools were equipped with digital learning facilities. The Bank’s “Sipnena” online portal contains digitized school curriculum content, complete with practical videos and presentations to facilitate easy learning for students.

The National Science Foundation of Sri Lanka was established in 1998 as the successor to the Natural Resources Energy & Science Authority (NARESA) of Sri Lanka established in 1981. It facilitates research, development and innovation to create a knowledge economy.  NSF is also engaged in capacity building, infrastructure development, technology transfer, knowledge creation and sharing in all fields of science and technology to improve the quality of life.

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 269 branches and 943 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.

Photo caption: Commercial Bank’s Chief Financial Officer Mr Nandika Buddhipala and National Science Foundation Director General Dr Sepalika Sudasinghe exchange the agreement in the presence of (from right) National Science Foundation Chairman Prof. Ranjith Senaratne and Commercial Bank’s Senior Manager - Sustainability, Women Banking & CSR Mrs Kamalini Ellawala and representatives of the two organisations.

The Commercial Bank of Ceylon has announced the enabling of ‘Visa Direct’ and ‘Mastercard Send’ card-based fund transfer facilities for the first time in Sri Lanka.

With this latest digital initiative of Commercial Bank, Visa and Mastercard Debit and Prepaid cardholders can transfer funds to any locally-issued Visa and Mastercard Debit, Credit or Prepaid card through Commercial Bank’s ATMs, CRMs  and Q+ Payment App. The transfer of funds can be facilitated by just giving the card number and the amount, thus creating a new era of convenient, two-step fund transfers in the country, the Bank said.

When customers transfer funds through the Bank’s ATM or CRM machines, a ComBank Debit or Prepaid card can be used as the sender’s card and the customer is required to type the recipient card number in the ATM screen along with the amount to be transferred. The source of funds could be funds in savings or current accounts attached to the sender’s ComBank Debit or Prepaid Card.

These transactions are processed through the Visa and Mastercard networks ensuring security and smooth transmission of funds between banks. Through the Q+ Payment App, customers can simply enter the 16-digit card number of the recipient and make the payment, the Bank said. Q+ Payment App is Commercial Bank’s card-based payment app that can be used to effect day-to-day payments such as merchant payments, bill payments and fund transfers.

Commenting on this development, Commercial Bank’s Deputy General Manager Retail Banking and Marketing Mr Hasrath Munasinghe said: “For customers, these ground-breaking innovations represent a huge enhancement of functionality and convenience. This latest fund transfer platform of Commercial Bank with the globally-accepted Visa Direct and Mastercard Send services can be upgraded to facilitate businesses, government institutes, corporates and merchants to do fund disbursements for various purposes, such as salary payments, supplier payments and merchant refunds to customers. Our goal is to constantly push the boundaries of customer service and experience through innovative products and services.”

Avanthi Colombage, Country Manager – Sri Lanka and Maldives, Visa said: “We are excited to partner with Commercial Bank and to deliver the next generation of money movement solutions – Person-to-Person fund transfers. Accessible via all customer-facing channels of Commercial Bank, we are confident that our P2P fund transfer service will give the Bank’s Visa cardholders the simplicity, speed and transparency they expect when sending money digitally across Sri Lanka. Another noteworthy feature is that this facility runs on VisaNet and therefore can utilise all of its latest capabilities, including those of security and fraud prevention. ‘Visa Direct’ offers worldwide reach to billions of endpoints, with real-time payment solutions. It empowers end users, businesses, and clients to move money both locally and globally.”

Sandun Hapugoda, Country Manager - Sri Lanka & Maldives at Mastercard said: “Mastercard would like to congratulate Commercial Bank for taking such a significant step towards simplifying the process of transferring funds. The FinTech and Banking Industry of Sri Lanka will certainly benefit from moves such as this, and hopefully other banks in the country will also take a step in this direction.” ‘Mastercard Send’ is the fund transfer system of Mastercard that can reach virtually all debit card accounts locally and internationally.  By using a 16-digit card number, cardholders can send and receive funds typically within seconds. The platform makes digital payments effortless and can integrate with services that millions already use. For businesses and governments, it can drive efficiencies and cost savings. ‎

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 269 branches and 943 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.

