Colombo, Sri Lanka (December 11, 2017) — Bank of Ceylon, People’s Bank and Dialog Axiata have been named by Interbrand as the three most valuable brands of Best Sri Lankan Brands 2017. The leading brand consultancy, Interbrand, has identified 20 brands are showing significant growth in their respected marketplaces. The team has noted 2017 as an interesting year in the world of brands and businesses.
The Bank of Ceylon, Sri Lanka’s most valuable brand, achieved the distinction of a ‘Triple Trillion’ milestone in deposits, loans and advances, and assets. People’s Bank, with the highest level of penetration and customer reach against any competitor bank, reached a total income of LKR 144.7 bn in 2016, representing a growth of 16.9% over LKR 123.8 bn in 2015 while consolidated post-tax profit amounted to LKR 18 bn in 2016, a 19.2% growth over LKR 15.1 bn in 2015.
Dialog Axiata’s bold approach to staying ahead of competition and remaining relevant to consumer needs has made it the undisputed leader in the mobile telecommunications sector, delivering a strong revenue growth across all segments adding to a consolidated revenue of LKR 86.7 bn for 2016 representing year-on-year growth of 17%. Group net profit after tax was recorded at LKR 9 bn.
Following Dialogo is Commercial Bank at #4, and then HNB, National Savings Bank, Lion, Sampath Bank, John Keells and Elephant House round out the Top 10. Majority of the Best Sri Lankan Brands came from two sectors: Financial Services (8), Diversified (4); contributing almost 70% to the total brand value.
“Our team has found branding within Sri Lanka is largely underutilized. Through data, we have benchmarked against Best Global Brands and Best India Brands, and thus, Best Sri Lankan Brands was born,” said Ashish Mishra, Managing Director, Interbrand India. “We see this ranking as an opportunity to drive growth in the region. The caliber of Best Sri Lankan Brands, is driving growth for their businesses and in turn, growing the economy as a whole via both consumption and income generation. Some of the key sectors we should watch out for, beyond BFSI(Banking, Financial Services, and Insurance) and Diversified, are Exports, Tourism, Technology, and also Lifestyle.”
“Financial services and diversified brands dominate our inaugural Best Sri Lankan Brands study and are well placed to succeed in an economy with significant pent-up demand now being released across multiple sectors after three decades of civil war. Encouragingly, we see Sri Lankan businesses looking to evolve from being distributors for global brands to building their own brands and we see this as a huge opportunity to create both business and brand value going forward,” said Mike Rocha, Global Brand Valuation Director at Interbrand.
*The Top 100 global brands have a combined total value of USD $1,871,730 m, an increase of 4.2% from 2016. For the complete Top 100 ranking and the report with comprehensive analysis of growth, sector and industry trends, visit www.bestglobalbrands.com.
**The Top 20 Sri Lankan Brands have a combined total value of USD $1,281m. For the complete Top 20 ranking and the report with comprehensive analysis of growth, sector and industry trends, visit www.interbrand.com. You can view the PDF here.
Interbrand’s first-ever Best Sri Lankan Brands report analyzes how brands grow in a changing world, showing that using technology at scale to deliver intimate human experiences, will help drive economic growth value. This methodology was the first brand valuation method to become ISO certified.
The ranking is based on three key components that contribute to a brand’s cumulative value:
• The financial performance of the branded products and services
• The role the brand plays in influencing customer choice
• The strength the brand has to command a premium price or secure earnings for the company