The Commercial Bank of Ceylon has introduced digital receipts for ATM transactions, another green banking initiative that is not only environment friendly, but enhances convenience to customers, cuts down on transaction charges and reduces paper wastage.

The Bank has announced that the Bank’s Credit Card or Debit Card holders who use its extensive network of Cash Recycler Machines (CRMs) or Automated Teller Machines (ATMs) island wide for cash withdrawals will be issued a digital receipt instead of a printed physical receipt, via a Short Message Service (SMS) delivered to the customer’s registered mobile number with Commercial Bank.

The SMS will include a link to view the digital version of the receipt which can also be downloaded on to the computer or mobile device in PDF format for future reference, the Bank said. Customers who use digital receipts will be exempt from the Rs 5 charge levied for paper receipts on each CRM and ATM withdrawal.

Commenting on the introduction of the Digital receipts service for CRM and ATM transactions, Commercial Bank’s Deputy General Manager – Marketing, Mr Hasrath Munasinghe said: “While encouraging paperless transactions and fostering environmental consciousness among customers, digital receipts also tackle the problem of littering. Most paper receipts received during ATM and CRM transactions are immediately thrown away by customers. Digital receipts can save money for the customer and the Bank, and can also helps save trees, which is one of the priorities in the Bank’s strategic initiative to create a sustainable future.”

Earlier, Commercial Bank also introduced ‘eSlips,’ an innovative app that enables customers to go paperless by creating electronic deposits on their smart phones in respect of cash deposits. Commercial Bank was also the first bank in Sri Lanka to offer customers an ePassbook, a digital passbook that provides access to details of savings, current, personal foreign currency accounts and Credit Card transactions on Android and iOS powered mobile devices.

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 opened its 269^th branch in Sri Lanka in Kirillawala, a rapidly developing, verdant town known for its abundance of namesake kirilla trees and agricultural produce.

Located at No. 122/B Pahala Imbulgoda, Kirillawala, in the Gampaha district, the newly-opened branch is a fully-fledged banking operation that also offers an Automated Teller Machine (ATM), a Cash Recycler Machine (CRM) and a Cheque Deposit Machine (CDM) to extend around-the-clock digital services to customers in the vicinity. With the opening of this branch, Commercial Bank’s network of automated machines in Sri Lanka grows to 943 terminals.

As a branch situated in a centre of economic activity, the Kirillawala branch will provide residents and entrepreneurs in the area access to its versatile portfolio of products and services, including lending products such as personal loans, home loans, leasing facilities, and pawning facilities, in addition to SME banking services and a range of savings products.

Pictured here are Commercial Bank Chairman Prof. Ananda Jayawardane (second from right), Managing Director/CEO Mr Sanath Manatunge (second from left) and Chief Operating Officer Mr S. Prabagar (extreme left) accompanied by members of the corporate and senior management formally declaring the Kirillawala branch open.

• More than 3,500 retail outlets offer discounts of up to 50%
• Up to 60% off on hotel stays
• Easy Payment Plans of up to 60 months for home appliances

Commercial Bank of Ceylon is offering discounts of up to 50% at more than 3,500 merchant outlets around the country for the Bank’s credit and debit card holders.

The Bank has partnered with over 330 merchants once again this year, to kick off its seasonal promotions for cardholders who can enjoy discounts at different locations on specified days or periods from mid November until the close of 2022.

Widely anticipated as the mega event of the year for cardholders, these seasonal offers also include Easy Payment Plans for up to 60 months on a range of credit card purchases, in addition to providing cardholders with the opportunity to indulge in hotel stays, self-care days, wardrobe upgrades, home makeovers, and an exciting array of shopping and entertainment options.

Commenting on the promotion, the Head of Commercial Bank’s Card Centre Mr Nishantha De Silva said: “Our seasonal card promotions are always eagerly awaited, because of the sheer width of the offering and the quantum  of the discounts. This year, the benefits assume even greater significance given the situation in the country. These discounts represent a tangible value addition for our cardholders.”