Photo caption: Commercial Bank Managing Director/CEO Mr Sanath Manatunge conducts the first card-to-card transaction at the launching ceremony (Below) Commercial Bank team with Visa and Mastercard management teams. (From left) Commercial Bank Chief Manager Card Centre Mr Nishantha De Silva, Chief Operating Officer Mr S. Prabagar, Mastercard Country Manager for Sri Lanka and Maldives Mr Sandun Hapugoda, Commercial Bank Managing Director/CEO Mr Sanath Manatunge, Visa Country Manager for Sri Lanka and Maldives Ms Avanthi Colombage, Commercial Bank DGM Retail Banking & Marketing Mr Hasrath Munasinghe, and Senior Manager at Commercial Bank Card Centre Mr Seevali Wickramasinghe.

The Commercial Bank of Ceylon recently had the distinction of being featured to a global audience as one of 25 banks around the world that are working to promote environment consciousness among their customers.

The occasion was the United Nations Climate Change Conference (COP 27) at which Doconomy AB, the Sweden-based impact-tech solutions company which is a partner of Commercial Bank’s Flash Digital Bank Account App, presented a map showing the geographical spread of the 25 banks that are collaborating with the company to help save the environment by using Doconomy’s environmental impact index to calculate the carbon footprint of each transaction performed via their respective apps.

Incidentally, Commercial Bank’s was one of the first five banks worldwide to integrate the Doconomy Åland Index into the Carbon Footprint Calculator feature on the Bank’s Flash Digital Bank Account App.

Doconomy’s CEO Mr Mathias Wikstrom told the COP 27 summit in Egypt that 25 partner banks were helping educate customers around the world about the importance of tracking the carbon footprint of their transactions, thereby driving climate action globally. Commercial Bank’s partnership with Doconomy resulted in Sri Lanka’s presence on the map of countries engaged in this initiative.

Commercial Bank said it plans to further improve the Flash Digital Bank Account App’s ‘Save the Environment’ feature with the support of Doconomy in the near future. Both parties are also working closely to create awareness about sustainable finance, sustainable businesses and environment conservation.

In 2020, Commercial Bank enhanced its Flash Digital Bank Account App with a revolutionary feature that enabled users to compute the environmental impact of their spending through this ‘Save the Environment’ feature, which was already a first in the Sri Lankan market. This was designed to create awareness about the social carbon footprint of consumption by assessing each transaction a user of the Flash Digital Bank Account App carries out via the app. By partnering with Doconomy a year later, the Bank gained access to the upgraded API of the Åland Index, the world’s first e-Environmental Impact Report, and subsequently updated the Flash Digital Bank Account App and expanded its scope to not just capture the carbon footprint of immediate service providers, but also of the entire value chain of the goods or services purchased by users.

Founded in Sweden in 2018, Doconomy is a world-leading provider of applied impact solutions. Doconomy seeks to future-proof life on planet earth by empowering individuals and corporations to take responsibility for their environmental footprint. Firmly believing that the climate crisis can only be solved as a collective, Doconomy is also a partner of the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, the World Wildlife Fund (WWF), and Parley for the Oceans.

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 269 branches and 943 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.

The Commercial Bank of Ceylon recently organised an Art Workshop for the winners of the Bank’s ‘Arunalu Siththam’ Art Competition held in 2021, which received more than 13,000 entries islandwide. The workshop was conducted by the members of the competition’s Panel of Judges headed by Professor Susiripala Malimboda. The colourful event was also attended by the parents of the children. The students received valuable insights on techniques that can improve their work. Certificates were presented to the participants at the end of the workshop.

The ‘Arunalu Siththam Art Competition’ conducted between October 1^st and November 30^th 2022 was open to children between the ages of four and 16. The competition hosted under the banner of the Bank’s popular children’s savings account ‘Arunalu’ was conducted for the third time in 2022. Once the selection process is concluded, the Bank stated that 137 young artists will be rewarded with cash prizes to the value of Rs 2 million. Another 250 participants will receive merit certificates.

Commercial Bank launched the ‘Arunalu Siththam Art Competition’ in 2017. The flagship children’s savings account of Commercial Bank, Arunalu, after which the competition was named, offers a higher interest rate for Children’s Savings Accounts and rewards account holders with special cash prizes if they score the first, second or third highest aggregate marks in their schools at the Year 5 Scholarship Examination.

