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The Commercial Bank of Ceylon has installed an Automated Teller Machine at the Ranaviru Sevana in Ragama, in a gesture of support to the over 400 disabled war heroes accommodated at the Complex.
The new ATM which was opened on International Disabled Day, will enable disabled service personnel residing there to withdraw cash and obtain all other ATM based facilities at their door step. This ATM will also benefit inhabitants of the nearby Civil Rehabilitation Hospital - Ragama, those residing in the locality and other members of the public.
“The establishment of this ATM was greatly appreciated by the disabled service personnel and the people in the area who can now withdraw cash without having to travel to the Ragama town and the nearby branches,” said Mr. Ivan Fernando, Commercial Bank Regional Manager – Colombo Metro. “We are very encouraged by the positive response received from these service personnel who otherwise had to be accompanied by another when visiting Banks and ATMs. We are happy at being able to assist the valiant soldiers who paved the way for the present peaceful times.”
Customers of other Banks holding a Maestro or Visa card can also withdraw cash from Commercial Bank ATM machines.
Commercial Bank Regional Manager – Colombo Metro – Mr. Ivan Fernando, Brigadier R V Samarathunga – Director Rehabilitation of the Sri Lanka Army and Commandant Ranaviru Sevana - Brigadier D J I Reramunigamage declared open the new ATM.
The Commercial Bank’s operations in Sri Lanka consist of 185 branches and supermarket banking counters and a network of 394 ATMs.
"A disabled war hero uses the new Commercial Bank ATM as Mr. Ivan Fernando looks on."
Commercial Bank’s Credit and Shopping Debit Cardholders can enjoy attractive discounts at seven leading clothing and footwear retailers this festive season with the commencement of the Bank’s annual Christmas promotion.
Between 20th and 31st December, Commercial Bank cardholders can obtain discounts of 25 per cent at DSI shops countrywide on purchases over Rs. 1,000, and discounts of 20 per cent at all Hameedias, Adidas, Raymond and Signature outlets, and at House of Fashion and Fashion Bug.
These discounts will add to the benefits already offered by Comdeals, a programme which provides value addition to cardholders through discounts at over 60 merchants around the country for Credit and Shopping Debit Cardholders and at over 60 merchants on the zero per cent easy payment schemes for Credit Cardholders. Commercial Bank cardholders are also entitled to participate in international promotions carried out by Visa and Mastercard.
“The seasonal promotion will significantly reduce the cost burden on shoppers,” said Sanath Bandaranayake Deputy General Manager (Operations) of Commercial Bank. “The Christmas season is invariably the heaviest on the purse and being a Commercial Bank cardholder carries great value at times like this.”
The Commercial Bank’s operations in Sri Lanka consist of 185 branches and Supermarket Banking counters and an ATM network of 395 terminals. The Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinanceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.
-- Establishes the first and only facility in Sri Lanka capable of personalising Chip-based cards --
The Commercial Bank of Ceylon PLC has commenced issuing chip-integrated Credit and Shopping Debit cards under the Visa brand, becoming the first bank in Sri Lanka to offer locally personalised chip cards.
Offering significantly enhanced security features, these chip cards can be used at points of sales in Sri Lanka and anywhere in the world for purchase of goods and services and for cash withdrawals at ATMs, the Bank said.
Since the personalisation of the card is done locally, the Bank can issue these cards faster to its customers, supporting their fast-paced lifestyle. All new Visa Credit and Shopping Debit cards issued by Commercial Bank and renewals would contain embedded chips with integrated circuits, said Mr. Thusitha Suraweera Chief Manager of the Bank’s Card Centre.
Commercial Bank is the largest issuer of debit cards in Sri Lanka and accounts for the highest point of sale transaction value among all debit card issuers.
“Commercial Bank continues to invest significantly to integrate the latest technological developments into its systems and products.” Mr. Suraweera added. “The move to switch to chip cards comes at a time of expansion of the local debit card market and is a timely enhancement of security and convenience.”