Commercial Bank credit and debit card holders can enjoy seasonal discounts at 146 clothing and fashion accessories partners, nine shoes and leatherwear partners, 19 jewellery partners, 28 lifestyle store partners, nine salon, spa and cosmetic boutique partners, four wristwatches and accessories partners, 58 online shopping partners, seven supermarket partners, nine healthcare partners, and two bookstores.

The Easy Payments Plans will be available on credit card purchases of electronic home appliances from 17 leading lifestyle brands. Other special promotions during this period include discounts of up to 60% on holiday stays at 56 partner hotels.

Commercial Bank credit and debit cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both credit and debit card holders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for credit cards to its debit cards.

Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in credit and debit card cumulative point-of-sale usage. The Bank offers a variety of credit cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.

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.

The Commercial Bank of Ceylon’s continuing effort to stimulate remittances from Sri Lankans living and working overseas recently focussed on Singapore, which has a significant Sri Lankan migrant population.

The Bank engaged with Sri Lankan expatriates living in the city state at a two-day programme conducted in collaboration with the Sri Lankan High Commission in Singapore.

Attendees were made aware of the formal remittance channels available to them and the personal and national benefits of transacting through these, and also received special remittance rates and gifts.

The Bank said it conducted this programme to support Sri Lankans residing in Singapore by presenting special remittance offers and information on banking products and services, including ComBank Digital. The Bank also promoted remittance services such as Ria Money Transfer, one of the Bank’s main remittance partners, and Lucy, the exclusive mobile banking app for women in Singapore.

Over the two days of the programme the Bank signed up over 100 Sri Lankans for new accounts and offered its digital banking services with a waiver on the joining fee and first-year annual fee.

Speaking at the event, Sri Lanka’s High Commissioner in Singapore Her Excellency Shashikala Premawardena said this initiative is just a beginning and that more could be done for Sri Lankans in Singapore whose hard earned earnings  contribute to Sri Lanka’s economy. She thanked Commercial Bank for its quick and enthusiastic response to the invitation to conduct an event in Singapore and stressed that “It is our duty to help our citizens who are working hard in Singapore.”

With encouragement from the Bank, some of the participants initiated remittances via the Lucy application and visited the Ria Money Transfer outlet in the locality to transfer US dollars to their personal foreign currency accounts. Officials from both service providers were present at the venue and remitters were able to instantly view their updated account balances via ComBank Digital. To sweeten the customer experience, Ria offered special foreign exchange rates to the participants of the programme, while the Lucy app provided S$ 5 cashback rewards and gifts to everyone that downloaded the app on the spot.

Furthermore, visitors were provided the opportunity and information necessary to select the most suitable investment plans and bank accounts, including Rupee and Foreign Currency Accounts, Fixed Deposit Accounts, and Special Deposit Accounts. Additionally, new Foreign Currency Account holders were furnished with free Debit Cards, the Bank said.

“As one of the most trusted banks in Sri Lanka, Commercial Bank has to play a lead role in encouraging Sri Lankans to step up their remittances to Sri Lanka,” the Bank’s Head of Retail Products and Digital Channels & Remittances Mr Pradeep Banduwansa commented. “Events such as these will boost the stream of foreign remittances into the country, in a manner that is beneficial to the customers as well as the country.”

During their visit, representatives of the Bank also negotiated beneficial partnerships with remittance and fintech companies in Singapore to facilitate easy and quick money transfer facilities for Sri Lankans in Singapore.

To attract investments from foreign sources, the Bank recently launched ‘Forex Plus,’ a special Foreign Currency Fixed Deposit scheme that offers interest rates of up to 9.5% per annum for tenures of up to five years on term deposits in four international currency denominations.

