Business
Fitch maintains National Rating of Bank of Ceylon at ‘A(lka)’
Fitch Ratings (Fitch) has affirmed Bank of Ceylon’s (BoC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CC’ on 13th June 2023.At the same time, Fitch has maintained BOC’s Long-Term Local-Currency IDR of ‘CCC-‘ and National Rating of ‘A(lka)’ on Rating Watch Negative (RWN). Fitch has also affirmed BOC’s Short-Term IDR at ‘C’, Viability Rating (VR) at ‘cc’ and Government Support Rating at ‘ns’.
The Bank’s Long-Term Local-Currency IDR is one notch above that of Sri Lanka, reflecting a lower risk that the authorities will impose restrictions on banks servicing their local-currency obligations than non-payment by the sovereign.
Fitch has further stated that the Bank’s local-currency funding and liquidity position is currently more manageable and the stress on foreign-currency liquidity has eased as reflected in the bank having met its obligations.As Sri Lanka’s premier financial service organization with over eight decades of leadership in the industry, BoC’s contribution to the social-economic prosperity of Sri Lanka is remarkable.
The Bank has reported Rs. 32.0 billion of Profit After Tax (PAT) for the year ended 31 December 2022 and Rs. 3.3 billion of PAT for the three-month period ended 31 March 2023 amidst the unprecedented challenges continued to prevail from last few years.
The Bank has not transferred the full impact of market interest rates hike to its loyal customers in order to sustain their lives and revive their businesses in this difficult era despite the negative effect to the bottom line.
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.
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.
Among recent exertions towards a better serving for our customers; expansion of Business Revival Units at province level, provision of moratoria to crisis-affected businesses, extension of support to retail customers, concessionary development lending to MSMEs and underserved groups, concerted support for export-oriented businesses, SMEs, and expatriate Sri Lankans through the “BoC Export Circle, SME Circle, and Foreign Circle”, expansion of the Bank’s rural-focused agent banking network – “BoC Connect” and pioneering of new and innovative products like social media banking via “BoC Meta Banking”, etc. are notable. (BoC)
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