Pictured here are the participants in the art workshop (above) and the workshop in progress.

Commercial Bank of Ceylon’s annual carol service themed ‘Miracle in a Manger,’ was a colourful event that transformed the Bishop’s College Auditorium into a scene evocative of the birth of Christ.

The Bank choir which was trained and conducted by Mr Shehan Wijemanne, a veteran in choral music, delighted the audience with popular carols in English, Sinhala and Tamil. The ensemble was accompanied by the Bank’s own talented musicians and the children of staff members also joined in the performances.

Commercial Bank Chairman Prof. Ananda Jayawardane, Managing Director and CEO Mr Sanath Manatunge, members of the corporate and senior management, bank staff and their families, and former employees gathered at this service to celebrate the festive season. Rev Fr Prasad Harshan, the Director of Priestly Formation and Vocations of the Archdiocese of Colombo, delivered the Christmas Message and Mr Anil Bhareti, a prominent singer, graced the occasion as the guest performer.

The Commercial Bank of Ceylon has been crowned Sri Lanka’s ‘Bank of the Year’ by the respected ‘The Banker’ magazine of the UK, the Oscar equivalent of the banking fraternity.

This is the 12^th occasion that Commercial Bank has won this coveted award which is presented in recognition of the Bank’s ability to deliver returns, gain strategic advantage and serve the market while being regarded as the industry standard for banking excellence.

‘The Bank of the Year’ title is conferred upon financial institutions excelling in growth and performance, strategic initiatives, innovation in technology, new or upgraded products and services, and other noteworthy achievements in the field.

“Being named Bank of the Year 12 times is a remarkable achievement by any standards,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge observed. “Winning this title in respect of 2022 is particularly noteworthy in the context of the conditions that prevailed. Our performance under intense pressure is a tribute to the entire Commercial Bank team, which has delivered consistently, leading to the numerous accolades won this year.”

A banking sector benchmark and the largest private sector bank in Sri Lanka, Commercial Bank’s assets grew 20.51% to Rs 2.390 trillion in the first nine months of 2022, reaffirming its position as one of the strongest banks in the country. The Bank also achieved a gross income of Rs 195.573 billion for the first nine months and Rs 76.056 billion for the third quarter of 2022, reflecting robust growth rates of 62.91% and 89.58% respectively and reported a net profit of Rs 6.283 billion for the period.

Other factors considered for The Banker’s ‘Bank of the Year’ award encompassed Commercial Bank’s strategic initiatives such as enhancing its online banking platform ComBank Digital to better cater to its business user segment, launching social media-based banking with trilingual access, and implementing a new Customer Relationship Management (CRM) Platform, among others.

With these initiatives, the Bank became the largest user of CEFT Transactions in Sri Lanka with over 4.5 million transactions from 1^st January to 31^st May 2022, while its digital banking retail customer base grew by 89% over 2021, and its digital banking business customer base grew to over 31,500 users within a year of introduction.

In terms of innovative technology, the Bank launched an award-winning end-to-end automation solution for its credit card on-boarding process, to improve customer experience and reduce operational costs. Furthermore, to position itself as the bank of choice for women by 2023, it unveiled ‘Anagi Women’s Banking,’ Sri Lanka’s first comprehensive women’s banking initiative that includes both financial as well as non-financial benefits to support the aspirations of women.

The range of new financial and non-financial products and services launched by the Bank under the Anagi Women’s Banking brand in the period assessed for the award included the Anagi Savings Account with a higher interest rate over regular savings, Anagi Business Loans exclusively for female business owners and businesses with female business partners or directors, Anagi Instant Loans for Salaried Women, Anagi Credit and Debit Cards with year round discounts and offers,  Anagi Pawning with a lower interest rate and life and general insurance for Anagi account holders.

Commercial Bank also expanded the scope of the “Dirishakthi” Micro Entrepreneurs Loans scheme to benefit not just individual borrowers but all participants in their value chains. The new enhancements saw the introduction of the ‘Dirishakthi Value Chain Development Programme’ and the ‘Dirishakthi Sustainable Entrepreneurship Development Programme’ that together aim to increase the capacity of microentrepreneurs’ production chains by providing both financial and non-financial services to stakeholders across the value chain.