Commercial Bank is one of the most active players in Sri Lanka in the field of remittances. One of the Bank’s key strengths is its island-wide network of 268 branches and its network of 940 machines, which is the largest automated cash dispensing system owned by a single private bank in Sri Lanka. Recipients of remittances sent to the Bank enjoy many benefits such Holiday Banking Centres and supermarket counters, a dedicated customer support call centre for remittances and SMS alerts facilities once the remittance is received and is ready to be paid out.

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 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: Sri Lanka’s High Commissioner in Singapore H.E. Shashikala Premawardena (above, centre) with senior management teams of the Commercial Bank and the High Commission at the inauguration of the programme and (below) some of the interactions between Sri Lankan expatriates and bank representatives.

The Commercial Bank of Ceylon has become the highest-ranked bank and one of the five best-performing companies in Sri Lanka for the 14^th consecutive year in the latest Business Today Top 40 ranking released in November 2022.

Sri Lanka’s largest private sector bank, Commercial Bank has been placed third in the overall ranking this year.

“The period assessed by Business Today for this latest ranking was challenging for businesses in general and for banks in particular,” Commercial Bank Managing Director and CEO Mr Sanath Manatunge said. “To be ranked the third best-performing corporate in Sri Lanka overall is therefore an encouraging endorsement of the Bank’s ability to respond to challenges and meet stakeholder expectations while fulfilling its obligations to the community and the planet.”

Commenting on Commercial Bank’s performance in 2020-21, Business Today said: “With an emphasis on controlling operational expenses and preventing any possible deterioration in its cost-to-income ratio and profitability, the Commercial Bank ended 2021 with solid growth by aligning its business with its strategic pillars of prudent growth and operational excellence.”

“The Bank heeded government calls to offer moratoriums to businesses. It restructured 25 per cent on the total portfolio of advances through proactive communication and close staff monitoring,” Business Today observed, noting that “The Bank successfully maintained a low non-performing loan ratio of 1.44 per cent, reflecting the high asset quality possessed by the Bank and the success of the initiatives implemented to support customers navigating through a complex operating context.”

Business Today also disclosed that among the many criteria considered for the top 40 ranking this year was the contributions of the top businesses to the exchequer through taxes. The magazine added that “the top corporates in the Business Today To 40 list demonstrate hope for the country and the people, that they have the agility to respond to the unexpected and come out, often a bit bruised but wiser, to lead the development trajectory into the coming years.” Commercial Bank paid Rs. 8.3 billion in total as taxes in respect of 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.

• 9-month gross income up 62.91% to Rs 195.6 Bn. and 89.58% to Rs 76 Bn. in Q3 
• Impairment provisioning nearly triples to Rs 52.3 Bn. for 9 months: Rs 34.3 Bn. increase over first 9 months of 2021 mainly on account of government securities
• Loan book grows by Rs 148 Bn., deposits by Rs 381 Bn. over 9 months, primarily helped by currency depreciation
• Total assets up 20.51% to Rs 2.39 Tn.

 The Commercial Bank of Ceylon Group has posted a strong operational performance in the first nine months as well as in the third quarter despite the continuing adverse effects of macroeconomic variables which have necessitated a tripling of impairment provisions for the nine months ended 30th September 2022 and reduced profits for the quarter as well as the year to date compared to the corresponding periods of last year.

Nevertheless, the Bank reported that the third quarter witnessed a reversal of the operating loss before Value Added Tax (VAT) on Financial Services of Rs. 3.581 billion reported for the second quarter of the year.

These achievements were recorded even after providing relief for affected businesses and individuals in line with directions issued by the Central Bank of Sri Lanka as well as the Bank’s own relief schemes which included deferment of repayment terms of credit facilities, concessionary rates of interest on eligible loan products (debt moratorium) and waiving off certain fees and charges following the global pandemic, the Bank said.

Comprising of the Commercial Bank of Ceylon PLC, its subsidiaries and an associate, the Group reported gross income of Rs 195.573 billion for the first nine months of 2022 and Rs 76.056 billion for the third quarter, reflecting robust growth rates of 62.91% and 89.58% respectively in topline. Growth in loans and a noteworthy increase in income from interest-earning assets resulted in interest income for nine months improving by 56.15% to Rs 150.257 billion and by an even more impressive 89.04% to Rs 62.140 billion for the third quarter.

