By Steve A.
The good news is that Commercial Bank has
achieved outstanding performance levels, said Managing Director
Commercial Bank Amitha Gooneratne announcing year - end
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
The tsunami struck national disaster, but it also brought
unprecedented influx of foreign funds which swelled national
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.