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- INTEGRATED REPORT
- Organisational overview
- Performance review
- Operating environment
- Business model for sustainable value creation
- Management discussion and analysis
-
Governance and risk management
As permitted by the International <IR> Framework, this Annual Report constitutes a distinct and prominent section on Integrated Report, followed by Financial Statements and other supplementary information. The Integrated Report adheres to the guiding principles and content elements outlined in the Framework. As affirmed in the Annual Report of the Board of Directors, due diligence has been exercised in preparing and presenting this Integrated Report to uphold its integrity.
- FINANCIAL STATEMENTS
The Financial Statements, including the Accounting Policies and accompanying notes, adhere to all relevant Accounting Standards and are devoid of significant misstatements. As affirmed in the Auditors’ Report, these Financial Statements provide a true and fair view of the Bank’s performance, financial position, changes in equity and cash flows. The Auditors have expressed an unmodified opinion on these Financial Statements, as stated in their “Independent Auditors’ Report” to the shareholders.
- SUPPLEMENTARY INFORMATION
- Annex 1: Compliance with Governance Directions, Rules and Codes
- Annex 2: Basel III – Disclosures under Pillar III as per the Banking Act Direction No. 01 of 2016
- Annex 3: GRI content index
- Annex 4: Our sustainability footprint
- Annex 5: Disclosures relating to Sustainability Accounting Standard for Commercial Banks
- Annex 6: Independent Assurance Reports
- Annex 7: The Bank’s organisation structure
- Annex 8: Financial Statements (US Dollars)
- Annex 9: Correspondent banks and agent network
- Annex 10: Glossary of financial and banking terms
- Annex 11: Acronyms and abbreviations
- Annex 12: Alphabetical index
- Annex 13: Index of figures, tables and graphs
- Notice of Meeting – Annual General Meeting
- Circular to the Shareholders on the First and Final Dividend for 2023
- Notice of Meeting – Extraordinary General Meeting
- Circular to Shareholders Pertaining to the Proposed Issue of Debentures
- Corporate Information
INTEGRATED REPORT
Organisational overview
Key events of the year
January
ComBank introduces “Visa Direct” and “Mastercard Send” card-to-card fund transfers - a first in Sri Lanka
The Commercial Bank of Ceylon announced the enabling of “Visa Direct” and “Mastercard Send” card-based fund transfer facilities for the first time in Sri Lanka. With this latest digital initiative of Commercial Bank, Visa and Mastercard Debit and Prepaid cardholders can transfer funds to any locally-issued Visa and Mastercard Debit, Credit or Prepaid card through Commercial Bank’s ATMs, CRMs and Q+ Payment App.
ComBank partners with National Science Foundation to enhance STEM education
Recognising the rapid advancements in technology globally and the increasing demand for skilled professionals in the STEM fields, the Bank partnered with the National Science Foundation (NSF) to further enhance the Bank’s science, technology, engineering and mathematics (STEM) education projects and the delivery of STEM education to selected underperforming schools in Sri Lanka.
February
ComBank rewards young artists at 3rd "Arunalu Siththam" Awards
The Bank honoured 137 young artists with cash prizes totaling Rs. 3 Mn. at the “Arunalu Siththam Art Competition” awards ceremony which was followed by an Art Workshop.
ComBank once again awarded as the South Asian Bank with the largest number of climate finance transactions
The International Finance Corporation (IFC) reaffirmed Commercial Bank of Ceylon’s status as the South Asian financial institution to record the highest number of climate finance transactions in the fiscal year 2022.
March
ComBank adjudged “Best SME Bank” in Sri Lanka by Global Finance
The Bank won the award for the “Best SME Bank” in Sri Lanka from the New York-headquartered Global Finance magazine.
ComBank arrives in Anamaduwa
The Bank opened another branch in Anamaduwa.
ACCA reaffirms ComBank as Best among Sri Lankan banks for Sustainable Reporting
The Bank was declared the best among all Sri Lankan banks in sustainability reporting at the Sri Lanka Sustainability Reporting Awards for 2022.Bank was recognised for being one of the most transparent, accountable and responsible entities in the country.
ComBank becomes Official Inbound Sponsor of Sri Lanka Men's National Cricket Team for ODIs & T20s in New Zealand
Bank stepped up to the crease to support Sri Lanka Cricket as the Official Inbound Sponsor for the ODI and T20 matches of Sri Lanka’s tour of New Zealand.