However, the growth in deposits in the review period combined with a sharp rise in interest rates and the consequent conversion of low-cost funds to high-cost funds saw interest expenses increasing by 79.58% to Rs 87.443 billion for the nine months, and by a whopping 142.71% to Rs 40.039 billion for the third quarter. The Bank’s CASA ratio, an industry benchmark, stood at 40.14% at the end of the nine months reviewed, as against 47.83% at end 2021 and 42.72% at end 2020. The increase in interest rates and the consequent reduction in the CASA ratio contributed to the higher interest expenses recorded in the period reviewed.

Nevertheless, net interest income for the nine months improved by 32.15% to Rs 62.814 billion, while net interest income for the third quarter increased by 34.97% to Rs 22.101 billion. With the escalation in interest expenses, net interest income accounted for 60.49% of the total operating income of the nine months reviewed, in contrast to 68.94% at the end of the third quarter of 2021.

Noting that the external challenges that have depressed profit and other indicators continued in the third quarter, Commercial Bank Chairman Prof. Ananda Jayawardane said: “The growth we have recorded in business volumes indicates that core banking operations remained intact. The single biggest impact on growth in terms of bottom line continues to be the burgeoning provisioning for impairment, which is an unavoidable response to the prevailing economic environment. Such provisioning assures our stakeholders that the Bank is financially prepared for any future contingencies.”

The Bank’s Managing Director and CEO Mr Sanath Manatunge commented: “Our results underline that at Commercial Bank, risk appetite and risk tolerance continue to be well-managed, especially in the context of the challenges faced by the banking sector. We have continued our focus on preserving the quality of the loan book, managing interest rates and liquidity, while improving compliance to minimize reputational risk. The increase in the cost of funds is inevitable, but all possible steps have been taken to increase the fee-based income and to maintain non-interest costs at acceptable levels.”

According to the Interim Financial Statements filed with the Colombo Stock Exchange (CSE), the Commercial Bank Group recorded a total operating income of Rs 103.837 billion for the nine months under review, an improvement of 50.59%. The figure for the third quarter was Rs 34.605 billion, reflecting an even stronger growth of 53.07%.

The net fee and commission income of the Group improved by 61.84% to Rs 13.913 billion for the nine months, while other income, which comprises of net gains from trading, net gains from derecognition of financial assets and net other operating income, grew by 111.45% to Rs 27.111 billion.  Net gains from trading for the period amounted to Rs 34.124 billion compared to Rs 2.037 billion recorded for the corresponding period of the previous year. This was primarily from realized and unrealized gains from forward exchange contracts, spot and swap transactions and mark to market gains.

Impairment charges and provisions for other losses for the nine months amounted to Rs 52.272 billion, reflecting an increase of Rs 34.274 billion or 190.44% from Rs 17.997 billion recorded for the corresponding nine months of 2021.  For the third quarter alone, impairment charges nearly quadrupled to Rs 17.053 billion from Rs 4.343 billion provided in respect of the third quarter of last year. Notably, a substantial portion of the impairment charges is on account of Government Securities denominated in Foreign Currency in view of the Sri Lankan Sovereign rating downgrade and the debt restructuring program currently being negotiated by the Government. Further, the exchange impact on impairment charges on loans and advances and Government Securities denominated in foreign currency was adjusted in Net Other Operating Income where the corresponding exchange gains are recognised. This was done in order to accurately reflect the underlying cost of risk and also to normalize the exchange gains and losses reported, the Bank said.

As a consequence of the increased impairment charges, net operating income for the nine months under review improved only by a marginal 1.20% to Rs 51.566 billion, while the figure of Rs 17.552 billion for the third quarter reflected a decline of 3.9%.