The Banker Magazine provides economic and financial intelligence for the world's financial sector and has built a reputation for objective and incisive reporting. Since 1926, it has navigated its way through over 90 years of banking coverage from the Wall Street Crash of 1929 to the financial crisis of 2008 with the same reputation for accuracy, authority and integrity. The Banker strives to stimulate and inform, offering an unparalleled outlook with a wide range of news, features, analysis and interviews, and in-depth coverage of all the key issues facing the financial sector.

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 269 branches and 943 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.

Photo caption: Commercial Bank’s Managing Director/CEO Mr Sanath Manatunge (Centre) receiving the award.

Continuing its efforts to drive digital inclusion and provide access to cutting-edge mobile financial solutions, SLT-MOBITEL’s mCash has partnered with Visa and ComBank, offering an exciting 30% cashback reward until 30 April 2023 for payments made for all mCash’s LANKAQR merchants enabled with Visa Acceptance via the Q+ Payment App. The payments can be made via Q+ Payment App including Sri Lanka Railways and SLT-MOBITEL Mobile Prepaid and Postpaid payments via e-bill and other digital channels.

Previously, SLT-MOBITEL partnered with Visa to enhance digital enablement in Sri Lanka via mCash. Additionally, mCash also teamed up with ComBank, enabling mCash merchants to conveniently accept payments from any customer who uses an app that is LANKAQR certified via the LANKAQR solution. Currently, mCash provides fully-fledged LANKAQRs to be offered to the market, providing QR interoperability with other payment applications of Banks and Fin-tech companies.

Elaborating, Avanthi Colombage, Country Manager – Sri Lanka and Maldives, Visa said, “QR payments are a simple, asset-light payment method for both consumers and merchants. We are delighted to partner with Commercial Bank of Ceylon to enable their Visa cardholders to pay for SLT-Mobitel Mobile bills, pay at mCash Merchants, and for Sri Lanka Railway advance ticket bookings with ease, security and convenience while enjoying an additional benefit during the promotional period. We hope this helps a large number of consumers to use digital payments via Visa cards on the Bank’s Q+ Payment App.”

Sustaining these efforts in offering greater benefits to customers, the new cashback rewards is a tangible incentive for customers to save more and enjoy the convenience of digital platforms. SLT-MOBITEL’s mCash continues to introduce innovative features with Visa to be more inclusive and adaptive to customer lifestyles. Such as Sending and receiving money, Credit Card Bill Payments, Digital mCash wallet top-ups, Mobile reloads and bill payments, Utility, insurance, finance and leasing payments, Online and in-store shopping payments via QR code, Bank deposits, and digital loans (where a customer could apply and receive a loan from the mobile via mCash).

mCash is also spearheading breakthrough innovations in payments and collections and enhancing digital inclusivity in Sri Lanka. Apart from extending financial inclusion, mCash has redefined the way consumers carry out transactions with the use of a mobile phone. mCash has experienced immense growth over the last few years with a large clientele and growing customer base that continues to expand countrywide.

Image Caption : Left to Right : Representing SLT-MOBTEL, Yathushan Selvaraja - Assistant Manager - Mobile Financial Services, Rishani Gunaratne - Manager - Mobile Financial Services, Shiang Wong - DGM - Prepaid, Isuru Dissanayake - SGM - Special Projects, Chandika Vitharena - CEO ,Mobitel (Pvt) Ltd., Sandeep Ghosh - Group Country Manager - India and South Asia, Visa, Avanthi Colombage - Country Manager - Sri Lanka and Maldives, Visa, Gimali Soysa - Director Products and Solutions - Sri Lanka & Maldives, Visa, Nalin Dissanayake - Director Merchant Sales and Solutions- Sri Lanka & Maldives, Visa.

The Commercial Bank of Ceylon has been proclaimed the ‘Strongest Bank in Sri Lanka’ in 2022 by Asian Banker, a leading platform in the Banking and Financial Services industry

The Bank received this ranking based on the strength of its balance sheet, following a rigorous quantitative assessment of the financial performance of banks in the Asia Pacific region. The evaluation comprised of six crucial indicators weighted by their relative importance. These included the scale of the Bank’s assets relative to gross domestic product (GDP), balance sheet growth of net loans and deposits, risk management of the bank’s operations, profitability and sustainability, strength and credibility of loans disbursed, and liquidity of assets to meet adverse events requiring cash outflow

Commenting on being ranked among the strongest banks in the region, Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “Commercial Bank has met every challenge that has come its way with sharpened focus on its mission and on achieving an equitable balance between the expectations of all stakeholders. The current local and global conditions do impact on balance sheet, but we have retained our inherent strengths and soundness, which has been recognised by the Asian Banker. This affirmation of our position as the strongest bank in Sri Lanka is most encouraging.

