ComBank ranked No 1 in Business Today’s Top 40 for 2024–25

The Commercial Bank of Ceylon has been ranked No 1 in the Business Today Top 40 for 2024–25, reaffirming its position as Sri Lanka’s best-performing bank and one of the country’s top five strongest corporate entities for the 17th consecutive year.

Business Today assigned the Bank an aggregate score of 37.65, placing it at the top of its latest ranking of leading Sri Lankan enterprises.

In its presentation of the rankings, Business Today described Commercial Bank as “a beacon of resilience and renewal after a defining year,” noting that 2024 was shaped by strategic transformation, disciplined execution, and unwavering commitment to long-term sustainable growth. The publication recognised the Bank’s strength across key business lines, its deepened customer focus, and a performance trajectory that reinforced its reputation as Sri Lanka’s most resilient and customer-centric financial institution.

Reflecting on the ranking, Mr Sanath Manatunge, Managing Director/CEO of Commercial Bank said: “Being ranked No 1 in the Business Today Top 40 is a powerful endorsement of the discipline, resilience and purpose with which we steered the Bank through a year of tough conditions and decisive transformation. Our performance in 2024 was defined by navigating turbulence without losing sight of our priorities: strengthening fundamentals, supporting customers, and preparing the institution for long-term growth. This ranking is not merely an award; it is confirmation that our strategy is delivering results and that the Bank is firmly positioned to contribute to national progress with renewed confidence.”

Business Today also highlighted the Bank’s record-breaking financial performance during the year. The magazine quoted Mr Sharhan Muhseen, Chairman of Commercial Bank as saying that the Bank had delivered the highest profits in its history, and attributing this outcome to a disciplined focus on efficiency, digital innovation, and customer-centred transformation. These qualities, the publication stated, enabled the Bank to strengthen its market position and make meaningful contributions to economic recovery.

Among the milestones recognised were an equity capital infusion of Rs. 22.54 billion through a rights issue and the raising of Rs. 20 billion in Tier II capital via a debenture issue. Both moves strengthened capital adequacy and prepared the Bank for future expansion. Lending reached historic highs with the loan book growing by Rs. 221.34 billion in 2024, while Group net interest income rose by 36.71% to Rs. 118.13 billion, reflecting robust balance sheet management and a strong CASA base, Business Today said.

Commenting on the wider landscape, Business Today said its 2024/25 Top 40 ranking celebrates the resilience, adaptability, and innovation of Sri Lankan corporates in a gradually improving economic environment. The magazine noted that the past year marked a turning point driven by stabilisation, policy realignment, and recovering confidence, and that the winners exemplify how restored economic stability is translating into stronger performance and renewed optimism.

The first Sri Lankan bank with a market capitalization exceeding US$ 1 Bn., Commercial Bank was also the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.

Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.