For the issue of chip integrated cards, the Bank obtained the services of two globally-renowned vendors who are world leaders in their respective spheres. The service of Oberthur Technologies was obtained for the provision of chip cards and chip card personalisation software while equipment provided by Datacard was used for card personalisation.
Speaking at the launch of the bank’s chip cards Mark Garvie, Director - Asia Pacific for Oberthur Technologies said: "By contributing required expertise, dedication and worldwide leadership in the financial cards and services domain, Oberthur has worked with Commercial Bank to launch their EMV project in the market and is glad to be a part of this venture and Commercial Bank's success."
Mr Shirish Rege, Regional Director- South Asia for Datacard Group USA, said Datacard Group is extremely proud to be a part of the first ever local issuance of EMV smart cards to the public in Sri Lanka pioneered by Commercial Bank of Ceylon. “Datacard Group’s state of the art Datacard MX2000 Card Personalization System supplied through our Sri Lankan Distributor DMS Ltd will ensure that the highest levels of quality and security are maintained in financial card issuance, in line with Datacard’s leadership position worldwide,” he said.
Besides the enhanced security, all Commercial Bank cardholders benefit from value added services such as Comdeals – a programme that offers significant discounts at a large number of outlets and interest free easy instalment payment schemes. As the cards are from Visa, customers are also entitled to international promotions offered by Visa.
The Commercial Bank’s operations in Sri Lanka consist of 185 branches and Supermarket Banking counters and an ATM network of 392 terminals. The Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinanceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.
The Commercial Bank of Ceylon PLC forcefully reaffirmed its status as one of Sri Lanka’s leading corporate entities when it won four top accolades including the overall award at the 2010 National Business Excellence Awards presented last week by the National Chamber of Commerce of Sri Lanka. Sri Lanka’s benchmark private sector bank was adjudged Overall - Gold winner, and also received the top award in the Banking & Finance category, the Business Excellence Award in the ‘Extra Large’ category and the top award for Excellence in Performance Management Practices.
The Commercial Bank of Ceylon PLC forcefully reaffirmed its status as one of Sri Lanka’s leading corporate entities when it won four top accolades including the overall award at the 2010 National Business Excellence Awards presented last week by the National Chamber of Commerce of Sri Lanka.
Sri Lanka’s benchmark private sector bank was adjudged Overall - Gold winner, and also received the top award in the Banking & Finance category, the Business Excellence Award in the ‘Extra Large’ category and the top award for Excellence in Performance Management Practices.
The four awards were received by Commercial Bank Chairman Mahendra Amarasuriya, Managing Director Amitha Gooneratne, Chief Operating Officer Ravi Dias and Chief Financial Officer Nandika Buddhipala respectively on behalf of the Bank.
“These awards are particularly encouraging because they are an acknowledgement that the level of performance excellence achieved by the Bank transcends the banking sector and is a benchmark for the corporate sector as a whole,” Commercial Bank Managing Director Amitha Gooneratne said. “The team effort that goes in to achieve and maintain such a status is truly inspiring.”
Performances in key areas including business & financial performance, global reach, knowledge integration, technological investment, capacity building, performance management, corporate governance and corporate social responsibility are considered when selecting winners of the National Business Excellence Awards. These awards honour businesses that contribute significantly towards the development of the country through excellent business practices.
Commercial Bank of Ceylon PLC has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinanceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine in 2009.
The Bank’s operations in Sri Lanka consist of 185 branches and supermarket banking counters and a network of 390 ATMs. The Bank also operates seven branches, two booths, two off-shore banking units and six SME Centres in Bangladesh.
The Commercial Bank of Ceylon has opened a branch in Mawathagama, expanding its presence in the Kurunegala District.
