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ComBank, one of 10 ‘Most Admired Companies’ in Sri Lanka for 4th consecutive year

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The Commercial Bank of Ceylon has once again been included among the 10 ‘Most Admired Companies in Sri Lanka’ in the annual list compiled by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA).

This is the fourth consecutive year that Sri Lanka’s biggest private sector bank has been ranked among the top 10 companies in this list, which was launched in 2018.

Commenting on this prestigious accolade, Commercial Bank Managing Director S. Renganathan said: “The past year has been adverse for companies in general, but we believe it is how we have responded to the challenges of the pandemic and its impacts on our customers, that has earned us the admiration of the people. Our performance was achieved with an extremely balanced approach that considered the interests of all stakeholder groups, with an emphasis on those most vulnerable.”

Open to both listed and unlisted companies, the ICCSL-CIMA Most Admired Company Awards recognise entities that are a cut above the rest in terms of not just their financial performance but also the value they create for their shareholders, customers, employees, and the wider community in general. Commercial Bank was recognised as a company that inspires other organisations and entrepreneurs by proving its mettle with consistency, authority and sustainable growth, creating excellent business performance.

Ranked Sri Lanka’s Strongest Bank Brand in 2021 by Brand Finance, Commercial Bank of Ceylon ended 2020 with total assets of Rs 1.763 trillion, gross income of Rs 151.966 billion, net profit of Rs 16.373 billion, a deposits base of Rs 1.287 trillion and a loan book of Rs 961.859 billion. In the second quarter of 2021, the Bank had the distinction of becoming the first private bank in the country to have three key balance sheet indicators exceeding Rs 1 trillion, with total assets of Rs 1.935 trillion, total deposits of Rs 1.4 trillion and a loan book of Rs 1.034 trillion as at 30th June 2020.

One of the highlights of the Bank’s performance in 2020 was the confirmation by the Ministry of Finance that it was the biggest lender to Sri Lanka’s SME sector among all state-owned, private and specialised banks in the country, accounting for more than a fifth of all loans in terms of value and number. Commercial Bank lent Rs 163.98 billion or 21.57% of the Rs 759.7 billion in loans provided to SMEs by 19 institutions, while the 58,584 loans provided by the Bank represented 23.82% of the total of 245,883 loans granted in the pandemic-impacted year.

Commercial Bank was also the leader in providing financial relief, especially to SMEs, under the Government stimulus package during the first wave of the pandemic in 2020.

Another noteworthy recent milestone was the Bank’s achievement of carbon-neutral status, becoming the first Bank in Sri Lanka to have completely balance its environmental footprint.

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 11 years consecutively, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. 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.



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Integrated solid waste management initiative coupled with tree plantation launched at Hambantota Port

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The ceremony to mark the programme was held at the port premises under strict health and safety protocols, with a limited number of staff attending.

 Hambantota International Port launched its first integrated solid waste management initiative on Monday 11th on the Company Day of China Merchants Group (CMG), the parent company of CM Port. The initiative is a strategic approach to sustainably manage biodegradable solid waste. The process covers the source, generation, segregation, transfer, sorting, treatment, recovery and disposal of waste in an integrated manner.

 “The idea is to collect all biodegradable material including garbage from vessels calling at the port that can be converted into compost, and process it.  The processed product will be used as manure for trees that will be planted within the Port and Industrial zone,” says Jeevan M. Premasara, Senior General Manager HR & Admin at HIP.

Members of staff at Hambantota Port planting trees.

The launch of the sustainability drive under the theme ‘Healing the Environment’ coinciding with CMG’s company day, was done under the leadership of CEO Johnson Liu. The program also includes the planting of 500 trees of different varieties, recommended by the Hambantota dry zone Botanical gardens. Twenty-five trees were planted as part of phase 1 of the project, and the port plans to grow and nurture endemic trees that will enrich the biodiversity of the industrial zone and port premises.

“As we launch the first phase of this tree planting and waste management/recycling projects, we will take into consideration planting different types of endemic plants that will thrive in the sandy soil of the Hambantota area in the next phases of the project.  Apart from that, we understand the importance of proper waste management systems and hope to partner with the district’s main waste recycling projects in the future.  As we expand into various industries in the zone, we hope to make our surroundings greener and environmentally friendly, bringing us closer to our goal of becoming an entirely green port,” added the Senior General Manager HR & Admin.

