Dec 11, Colombo: The Commercial Bank of Ceylon PLC was reaffirmed the best among Sri Lanka's banks for financial disclosure for a consistent 14th year, winning the Gold in the Banking Institutions category at the 2018 CA Sri Lanka Annual Report Awards.
The Bank also won the Bronze award for Overall Excellence in Annual Financial Reporting across all sectors of business, the Gold for 'Integrated Reporting - Best Disclosure on Capital Management,' the Gold for 'Corporate Governance Disclosure,' and the Silver for 'Integrated Reporting' at the 54th edition of these awards. This was the highest number of awards received by a banking institution.
This is the 15th time that Commercial Bank's Annual Report has been ranked among the top three overall in Sri Lanka by the country's apex professional body in the domain of accounting.
"We are naturally elated to once again be adjudged the best among banks for financial reporting, an area in which Commercial Bank has excelled for many years," the Bank's Managing Director Mr S. Renganathan said. "The Annual Report is the most vital medium of disclosure between an institution and its stakeholders and facilitates communication with our shareholders, depositors, borrowers, employees, other financial institutions, regulators, government agencies and suppliers. These awards are a tribute to the hard work of our Annual Report team, which works around the clock each year to improve the quality of content."
The CA Sri Lanka awards reflect effectiveness in communication of financial and non-financial information to stakeholders and strict compliance with legislative requirements and accepted accounting best practices. In evaluating reports for the awards, CA Sri Lanka looks at the organization's ability to effectively communicate organizational objectives, highlights, performance, personnel and management to an intended audience.
Held since 1964, the CA Sri Lanka Annual Reports competition is considered a platform which encourages excellence in the presentation of information covering transparency, social accountability and good governance among diverse Sri Lankan business entities in the field of financial reporting.
The only Sri Lankan Bank to be ranked among the world's top 1000 banks for eight years consecutively, Commercial Bank operates a network of 263 branches and 800 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and more than 20 international awards in the first eight months of 2018.
Commercial Bank's overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.