The new branch, the Bank’s 185th in Sri Lanka is housed in a spacious building with good parking facilities, at No, 42, Kandy Road, Mawathagama. It is linked to all other Commercial Bank branches and Supermarket Banking counters islandwide permitting online real-time banking. The branch also equipped with two ATMs linked to 383 ATMs of Commercial Bank and over one million ATMs belonging to the Cirrus (Mastercard network) and Visa networks worldwide.
Picture shows Commercial Bank’s Chief Operating Officer Ravi Dias the Chief Guest at the inauguration declaring open the Mawathagama Branch. Branch Manager Janaka Samarajeewa (left) and Regional Manager – North Western Province Athula Samarasinghe are also in the picture.
The Commercial Bank of Ceylon has expanded its Instant Money Transfer Service, in Saudi Arabia for the benefit of thousands of Sri Lankans working in the Kingdom.
The Bank said it will also deploy banking officers in Saudi Arabia to assist its growing Sri Lankan customer base in the country with their diverse financial needs.
The money transfer service can be obtained via the Bank’s representatives in Saudi Arabia, the Al Rajhi Bank, Arab National Bank, National Commercial Bank and Al Bilad Bank. In addition to sending money to Sri Lanka, customers can also open local and foreign currency accounts and enjoy a host of other services offered by the bank rated Sri Lanka’s best.
Commercial Bank’s Deputy General Manager – Operations Sanath Bandaranayake said: “Our money transfer service became very popular among Sri Lankans employed in foreign countries as soon as it was introduced a few years ago. The positive response we received from our service expansion in the Middle East led us to widen access to the service in Saudi Arabia as well.”
“This will enhance our support to workers in Saudi Arabia who remit substantial revenue to our country,” he added.
Commercial Bank’s money transfer service, known as ‘e-Exchange’ locally and in most of the Middle Eastern countries, is a sophisticated yet low cost real time on-line money transfer facility which is available to remitters through a network of agents in over 50 countries.
Those receiving money through this facility can collect the proceeds from any of Commercial Bank’s 185 branches and 385 ATMs. More than 40 of these branches are open on public and mercantile holidays. This facility allows users to transfer money to a person, to a Commercial Bank account and any other Bank account.
The Commercial Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and ‘The Best Bank in Sri Lanka’ by FinanceAsia twice. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.
Commercial Bank’s Deputy General Manager – Operations Sanath Bandaranayake
The Commercial Bank of Ceylon has announced that 50 of its branches and Supermarket Banking counters will be kept open to serve customers on 5th November, Deepavali day, a statutory bank holiday.
The Bank said all over-the-counter banking transactions could be conducted on that day at 25 branches in the Colombo and Gampaha districts, the foreign branch at the Head Office, the Bank’s 25 Supermarket Banking counters and its 365 day banking centers at Colombo 07, Ampara, Negambo, Galle City, Kandy City, Majestic City and Jaffna.
The branches that will stay open in Colombo and Gampaha Districts include the Foreign branch and branches at Wellawatte, Kollupitiya, Kotahena, Maharagama, Borella, Nugegoda, Narahenpita, Battaramulla, Panchikawatte, Union Place, Wattala, Dehiwala, Moratuwa, Nittambuwa, Kiribathgoda, Avissawella and Piliyandala.
A spokesman for the Bank said “As a bank that is committed to service, we strive to ensure that customer needs are served and met virtually every day of the year. Our corporate and retail customers alike have welcomed this service, which Commercial Bank pioneered.”
The Bank also offers comprehensive internet banking services 24 hours a day, 7 days a week via its website www.combank.net
Commercial Bank of Ceylon PLC owns a network of 185 branches and Supermarket Banking counters and operates an automated teller network of 385 terminals in Sri Lanka.
Higher credit demand, internal measures and better conditions spur profit of benchmark bank
A strong focus on core banking operations and a resurgence of credit demand have generated solid growth in key performance indicators for the Commercial Bank of Ceylon PLC at the end of the third quarter of 2010.