Operating expenses increased by 22.26% for the nine months to Rs 26.017 billion, and by 10.90% for the third quarter to Rs 7.985 billion, mainly due to the impact of inflationary pressures, Rupee deprecation and an increase in Government taxes. Consequently, personnel expenses increased by 20.40%, depreciation and amortization by 8.58% and other operating expenses by 30.59%. As a result, the Group’s operating profit before Value Added Tax on Financial Services reduced by 13.90% to Rs 25.549 billion for the nine months under review and by 13.53% to Rs 9.567 billion for the third quarter.

With VAT on Financial Services reducing by 23.81% to Rs 3.511 billion, the Group reported a profit before tax of Rs 22.036 billion for the nine months, recording a decline of 12.09% over the first nine months of 2021. Income tax for the period increased by 8.70% to Rs 6.576 billion despite the drop in pre-tax profit for the period under review as the figure for the corresponding nine months of 2021 was reduced by the reversal of an over-provision for 2020 resulting from the reduction in the corporate tax rate from 28% to 24%, which was adjusted in the first quarter of 2021.

Consequently, the Group’s profit after tax of Rs 15.460 billion for the nine months represented a decline of 18.70% compared to the corresponding period of last year. For the third quarter, the Commercial Bank Group reported a net profit of Rs 6.283 billion, a reduction of 5.72% compared to the same period of last year. Taken separately, Commercial Bank of Ceylon PLC posted a profit before tax of Rs 20.649 billion for the nine months, a drop of 15.46% while profit after tax for the third quarter was down 22.40% to Rs 14.438 billion.

Total assets of the Group grew by Rs 406.810 billion or 20.51% over the nine months to reach Rs 2.390 trillion as at 30^th September 2022. Asset growth over the preceding 12 months was Rs 427.840 billion or 21.80%. A significant portion of the growth in assets during the period under review was due to the depreciation of the Sri Lankan Rupee against the US Dollar up to June 2022.

Gross loans and advances of the Group increased by Rs 147.574 billion or 13.48% to Rs 1.243 trillion as at 30^th September 2022, while the growth of the loan book of the Group over the preceding year was Rs 175.451 billion or 16.44%.

Total deposits of the Group recorded a growth of Rs 380.829 billion or 25.86% in the nine months to Rs 1.853 trillion as at 30^th September 2022, while the YOY deposit growth was Rs 405.581 billion or 28.01%. Here too, the Bank said the primary reason for the growth in gross loans and advances and deposits was the sharp depreciation of the Sri Lankan Rupee against the US Dollar in the first half of the year.

In other key indicators, the Bank’s net assets value per share increased by 14.16% to Rs 157.63 from Rs 138.08 as at end 2021. The Bank’s Tier 1 Capital Ratio, and the Total Capital Ratio stood at 11.571% and 14.355% respectively as at 30^th September 2022, both above the statutory minimum ratios of 10% and 14% respectively. The Bank’s net interest margin improved to 3.80% for the nine months ended 30^th September 2022, from 3.51% for the year 2021 and 3.37% for the nine months ended 30^th September 2021. The Bank’s return on assets (before taxes) stood at 1.29% and return on equity at 10.72%.

In terms of asset quality, the Bank’s impaired loans (stage 3) ratio stood at 4.09% compared to 3.85% at end 2021, while its stage 3 impairment to stage 3 loans ratio stood at 40.49% as at 30^th September 2022, compared to 42.76% at end 2021.

The Bank’s Cost to Income Ratio before VAT on Financial Services improved to 24.94% for the period under review from 31.61% for 2021 and 33.95% for 2020. The cost to income ratio inclusive of VAT on Financial Services improved to 28.39% from 37.97% for 2021 and 39.96% for 2020.

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.

Photo caption: Commercial Bank’s Chairman Prof. Ananda Jayawardane (left) and Managing Director and CEO Mr Sanath Manatunge

CBC Tech Solutions Limited, a fully-owned Information Technology subsidiary of the Commercial Bank of Ceylon has been appointed a retail partner for Lenovo products in Sri Lanka, and will continue to offer a wide spectrum of IT solutions to local corporates.

