July 07, 2009 (LBO) – Sri Lanka’s Commercial Bank said it has been named the island’s ‘Best Bank’ by Hong Kong based ˜FinanceAsia,’ a regional financial publication. The publication’s latest rankings are based on financial performance for the 2008/9 period, the bank said in a statement.
The evaluation includes criteria such as capital adequacy, liquidity and cost income ratios, pre- and post- tax profits, provisioning for possible losses, return on equity, and strong network of branches.
FinanceAsia also considered the bank’s total assets, loans and deposits portfolio, vision and long term strategy, as well as its market position versus its nearest competitor, the statement said.
“The selection criteria for FinanceAsia’s Best Bank ranking covers all key performance indicators of banking and it is therefore a honour to receive this award,” it quoted Amitha Gooneratne, Managing Director of Commercial Bank as saying.
Other banks from the region to receive the FinanceAsia’s Best Bank award include HDFC Bank – India, PT Bank Central Asia Indonesia, Kookmin Bank- South Korea and Chinatrust Commercial Bank- Taiwan.
FinanceAsia has a mont