Commercial Bank of Ceylon clinches top position in K Seeds Investments’ ranking report

K Seeds Investments has named Commercial Bank of Ceylon as the best-performing bank under the 13 banks in Sri Lanka through a ranking carried out based on their financial performance for the year ended 2024, Licensed Banks (excluding NSB) in the report have been categorised based on the Banking Act Directions No. 10 of 2019 issued by the Central Bank of Sri Lanka, which replaces the previous directions where the banks were categorised onto based on the size of the asset base.

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The new rule requires the banks to be categorised based on a number of criteria, including size, interconnectedness, substitutability, financial institution infrastructure, complexity, which ranks them in their respective categories among their peers based on nine rating indicators in rates and inflation.

A stronger Sri Lankan Rupee (LKR), and the successful completion of the national external debt restructuring.

Ending the year on a positive note, Fitch Ratings upgraded Sri Lanka’s International Debt and Sovereign Rating to ‘CC+’, signaling a gradual easing of the sovereign debt crisis. This upgrade had a ripple effect on the banking sector, prompting rating recalibrations for several Sri Lankan banks and enhancing investor and depositor confidence.