Business
Sri Lanka Savings Bank PAT grows 74% to LKR 445 Mn.
Sri Lanka Savings Bank said that it demonstrated agility in a challenging year amidst an unprecedented economic crisis by achieving a growth in Profit After Tax (PAT) of 74% to LKR 445.1 million for the year ended 31st December 2022 compared to LKR 255.1 million recorded a year earlier.
Chairperson, Keasila Jayawardena said ” amidst tremendous social and economic challenges bank has been able to sustain earnings and has shown it’s financial agility and strength. She thanked the Board of Directors for it’s leadership and the staff of Sri Lanka Savings Bank and also the Parent of Sri Lanka Savings Bank, National Savings Bank for the support given to achieve these results.
Commenting on the results the GM/CEO, Sujith Fernando said that “efficient utilization of assets, prudent risk management and effective command over costs have enabled the Bank to achieve robust results amidst severe social and economic challenges, high inflation, overall contraction of the economy and restrictions placed on the Bank due to proposed merger with it’s Parent, National Savings Bank.
Bank’s interest Income increased by 86% to LKR 1,119.7 million as a result of improved yields from investments and loan portfolio. The Bank was able to get the advantage of elevated interest rates and re-priced most of it’s treasury assets which contributed a significant portion to the interest income. The net interest income increased by 99%. The prudent management of interest earning assets and market risks lead to an increase in Net Interest Margin by 7.66% to 14.98%.
The Bank’s Return on Assets after tax improved to 5.19 % in 2022 from 2.84% in the year 2021. The Return on Equity after tax increased to 6.40% from 3.83% a year ago. Amidst severe strain on businesses and SMEs, the Bank took a prudent approach in impairing assets and due to this the impairment increased by LKR 149 million compared to year 2021.
Bank’s operating expenses increased by 25% year on year to LKR 373.1 million amidst higher personnel expenses, depreciation of Rupee and overall price increases due to inflation. Compared to the year 2021, personnel expenses grew by 28% in 2022 mainly due to increase in cost of living allowance. Other expenses increased moderately only by 16% due to stringent cost control measures.
Due to the proposed merger with National Savings Bank, Central Bank of Sri Lanka has placed restrictions on lending and deposit mobilization on Sri Lanka Savings Bank since January 2021. Due to this reason the bank has witnessed a degrowth in it’s portfolio and assets. However, this has enabled the Bank to be highly liquid and to have higher capital adequacy ratios.
The Bank has been the pioneer in lending to micro finance institutions and giving technical assistance to them. However, now most of these micro finance institutions are self sufficient in funding. The Bank also granted moratoriums to all clients who requested them carrying out the social responsibility towards clients. If the proposed merger goes through the SLSB will be absorbed by National Savings Bank.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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