The Commercial Bank of Maldives (CBM), a subsidiary of the Commercial Bank of Ceylon PLC, has been honoured with the award for ‘Excellence in Finance’ in the Banking and Finance category at the 2019 Maldives Business Awards in only its third year of operation.
The awards recognise business excellence and the introduction of revolutionary and innovative services and reward local corporations and individuals for maintaining industry best practices. The awards programme is organised by Blazon Inc., a full-suite Public Relations, Marketing and Business Development agency in the Maldives. Contributing to Commercial Bank of Maldives winning this awardis the fact that ithas been able to capture a sizeable market share while delivering customer friendly solutions to meet the needs of both the retail and corporate segments.
The Bank broke even within a short span of six months of operations and recorded profit before tax of MVR 42.57 million (Rs 490 million) for FY 2019. The asset base of CBM stood at MVR 1.63 billion (Rs18.7 billion)at the end of 2019.
CBM’s CEO and Managing Director Dilan Rajapakse said, “This is our first and therefore a milestone award, and a precursor to many more such accolades in the future. We are especially proud because the Bank has emerged victorious after competing with well-established local and international Banks in the Maldives within just three years. We thank all our customers in the Maldives for their trust and confidence.” All entities that received awards under one of the 29 categories of the Maldives Business Awards were assessed on the aspects of Research and Development, Company Growth, Products and Services, Market Development, Sales and Marketing, Community Service, Innovation, Employee Engagement, Customer Management, and CSR.