Consequent to this latest partnership, CBC Tech Solutions will be an agent for Lenovo’s range of personal computers, tablets and accessories, including the IdeaPad, Yoga, Legion and ThinkPad series in the local market.

Notably, CBC Tech Solutions was the first Sri Lankan company to import the Lenovo ThinkCentre Neo desktop computers powered by 12^th generation Intel® Core™ processors in June this year.

The formalisation of the retail partnership took place at the annual staff conference of CBC Tech Solutions Pvt Ltd., in the presence of senior officials from Lenovo, CBC Tech Solutions, and the Commercial Bank.

CBC Tech Solutions was launched to initially support the information technology operations of Commercial Bank, and later expanded operations to cater to the local corporate sector’s requirements of tech solutions. The CEO of CBC Tech Solutions Mr Keerthi Mediwake said that the company is looking forward to further broaden the scope of its offerings with the Lenovo partnership.

Lenovo is a Fortune Global 500 technology company and one of Fortune Magazine’s World’s Most Admired Companies that leverages the diversity of more than 63,000 of its employees to serve customers in 180 markets to redefine and stretch the limits of what technology can do. It delivers the world’s widest portfolio of technology products, solutions, software, and services that individuals, communities, businesses, and entire populations need to fulfil their potential. Since 1995 Lenovo has shipped more than half a billion PCs, and makes three devices every second.

Launched in 2003, CBC Tech Solutions Limited aims to emerge as one of the leading innovative ICT solutions providers in Sri Lanka. The company’s mission is to deliver the most reliable, customer-centric ICT products and services to drive technological innovations.

Photo caption: CBC Tech Solutions CEO Mr Keerthi  Mediwake (3^rd from right) and Lenovo General Manager Overseas Business Mr Naveen Kejriwal (4^th from left), and the Sales Head Overseas Commercial Business Mr Sameer Varshney (3^rd from left) exchange the agreement in the presence of (from left) CBC Tech Solutions Assistant Manager Mr Chamika Athauda, Lenovo Regional Sales Manager Sri Lanka Mr Prasanna Kulasinghe, Commercial Bank and CBC Tech Chairman Prof. Ananda Jayawardane, Commercial Bank Managing Director Mr Sanath Manatunge and CBC Tech Solutions Deputy CEO Mr Nalin Gunathunge.

Records highest number of trade & supply chain finance transactions for second successive year

The Commercial Bank of Ceylon was honoured as the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank in Sri Lanka’ for the second consecutive year at the 2022 Trade and Supply Chain Finance Programme (TSCFP) Awards that recognise the contributions of leading partner banks to trade in Asia and the Pacific.

The award was presented to Commercial Bank for recording, with the ADB’s assistance, the highest number of transactions in Sri Lanka’s trade and supply chain finance domain between 1^stJuly 2021 and 30^thJune 2022.

Commercial Bank was among 25 banks that were recognised in 10 categories at the ADB TSCFP Awards ceremony held recently in Singapore.

Commenting on this prestigious accolade, Commercial Bank’s Chief Operating Officer Mr S. Prabagar said: “The ADB’s role as a provider of loans, technical assistance, grants and equity investments to promote social and economic development makes it an indispensable partner for Commercial Bank, which shares its commitment to promote prosperity and inclusivity. We are therefore greatly encouraged by the ADB’s recognition of the Bank as its leading partner in Sri Lanka.”

Commercial Bank is the largest private sector bank is Sri Lanka with a market share of over 18% in export businesses and 10% in import businesses. The Bank’s robust relationship with corporate clientele that routed trade transactions through the Bank, contributed towards winning this title. Additionally, Commercial Bank’s global corresponding banking network and the recognition earned by receiving numerous accolades from various international agencies, its ability to deliver trade instruments to any destination, innovative tailor-made trade finance solutions, expertise of trade staff, tech solutions in processing trade transactions, commitment to improving trade service standards, resilience in the face of the current financial crisis in the aftermath of the pandemic and the Bank’s financial stability were all factors considered for the accolade.

