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Management discussion and analysis

Sustainable banking – Value creation

In the pursuit of sustainable banking practices, the Commercial Bank of Ceylon PLC has embraced a strategic framework that focuses on value creation through prudent growth, customer centricity, leading through innovation and operational excellence. These four pillars form the foundation of the Bank’s commitment to delivering long-term value for its stakeholders while addressing the challenges and opportunities of an ever-evolving banking landscape. By leveraging its strengths, understanding customer expectations, fostering innovation, financial inclusion and ensuring operational efficiency, the Bank aims to create a positive impact on the society, the environment and the economy. This introduction sets the stage for a comprehensive exploration of how the Bank’s sustainable banking practices drive value creation and contribute to its overall success.

Throughout the year, the Bank maintained a vigilant stance, prudently navigating the risks inherent in its business model for responsible financing. This cautious approach was deliberate, aiming for responsible value creation across its diverse stakeholder base. Particularly within its lending portfolio, consistently exposed to elevated risks, the Bank proactively adjusted its risk management strategies. This recalibration aimed to mitigate risks and infuse greater prudence into the Bank’s multifaceted approaches, ensuring continued relevance and timeliness. Although the Sri Lankan economy showed signs of stabilisation in 2023 with pivotal reforms introduced, the uncertainty of the economic performance continued to burden the Bank’s operating environment. The above realities required recognition to manage the risk-elevated landscapes with prudent planning, driving reciprocals of mutual growth.

In a climate fraught with risks, the Bank’s imperative is to remain a steady and accountable force, ensuring stakeholders find empowerment through the Bank’s ongoing commitment as the cornerstone of their financial aspirations. Partnerships for the Bank encompass various relationships, spanning investors, customers, employees, government institutions and regulators, business partners and the society and the environment - essential stakeholders forming an interconnected network relying on each other for their prosperity and sustenance. The Bank’s core mission remains centered on providing responsible financial products, leveraging strengths and deriving insights from daily encounters to bolster the financial well-being of all involved stakeholders.