Clinches Gold in Banking Sector and Gold for Corporate Governance in Financial Services Sector
Secures Overall Silver for Excellence in Corporate Reporting
Adds Silver for Integrated Reporting and Bronze for Digitally Transformative Reporting
Reinforcing the Bank’s commitment to upholding the highest standards of corporate reporting and best governance practices, the Commercial Bank of Ceylon has won five major awards including two Golds at the 2025 TAGS Awards of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), demonstrating its strong focus on Transparency, Accountability, Governance, and Sustainability.
Presented at a ceremony at the Shangri-La Hotel, Colombo, the awards recognise the Bank’s 2024 Annual Report titled ‘In Context – From turbulence towards tranquility’ for excellence in disclosure across multiple dimensions of transparency and governance.
Commercial Bank received the Overall Silver award for Excellence in Corporate Reporting, underscoring the strength and comprehensiveness of its financial reporting. The Bank also clinched the Gold award as the winner in the Banking Sector and a second Gold for Corporate Governance in the Financial Services Sector under the Special Awards Category.
Further affirming the robustness and clarity of its integrated disclosures, the Bank won the Silver award for Integrated Reporting in the Special Award Category, and a Bronze award for Digitally Transformative Reporting, another Special Award Category.
“These accolades affirm that our commitment to transparency and governance is not episodic, but embedded in the way we conduct our business,” Mr Sanath Manatunge, Managing Director/CEO of Commercial Bank commented. “The 2024 Annual Report was compiled at a time when Sri Lanka was transitioning from economic turbulence towards greater stability. In that context, clear, candid and comprehensive reporting becomes even more critical. Our objective was to present not only our financial performance, but also the discipline, resilience and strategic clarity that underpin sustainable value creation. This recognition by CA Sri Lanka is a tribute to the professionalism of our team and the robustness of the Bank’s reporting framework.”
The TAGS Awards evaluate annual reports on the pillars of Transparency, Accountability, Governance and Sustainability, and are widely regarded as Sri Lanka’s benchmark for corporate reporting excellence. Recognition in these categories reflects Commercial Bank’s continued commitment to upholding the highest standards in financial reporting while adapting to evolving regulatory requirements, stakeholder expectations and global best practices.
The Bank’s 2024 Annual Report, its 56th, documents performance and governance in a year marked by stabilisation after a period of macroeconomic turbulence. The theme ‘In Context – From turbulence towards tranquility’ captures the Bank’s focus on disciplined risk management, prudent capital stewardship and long-term value creation amid a transitioning economic landscape.
Commercial Bank is the first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn., and was also the first bank in the country to be listed among the Top 1000 Banks of the World. Commercial Bank has the highest capital base among all Sri Lankan banks, is the largest private sector lender in Sri Lanka, and the largest lender to the country’s SME sector. Ranked No. 1 in the Business Today Top 40, Commercial Bank is recognised as the most respected and most-awarded Bank in Sri Lanka. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
Photo caption:
Mr. Raja Senanayake, Deputy Chairman of Commercial Bank, and Mr. Sanath Manatunge, the Bank’s Managing Director/CEO, receive the Overall Silver Award for Excellence in Corporate Reporting from Central Bank Governor Dr. Nandalal Weerasinghe.