The Bank said the products and services such as establishing letters of credit, handling collection documents, open account transactions and advance payments, issuing foreign guarantees, shipping guarantees and advance documents, facilitating marine insurance, providing expert advice on export & foreign exchange transactions, travel & remittances and off-shore banking, processing entrepot trade shipments and digitalized access for SLPA,BOI,IECD and Sri Lanka Customs payments have strengthened its performance in the trade and supply chain finance sphere. The Bank also recently entered into a partnership with the National Chamber of Exporters of Sri Lanka (NCE) to create another platform to extend financial solutions to the country’s exporters.

The Asian Development Bank’s Trade and Supply Chain Finance Programme Awards are some of the most prestigious accolades in the banking and financial industry in Asia, presented to institutions that work passionately to foster economic growth through sustainability measures. The Awards recognise outstanding contributions of TSCFP partner banks that boost trade and supply chain finance in Asia and the Pacific. The TSCFP fills market gaps for trade finance by providing guarantees and loans to banks to support trade. Backed by its AAA credit rating, the programme works with partner banks to provide companies with the financial support they need to engage in import and export activities in Asia’s most challenging markets. TSCFP works with over 200 international banks from more than 90 countries around the world.

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 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 Head of Imports Mr Prasad Fernando (extreme left) with the Asian Development Bank’s TSCFP award for 2022.

A group of 125 students following various vocational training courses in Anuradhapura, recently benefitted from an entrepreneurship development programme conducted by the Commercial Bank of Ceylon, under the banner of its Dirishakthi Sustainable Entrepreneurships Development initiatives.

The Bank organised this event in collaboration with the Vocational Training Authority (VTA) in Anuradhapura to impart knowledge on financial literacy and business development to students following training courses in air conditioner repair, baking, beauty culture, computer hardware, electrical engineering, footwear design, landscaping, motor mechanics and other subjects.

Designed to improve the entrepreneurial skills and marketability of learned skills of the students to benefit the rural economy, this recent initiative was managed by Commercial Bank’s Development Credit Department (DCD) and its Agriculture & Micro Finance Unit (AMFU) in the region and was supported by the Central Bank of Sri Lanka (CBSL).

Veteran speaker on finance management and business development Mr. Duminda Dissanayaka, who is also the Manager of the Anuradhapura Regional Office of the Central Bank, was invited as the resource person to this event.

Commercial Bank Regional Manager - North Central Province Mr Michael De Silva, Nochchiyagama Branch Manager Mr Venura Dhanapala, and Vocational Training Authority Programme Officer Mr Chaminda Priyankara Wijayadasa were also present at the programme, alongside officials from the Bank.

In 2022, The Bank’s Dirishakthi Sustainable Entrepreneurships Development Programme has benefitted more than 250 female entrepreneurs in Wasgamuwa and Ratnapura.

Commercial Bank has been conducting awareness programmes for micro entrepreneurs in different sectors of business in many areas of the country for the past 11 years, and has helped more than 11,000 entrepreneurs to date through this series.

These programs are supported by the Bank’s 19 Agriculture & Micro Finance Units which play a key role in helping the Bank to identify specific needs of entrepreneurs who require assistance to develop either their agriculture activities or micro businesses. These units are dedicated to promoting agriculture lending and micro finance.

Commercial Bank’s Agriculture & Micro Finance Units (AMFU) are located in Ratnapura, Narammala, Nawalapitiya, Marawila, Anuradhapura, Kilinochchi, Bandarawela, Wellawaya, Hingurakgoda, Galewela, Achchuveli, Vavuniya, Chenkalady, Deniyaya, Tissamaharama, Udugama, Pottuvil, Elpitiya, and Akkaraipattu.