The countries covered in the Strongest Banks across Asia Pacific include Australia, Bangladesh, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Japan, Laos, Macau, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, the Philippines, South Korea, Sri Lanka, Singapore, Taiwan, Thailand and Vietnam

The Asian Banker has been publishing its annual ranking of the Strongest Banks in the Asia Pacific region on the basis of balance sheet strength since 2007. The assessment ranks the top-performing banks in each country by strength, an evaluation that is based on a belief that a strong bank demonstrates long-term profitability from its core businesses. The ranking is widely followed by investors, analysts, and the media as the leading source to assess the financial strength of commercial banks in the region

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 269 branches and 943 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

Photo caption: Commercial Bank Chief Operating Officer Mr S. Prabagar with the award.

The Commercial Bank of Ceylon has announced that its Rs 10 billion debenture issue closed within hours of opening after it was oversubscribed on opening day, Thursday 1^st December 2022, in a noteworthy vote of confidence from investors.

The debentures to the value of Rs 10 billion are being issued to further strengthen the Tier 2 capital base of the Bank, bridge maturity mismatches in the assets and liabilities portfolio of the Bank and raise funds for the expansion of the Bank’s lending portfolio, especially in segments such as Small and Medium Enterprises (SME) and export-oriented industries in the interest of supporting the national economy.

Commenting on the oversubscription of the Issue, Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “The trust and confidence in the future prospects of the Bank implicit in the response of institutional as well as individual investors, is extremely encouraging for Commercial Bank as well as the sector in general. This injection of capital further strengthens the Bank and is expected to further stimulate growth.”

Commercial Bank’s Basel III-compliant, Tier 2, Listed, Rated, Unsecured, Subordinated Redeemable Debentures with a Non-viability Conversion feature at the value of Rs 100 each were offered in three tenures – Type A with a five-year tenure, Type B with a seven-year tenure, and Type C with a 10-year tenure.

The five-year debentures carry a fixed interest rate of 28.00% p.a. (AER 29.96%) payable semi-annually, while the seven and 10-year debentures offer a fixed interest rate of 27.00% p.a. (AER 28.82%) and 22.00% p.a. (AER 23.21%) respectively, also payable semi-annually.

The debentures are rated A (lka) on Rating Watch Negative by Fitch Ratings Lanka Limited. Commercial Bank’s National Long-Term Rating has been set at AA- (lka)/ Rating Watch Negative by Fitch. The Investment Banking Division of Commercial Bank of Ceylon PLC is the Manager to the Issue.

For the nine months ending September 2022 the Commercial Bank Group reported gross income of Rs 195.573 billion, total operating income of Rs 103.837 billion, profit before tax of Rs 22.036 billion and profit after tax of Rs 15.460 billion, with total assets reaching Rs 2.390 trillion, loans and advances totalling Rs 1.243 trillion and total deposits exceeding Rs 1.853 trillion as at 30^th September 2022.

The loyalty and 25 years of service of 90 employees of the Commercial Bank of Ceylon was recently celebrated at the 2022 edition of the Bank’s annual Seniority Awards ceremony where these employees were felicitated with valuable gifts and certificates of appreciation.

The event at the Grand Ballroom of Waters Edge, Battaramulla, was graced by Commercial Bank Chairman Prof. Ananda Jayawardane as Chief Guest. The Bank’s Managing Director and CEO Mr Sanath Manatunge, members of the board of directors, and representatives of the corporate and senior management were also present at the ceremony. Members of the families of felicitated staff were invited to the celebrations that followed the ceremony.

Many of the recipients of these awards were school leavers when they joined the Bank in 1997, and now hold key positions in various departments and branches, the Bank said. Among the awardees was Mr S. Prabagar who was appointed Commercial Bank’s Chief Operating Officer earlier this year.

Pictured here are the recipients of Seniority Awards with representatives of Commercial Bank’s board of directors and corporate and senior management.