Business
Double A plus rating consolidates Commercial Bank’s leader performance
By Steve A. Morrell

The good news is that Commercial Bank has achieved outstanding performance levels, said Managing Director Commercial Bank Amitha Gooneratne announcing year - end performances.

He said strict controls were in place to foster monitory discipline and enhance customer benefits which benefited wide cross section of their interests. Not least non-performing loans were not ruthlessly disciplined through foreclosure, but such loan placings were treated with singular attention and encouraged to re-sight priorities to activate pay-back schemes.

‘It was only in extreme cases of financial nonchalance that they would have to resort to the ‘foreclosure’ solution. That was not an option we have relentlessly pursued but have always had the latitude to encourage individual resurgence in their business. Many have used this long sited plan and in real terms turned round their undertakings, and the Bank too gained’.

There was no bad news, he said, although not said in bland terms, overall, Commercial Bank had entered the top performer level in the banking sector and has ensured its leader status among local banks.

The banking sector has continued to register upper level performances. Commercial Bank performances however over an extended period of approximately 5 years continuously registered an escalating curve of progress to culminate year end performance end 2005 classified as economic value addition of approximately 3.2 BN rupees.

Chairman Commercial Bank Mahendra Amarasuriya in his annual statement said that the Bank met all its targets and attributed its performance as ‘stunning’. He referred also to the Fitch Ratings schemes and the Bank’s AA+(Sri) rating which by all standards were outstanding.

Reverting to the Bank’s service and performance Amitha Gooneratne said that in- house technological advancement too contributed to its status prestige and complemented its other banking services.

The tsunami struck national disaster, but it also brought unprecedented influx of foreign funds which swelled national coffers.

This in turn re-valued the rupee and at least in local terms, stabilised its monetary strength. stemming from this positive trend he said they attracted a large number of new customers keen to participate in humanitarian aid mainly for relief work and such financing was entrusted to their bank.

The Bank’s Bangladesh interests raised many questions among journalists at the press conference. Positive replies indicated expansion in that country which they were pursuing.

Senior Deputy General Manager Finance and Planning Ranjith Samaranayake said that post tax profits grew to 2.3bn Rupees, indicating growth of approximately 41 per cent.

As for its future the Bank would also pursue its already established human resource academic assistance schemes, and expand its business base to further consolidate its placing in the modern concept of relentless expansion. He did not prefer a time for such expansion.

 

 

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