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 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 : Pictured here are the speaker on Finance Management and Business Development Mr Duminda Dissanayaka (above) and Commercial Bank’s Regional Manager North Central Province Mr Michael De Silva (below) addressing the participants at the seminar.

A 100-hectare swath of degraded habitat belonging to the Kandegama forest in the Dimbulagala range of the Polonnaruwa District is to be reforested by the Commercial Bank of Ceylon under the latest environment-linked commitment of Sri Lanka’s benchmark private bank.

The area, which is home to elephants, leopards, deer, and porcupine and is also climatically significant, is to be restored under this project in collaboration with the Forest Department.

Forests in the North-East area of the country have a catalytic effect on the North-East monsoon and the reforestation of Kandegama is expected to improve rainfall stability in the region in addition to paving the way for other environmental benefits including climate change mitigation, biodiversity conservation, and habitat improvement, the Bank said.

“We are determined to ensure that the current economic challenges do not side-track our commitments to chosen nationally-important causes,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge said. “As the only Bank in Sri Lanka to achieve 100% carbon neutral status and as a Bank which is committed to preserve the environment, Commercial Bank is very pleased to join hands with Forests Department for this reforestation project. With this project, Commercial Bank continues its support to Sri Lanka’s efforts to increase its forest cover and conserve habitats.”

He noted that Sri Lanka has pledged to increase its forest cover up to 32% by 2030 under the 2015 Paris Agreement of the United Nations and the country also plans to restore 200,000 hectares of deforested and degraded forest by 2030 in response to the Bonn Challenge which seeks to bring 350 million hectares of landscapes into restoration, globally.

The Kandegama forest occupies an area of 600 hectares. The dominant vegetation of the forest is scrub and bushes such as ‘Hinguru’ and ‘Babila’ and invasive plants. Scattered stands of large trees such as ‘Madan,’‘Mayila’ and ‘Kon’ offer refuge to its wildlife.

The reforestation project funded by the Bank envisages the planting and maintaining of 62,500 seedlings of local species and extends to reducing the danger of forest fires by 95% by removing invasive flora such as ‘Mana’ and ‘Illuk’ grass that hinder the growth of other plants and are susceptible to forest fires during the dry season. This will also aid natural regeneration and control cattle grazing.

Funds provided by Commercial Bank will be used to conduct a land survey and map out the 100 ha of forest under the purview of the project, a study of its vegetation to understand the effects of other activities on species composition and density, the clearing of strips to the width of 5m and planting of seedlings, establishment of fire lines for fire control by removing ground vegetation up to a 10m strip around the plantation area to avoid external fires spreading to the forest land, fertilising and watering during prolonged drought periods, maintaining and monitoring the forest land and fire belt for a period of three years, and the performance of annual sample surveys.

The Bank’s CSR Trust also focuses on marine conservation under its environmental initiatives. Recent such initiatives of the Bank include support to the Koggala Mangrove Restoration and Conservation Project. The Bank has funded the planting of a belt of 2,000 mangrove plants and 750 mangrove associates around a little island in the Koggala Lake, along with 500 terrestrial plants on the island. Commercial Bank has also provided financial assistance to plant 1,000 mangrove trees along the Mannar coastal belt and to clean-up the beach area.

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.

Photo caption: Commercial Bank Managing Director/CEO Mr Sanath Manatunge (Above, centre) and Conservator of Forests Mr E. A. P. N. Edirisinghe exchange the agreement on the reforestation project in the presence of (from left) Commercial Bank’s AGM Services  Mr  Chinthaka  Dharmasena,  DGM – Marketing Mr Hasrath Munasinghe, Chief Operating Officer Mr S. Prabagar, the Legal Officer of the Forest Department Mr Lionel Wickramasinghe and the Deputy Director of the Ministry of Wildlife and Forest Conservation Ms Lanka Abeywickrama. (Below) Mr Manatunge presents a sapling to the Conservator of Forests.