Page 38 - Full_Handy

THE INSTITUTE OF CHARTERED PROFESSIONAL MANAGERS OF SRI LANKA
JANUARY 2021

Are you confident of the sector rising
above this crisis?

A pandemic such as this is very difficult to
deal with and much more difficult to predict
its effects even at this stage. But even under
the present circumstances it is fair to say that
Banking sector has demonstrated remarkable
resilience during post pandemic recovery. It
is largely attributed to the fact that banking is
well regulated industry with very stringent risk
and Business continuity planning procedures
in place. In the absence of any case studies or
ideal models to follow, the sector rose to the
challenge with the guidance of the regulators
and government. Having handled its fair share
challenging economic conditions, we are
very confident of the sector conquering this
challenge as well.

What will be the main focus of the Bank How is the bank responding to the credit
in the short and medium term in this relief announced by the government in
environment? the wake of COVID-19 and how much has
the bank already lent out to SMEs?
The main focus will be hand holding our
valued customers through this volatile Commercial Bank has so far provided
and challenging period by offering them moratorium facilities to approximately
sustainable economic solutions. Commercial 53,000 borrowers consisting of 38,000 retail
Bank is one of the largest lenders to Small and borrowers and 15,000 SME & corporate
Medium Entrepreneurs (SME) in the country. borrowers. The total relief provided under
The pandemic only sharpened our focus on the government scheme is Rs. 174.5 billion. In
this segment and that is still a key growth area addition, the Bank considered an additional
for the Bank. Having introduced relationship amount of Rs 158 billion of facilities outside
management to SME sector through our very the government moratorium scheme resulting
own “BiZ Club”, we intend to better cater our in approximately Rs. 332.5 billion worth
facilities to entrepreneurs to enable them to of total facilities on moratoriums. Under
revive their businesses. Saubagya refinance scheme the Bank have
commenced lending under the phase III.
Digital on boarding was another area that the Our teams are working tirelessly to facilitate
Bank was concentrating heavily pre COVID the most suitable financial solutions to our
and following the surge in the demand for customers.
digital services the Bank will continue to
enhance the quality of its digital services
offered to customers. Our focus will also be
on e-commerce and the use of technology in
better profiling our customers. S. Renganathan

Managing Director/CEO
Commercial Bank PLC
36