Business
Bank of Ceylon ends 1Q-2023 on positive note
BOC has reported Rs. 3.3 billion asProfit Before Tax (PBT) for the three-month period ended March 31, 2023 amid unprecedented challenges that prevailed from the previous year.
A BOC press release explained: “The interest income of the Bank grew by 61% to Rs. 137.8 billion primarily due to the increase in AWPLR comparing to the corresponding period of the previous year. However, interest expenses grew by 162% as the funding mix has been repriced at higher rates, resulting high cost of funding and led to 53% decline in net interest income by Rs. 21.2 billion compared to 1Q -2022 since the Bank has not transferred the full impact of the increase in the market interests to its loyal customers in order to revive their businesses in this trying time despite many headwinds to the Bank’s current operating environment.
“Net fee and commission income amounted to Rs.4.4 billion with 13% growth mainly backed by increase in commission income from card related transactions and travel and remittance related services. Income from trading and investment activities and other operating income resulted in a negative note due to exchange loss reported during 1Q- 2023 in line with the 10% LKR appreciation.
“Chairman, President’s Counsel Ronald C Perera stated that, “the Bank’s concerted efforts on supporting the customers to revive through the never expected economic turmoil will be continued to ensure the survival of their businesses and proactive measures taken during the previous years helped the Bank to manage its stage 3 loan ratio at 5.34% as of end 1Q-2023 (31 December 2022: 5.27%). Our key focus and policy direction is to support all stakeholders of the Bank. This effort may have resulted a short-term cost to the Bank, but with our long-lasting relationship with all stakeholder will bring prosperity to all groups in times to come.”
“Nevertheless, the Bank has maintained prudent level of impairment provision for the expected loss from loans and advances and investments.
“Operating expenses for the quarter reported an increase of 16% in the backdrop of cost escalation due to inflation. Accordingly, the Bank has reported the PAT of Rs. 3.3 billion with 39% decline over 1Q-2022. At the end of 1Q-2023, the Bank’s asset base recorded a negative growth of 6% reflecting the impact of LKR appreciation as around 30% of total assets comprises foreign currency denominated Loans and advances and Investments. Amidst the high competition prevailed in the market, the Bank’s deposit base stood at Rs. 3.3 trillion as of end March 2023.
“Despite the adverse headwinds, the Bank has complied with regulatory capital requirements above the stipulated norms by maintaining the Tier I Capital Adequacy Ratio of 12.74% and Total Capital Adequacy Ratio of 15.66%. Meanwhile, all the liquidity ratios also improved given the positive market liquidity vibes conquered during the period under review.
“General Manager/ Chief Executive Officer of the Bank, Russel Fonseka highlighted that, “despite never experienced challenges the Bank has been able to maintain its position and steering the Bank strongly and prudently in the next few years is of utmost importance and is on a pathway to stable growth with a growing market share and an increasing asset base made possible through scaling up of digitization, pursuit of operational efficiencies, and expert capacity of the cadre”. Further he stated that, “the Bank has already identified key challenges yet to be faced by the banking industry due to contraction of the economy and slow growth, debt restructuring programme and other Government fiscal reforms. Based on these challenges, the Sri Lankan banking industry will have to face a never experienced operating context. BoC as the largest local commercial bank of the country, it is vital to carefully manage the banking activities to support economic recovery and revival at large. Hence, in next couple of years the Bank’s key focus will be strengthening its Balance Sheet instead of short-term profitability. Similarly, the Bank has adopted the same strongly during last few years too.”
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