April
ComBank crowned ‘People’s Private Bank of the Year’ at SLIM Kantar People’s Awards
By popular vote, the bank was crowned the “People’s Private Bank of the Year” at the SLIM Kantar People’s Awards 2023, positioning it as the Bank that is closest to the hearts of the Sri Lankan people.
ComBank adjudged the “Best Bank in Sri Lanka” by Global Finance for 21st time
The Bank was recognised as Sri Lanka's Best Bank once again by the US-based Global Finance magazine, at its 30th annual awards ceremony for the World's Best Banks 2023.
ComBank is highest ranked bank in BT Top 40 for 14th consecutive year
The Bank led Sri Lanka’s banking sector when it received the Business Today Top 40 award from H E the President Hon. Ranil Wickremesinghe.
ComBank launches two platforms to link local businesses to global markets
The bank, collaborating with IFC, developed a comprehensive business eco-system: “Commercial Bank LEAP”. The bank also introduced “Trade Club” to provide the full spectrum of services to importers and exporters.
May
ComBank awards IT labs to schools that won Mother Sri Lanka “Project RUN” competition
The Bank awarded fully-equipped IT labs to the three schools that won the “Project RUN” competition conducted by Mother Sri Lanka, a non-profit organisation working to advance educational, socio-economic and cultural development via programmes in schools country-wide.
June
ComBank arrives in Kantale
Kantale in Sri Lanka’s Eastern Province became the latest town to receive state-of-the-art banking facilities from the Bank, the country’s leading private sector bank.
The Bank opened its latest branch in this historic town.
ComBank launches Sri Lanka’s first Teen Digital Bank account “Flash FAM”
The Bank launched “Flash FAM”– a first in Sri Lanka– as an extension of the Bank’s award-winning “Flash” Digital Bank Account app, to encourage parents to foster financial independence and responsible money management skills in their children.
This stimulating new feature enables children aged 10 to 17 to use “Flash FAM”, the country’s first teen digital bank account, for their daily transactions and savings, once a parent who is also a Flash Account user, has registered and created a separate login via his or her main Flash account.
July
FinanceAsia crowns ComBank as Best Bank in Sri Lanka for 12th year
The Bank was adjudged as the Best Bank among Sri Lanka’s domestic banks by FinanceAsia, considered the world’s foremost information source on the Asian financial markets.
ComBank honoured with six awards by Indian Chamber of Commerce
The Indian Chamber of Commerce (ICC) honoured the bank with six prestigious awards, two in respect of Sri Lanka and four for the Bank’s Bangladesh operation, joining the many international bodies that have recognised the country’s leading private sector bank with accolades in 2023.
ComBank reaffirmed as biggest lender to Sri Lanka’s SME sector in 2022
One in every three loans provided to small and medium enterprises (SMEs) in Sri Lanka by lending institutions in 2022 was by the bank, official government figures revealed.
This emphatic reaffirmation of Commercial Bank’s status as the largest lender by far to the country’s SME sector came in the 2022 Annual Report of the Ministry of Finance, which showed that the bank accounted for 34.2% of the total loans provided to the SME sector by commercial and specialised banks in 2022.
August
ComBank strengthens its green financing mandate with GGGI partnership
The Bank signed a milestone agreement with the Seoul-headquartered Global Green Growth Institute (GGGI), a leading international inter-governmental technical advisor on sustainable finance initiatives.
ComBank ranked Most Respected Bank in Sri Lanka for 19th successive year
The Bank was ranked as the Most Respected Bank in Sri Lanka and the fourth Most Respected corporate entity in the country overall in the 2023 “Most Respected Entities in Sri Lanka” rankings published by the LMD magazine.
Combank.lk crowned best website in Sri Lanka
The Corporate website of the Bank won twin Golds as the Overall Winner and the Best Banking & Finance website in Sri Lanka at the 2023 BestWeb.lk competition conducted by the LK Domain Registry.
ComBank honoured as one of Sri Lanka’s 10 “Most Admired Companies” for the fifth year
The Bank was ranked as one of the 10 “Most Admired Companies in Sri Lanka” by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA).
September
ComBank launches Sri Lanka’s first Green Home Loans scheme
The Bank announced another initiative under its Green lending portfolio to support customers who share the Bank’s commitment towards the environment.
Green Home Loans of up to Rs. 50 Mn. are now available for the purchase of homes that have been granted Green Building Certificates by the Green Building Council of Sri Lanka (GBCSL), or for the construction of houses that will be so certified. Loans of up to Rs. 5 Mn. are available for the purchase of solar power systems, solar net metering systems or for any other green initiative such as waste or rain water management or composting, that leads to Green certification, the Bank said.