Sri Lanka’s benchmark private sector bank has reported pre-tax profit of Rs 6.519 billion for the nine months ended 30th September, recording an impressive growth of 30.5 per cent over the corresponding nine months of last year. The Bank’s post tax profit grew 27 per cent to Rs 3.727 billion in the same period.
Financial statements filed with the Colombo Stock Exchange indicate that growth was particularly strong in the third quarter, with the Bank’s profit before tax growing 54.8 per cent to Rs 2.494 billion, and its post-tax profit improving 47.8 per cent to Rs 1.414 billion over the corresponding three months of 2009.
One of the principal contributors to this performance was the robust growth of the Bank’s loan book in the 3rd quarter as well as over the nine month period, Commercial Bank’s Chief Financial Officer Mr. Nandika Buddhipala said.
He disclosed that Gross Loans and Advances increased by Rs 18.135 billion in the three months, from Rs 186.635 billion at 30th June to Rs 204.770 billion at 30th September, a growth of 9.72 per cent. Within these three months alone, non-performing loans reduced by Rs 2.602 billion or 13.65 per cent, Mr. Buddhipala said.
Gross Loans and Advances for the full nine months reflected a growth of 11.91 per cent over the figure of Rs 182.9 billion at 31st December 2009.
Total Deposits grew by 7.6 per cent to Rs 252.617 billion at 30th September 2010, an increase of Rs 17.873 billion over the nine months reviewed.
Taken as a Group, the Commercial Bank, its subsidiaries and associates posted pre-tax profit of Rs 6.547 billion at the end of 3Q 2010, recording a growth of 29 per cent. Profit after tax for the period was up 25 per cent to Rs 3.735 billion.
Elaborating on some of the other contributory factors to growth, Mr. Buddhipala said Net Interest Income had increased by 32.5 per cent for the nine months to Rs 11.705 billion. The interest expenses of the Bank recorded a drop of 23.78 per cent responding to the low interest rate regime that prevailed during the period under review compared to the corresponding period of last year. Interest income on loans and advances also recorded a drop of 16.70 per cent. However, interest income on other interest earning assets which mainly consist of treasury bills and bonds, increased by 29.87 per cent, restricting the drop in total interest income to 5.38 per cent, he explained. As a result, the net interest margin of the Bank improved to 4.57 per cent during the period under review.
Net Interest Income growth was more pronounced in the third quarter, he said, disclosing that increased lending had generated Net Interest Income of Rs 4.312 billion in the three months ending 30th September 2010, a growth of 41.5 per cent compared to the corresponding period of last year.
Total net income of the Group for the review period stood at Rs 15.768 billion, reflecting a growth of 13.77 per cent. Total assets reached Rs 364.614 billion as at 30th September 2010, an increase of 13 per cent since 31st December 2009.
Growth in the non-interest expenses was limited to 4.5 per cent despite additional expenses incurred on expansion of the branch network.
Net provisions on account of Bad and Doubtful Debts decreased by Rs 218 million or 44.5 per cent. “The improved quality of loans and advances portfolio due to the actions taken by the Bank has resulted in comparatively lower specific provisions in 2010,” Mr. Buddhipala said.
He disclosed that these measures, coupled with improved macro economic conditions in the country had enabled the Bank to bring down its gross and net non-performing advances ratios to 5.02 per cent and 3.36 per cent respectively by the end of the third quarter from levels of 6.84 per cent and 4.89 per cent at the end of the previous year.
Commercial Bank of Ceylon PLC has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinananceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.
The Bank’s operations in Sri Lanka consist of 185 branches and supermarket banking counters and an ATM network of 385 terminals. The Bank also operates seven branches, two booths, two off-shore banking units and six SME Centres in Bangladesh.
Commercial Bank has launched its Information Centre on 26th September 2010. Customers can now obtain information on banking products and services that they need, by calling the information centre