Headline Result
- Fitch Ratings upgraded Commercial Bank of Ceylon PLC’s National Long-Term Rating to ‘AA(lka)’ from ‘AA-(lka)’, effective October 30, 2026
- The upgrade reinforces the Bank’s position as Sri Lanka’s benchmark private-sector lender
Reasons for the Upgrade
- Follows Fitch’s recalibration of Sri Lanka’s national rating scale after the sovereign rating upgrade in September 2026
- Also reflects scope for greater positive differentiation of Commercial Bank’s credit profile relative to large private-sector peers
What the Rating Signifies
- ‘AA(lka)’ denotes very high credit quality and very low default risk relative to other issuers in Sri Lanka
- Signals strong capital adequacy, liquidity and asset quality to investors, depositors, corporate customers and international banking partners
Fitch’s Assessment
- Longstanding position as Sri Lanka’s largest private-sector bank
- Sustained advantages in business generation and funding
- Optimised cost of funds relative to other large private-sector banks
- Asset quality, profitability and capital coverage of net impaired loans generally among the stronger levels of rated local banks
Management Comment
- Chairman Sharhan Muhseen said the upgrade gives customers an added indicator of the Bank’s stability in safeguarding their investments and assets
- He added that strong creditworthiness and funding advantages support competitive financing for businesses and individuals
- MD/CEO Sanath Manatunge called it a powerful affirmation of the Bank’s financial resilience, disciplined risk management and enduring strength
- He said it validates the confidence of customers, investors and international partners
Wider Benefits
- Reinforces international correspondent banking relationships
- Supports continuity and efficiency of cross-border banking, trade finance and capital repatriation services
- Although the action was prompted by the scale recalibration, it positions the Bank as a key beneficiary of Sri Lanka’s macroeconomic recovery
- Balance sheet and risk management remained exceptionally resilient through earlier economic volatility
Bank Profile and Accolades
- First Sri Lankan bank to exceed US$ 1 billion in market capitalisation
- Ranked No. 1 Sri Lankan bank in The Banker’s 2026 Top 1000 World Banks
- Highest capital base among Sri Lankan banks
- Ranked No. 1 in the Business Today Top 40
- Most respected and most-awarded bank in Sri Lanka, a leader in digital innovation and the country’s first 100% carbon-neutral bank
Network
- More than 270 branches and an extensive automated machine network island-wide
- Widest international footprint among Sri Lankan banks:
- 21 branches in Bangladesh
- Majority stake in a Tier I bank in the Maldives
- Microfinance company in Myanmar
- Representative office in the Dubai International Financial Centre
- Wholly owned subsidiaries: CBC Finance PLC and Commercial Insurance Brokers (Pvt) Limited