ADB names ComBank its ‘Leading Partner Bank’ in Sri Lanka for 3rd year
The Bank was once again declared as the Asian Development Bank’s (ADB’s) “Leading Partner Bank” in Sri Lanka for trade and finance transactions, in a significant reaffirmation of the Bank’s contributions in that sphere to the national economy.
ComBank wins 05 awards at MerComm ARC Awards
The 2022 Annual Report of the Bank won five awards at the 2023 MerComm ARC Awards, the world’s largest annual report competition, widely considered the “Academy Awards of Annual Reports.”
The Bank won Silver in the “Integrated AR & CSR: Non-Traditional Format” category as well as Silver for “Cover Design” in addition to two Bronze awards for “Interior Design” and “Illustrations” and an Honours Award for “Written Text”.
October
ComBank launches science education programme for 50 schools with NSF
A new project to promote science education in 50 schools was launched by the bank in collaboration with the National Science Foundation (NSF) and the Science Branch of the Ministry of Education.
ComBank’s “Vibe” brings youth dreams to life via AI and wins WIM New Generation award
A ground-breaking digital marketing campaign powered by generative artificial intelligence (AI) to promote the Vibe Youth Account of the Bank won the “Youth Campaign of the Year” award at the 2023 New Generation Awards of Women in Management (WIM) and the National Youth Services Council.
The ComBank hosts ICC Chairperson Maria Fernanda Garza at corporate event
Bank hosted Ms Maria Fernanda Garza, the first woman to be appointed Chairperson of the International Chamber of Commerce (ICC), at a corporate event attended by the Bank’s management and distinguished invitees.
November
ComBank donates milestone 150th STEM classroom
The Bank reached a milestone in its national initiative to propagate Science, Technology, Engineering and Mathematics (STEM) education in Sri Lanka with the opening of the 150th STEM classroom donated by the Bank to Nagasena Vidyalaya, Kelaniya.
ComBank ranked Strongest Bank in Sri Lanka by The Asian Banker
The Bank was ranked the Strongest Bank in Sri Lanka in 2023 by TAB Insights, the global research and consulting subsidiary of TAB Global, the parent company of The Asian Banker magazine.
Notably, the Bank was ranked 265 places above the second strongest Sri Lankan bank in the TAB Global 1000 ranking.
ComBank embarks on another sustainability initiative planting 100,000 “Trees for Tomorrow”
The Bank embarked on an ambitious nationwide tree-planting campaign to plant 100,000 trees across Sri Lanka in three years, to help achieve country’s self-defined national climate pledges under the UN Paris Agreement.
December
ComBank honoured by Global Business Outlook with prestigious double awards
The Bank was adjudged “Best SME Bank” and “Most Innovative Digital Bank” in Sri Lanka in 2023, rounding off a year of prestigious international and local awards.
ComBank receives license to operate in Colombo Port City
The Bank was issued an Authorised Person (AP) license to offer offshore banking services within the Colombo Port City, the 269-hectare special economic zone (SEZ), tasked with establishing a premier multi-currency international business and financial services hub that will transform the country’s economic landscape.
ComBank signs Bancassurance Partnership Agreement with AIA
The Bank signed an Agreement with AIA for a long-term Bancassurance partnership.
ComBank ranked No 1 in “Business Today Top 40”
The Bank was ranked No 1 on the Business Today ranking of Sri Lanka’s Top 40 business entities in 2022-23.
Business Today assigned Commercial Bank an aggregate score of 34.55 at the top of a list that includes the country’s biggest diversified conglomerates, banking and financial services giants and manufacturing colossi.
ComBank donates ultrasound scanner to National Hospital
The Bank donated an ultrasound scanner to the Professorial Medical Unit of the National Hospital Colombo which is one of the busiest medical units in the Hospital. The scanner will enhance the ultrasonography facilities of the unit, as large numbers of patients seek treatment daily.
ComBank wins triple Gold at CA Sri Lanka TAGS Awards 2023
The Bank won three Golds and a Bronze at CA Sri Lanka’s “TAGS” Awards 2023.
The Bank was adjudged the best across all sectors for “Corporate Governance Disclosure” and for “Digitally Transformative Reporting” and won the Gold for the best annual report in the Banking sector, in addition to taking the Bronze for “Overall Excellence in Corporate Reporting”