ComBank highest ranked in latest edition of ‘LMD 100’ | Daily News

ComBank highest ranked in latest edition of ‘LMD 100’

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 companieson 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 thebank with the highest revenue and profitfor 2021-22.

The LMD 100 positions Sri Lanka’s largest private sector bank 7th overall in terms of revenue and 6thoverall in terms of profit among the largest business groups in the country, proving the Bank’s mettle in what the magazine describes asa “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.

Commercial BankManaging Director and Chief Executive Officer 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.

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