 HIP’s global partner CMPort’s parent company, CMG’s company day commemorated 149 years of sustainable operations this year.  CMG, which is involved in numerous projects to protect and sustain the environment, spreads its sustainability mission across all its members, partners and associate organisations. The ‘Healing the Environment’ project undertaken by HIP is an extension of their international partner’s sustainability drive.

 The ceremony to mark the programme was held at the port premises under strict health and safety protocols, with a limited number of staff attending.

Members of staff at Hambantota Port planting trees.

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Douglas & Sons Great Place to Work® Certified

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Douglas & Sons (Pvt) Ltd (DSL) announced that it is certified as a Great Place to Work® by the independent analysts at Great Place to Work® in Sri Lanka. DSL earned this distinction based on extensive ratings received by its employees in an anonymous survey that was conducted by Great Place to Work®.

Commenting on the certification Saroj Perera, Chairman/Managing Director of Douglas & Sons (Pvt) Ltd said, “We are extremely proud to receive this certification, as it comes amidst a challenging time for businesses in general, when there is a considerable amount of pressure put on both employees and employers to perform at very high levels. We believe that our employees are our strongest asset, and this certification further reconfirms that we are certainly an employer of choice, enabling our employees to reach their full potential, whilst contribution to the growth of the company.”

“We applaud DSL for seeking employees’ feedback and the opportunity to certify itself,” said Kshanika Ratnayake, CEO of Great Place to Work® in Sri Lanka. “These ratings measure its capacity to earn its own employees’ trust and create a great workplace – critical metrics that anyone considering working for or doing business with DSL should take into account as an indicator of high performance.”

“According to the Great Place to Work® study, 92% percent of (total number of employees 372) employees say we are a great workplace,” said, Rohan Ariyawansa, Senior General Manager – Human Resources. “345 of our employees completed surveys, resulting in a 95 percent confidence level and a margin of error of ± 5.”

Douglas & Sons (Pvt) Ltd was established in 1986 with a vision to deliver excellence across the board and has today grown into a strong, diversified conglomerate with a passion for innovation that cares for the environment in the markets in which it operates. Its diversity and close ties with stakeholders in all key aspects of the economy forms the bedrock of its success in the country. Its access to key global players enables it to display and market Internationally reputed auto parts, tires, batteries and agricultural implements funnelled through its island-wide network of dealers.

Great Place to Work® is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, including Best Workplaces lists and workplace reviews, Great Place to Work® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures.

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“DFCC Bank’s new ‘Auto Loan’ scheme provides affordable avenues for purchasing your dream vehicle”

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In its latest step to drive economic and social value creation, DFCC Bank, the pioneer in commercial banking, announced the launch of the ‘DFCC Auto Loan’ facility, an innovative vehicle loan scheme that enables greater affordability for consumers interested in purchasing automobiles.

The new DFCC Auto loan initiative introduces loan facilities of up to LKR 10 Mn, with an extended payment period. The facility provides the borrower with leverage to afford a vehicle of their choice, through a structured repayment plan, inclusive of a residual value. It also includes an embedded rollover option that enables the client to continue the loan for an extra few years without settling the residual at the end of the loan period subject to a maximum overall tenure of 8 years. The borrower thereby receives the option of settling the residual by disposing the current vehicle and obtaining a fresh loan for a new vehicle, instead. The prime goal of the loan scheme is to enable customers to buy their dream vehicle, through an affordable monthly instalment plan with reduced risk and an increased loan period.

The loan facility will be applicable only for all cars, vans, SUVs and double cabs that customers choose to purchase.

DFCC Bank firmly believes that it is of paramount importance to enhance the affordability of vehicles as a path towards uplifting the standard of living, while securing economic growth and the financial stability of its customers. The lack of access to affordable customer-centric loan facilities, and severely restricted cash flows due to stagnant economic conditions in light of the pandemic, have proved to be a significant hurdle in the path of economic development. Having noted the existing economic issues faced by customers, DFCC Bank’s ‘Auto Loan’ scheme, which extends to a significant portion of society, stands to have notable positive outcomes for all stakeholders involved.

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