Business
Sampath Bank stands committed to reinvigorate Lankan economy
As a responsible corporate citizen and a premier private sector bank in Sri Lanka, Sampath Bank has once again showcased its unwavering commitment to supporting the Sri Lankan economy and its people throughout the past four to five years. Despite facing significant challenges, including the aftermath of the Easter attack, the COVID-19 pandemic, foreign currency crisis, and social unrest, the Bank has remained steadfast in its dedication to customers, the community, and deposit holders.
In a show of solidarity during tough times, the Bank has extended various forms of moratoria and concessionary repayment plans, providing much-needed relief to its customers. This commitment to alleviating economic pressure has been a cornerstone of Sampath Bank’s approach in these turbulent times.
Furthermore, the Bank has continued its strong contribution to public financing, with an effective tax rate exceeding 56% for the period ending June 2023. These contributions, which include Income Tax, VAT on Financial Services, Social Security Contribution Levy, Crop Insurance Levy, and other indirect taxes, underscore the Bank’s role as a significant participant in Sri Lanka’s economic landscape.
Sampath Bank’s dedication extends beyond financial matters, as demonstrated by its impactful Corporate Social Responsibility (CSR) initiatives. The Bank’s flagship project “Weweta Jeewayak,” a tank restoration endeavor, and the “A Breath to the Ocean” initiative aimed at restoring the oceanic ecosystem, reflect the Bank’s commitment to sustainability, environmental preservation, and community well-being.
During the first half of 2023, Sampath Bank reported robust financial performance, with a profit before tax (PBT) of Rs 13.2 Bn and a profit after tax (PAT) of Rs 7.7 Bn, representing growth of 46.6% and 8.1% respectively compared to 1H 2022.
Key financial highlights for 1H 2023 compared to the same period in 2022 include:
Growth in Net Interest Income (NII) supported by higher AWPLR.
A 13.6% increase in net fee and commission income driven by trade-related operations.
A decline of exchange income due to LKR appreciation against USD.
A significant 74.4% decline in impairment provision on loans and investments.
Operating expenses increased by 19.1%.
A 104% increase in total tax expenses due to the upward revision in income tax rate and the introduction of SSCL.
The Group’s PBT and PAT for 1H 2023 were Rs 13.4 Bn and Rs 7.6 Bn respectively, reflecting growth of 39.3% and 3.6% respectively.Sampath Bank’s capital adequacy ratios continued to improve, with CET 1, Tier 1, and total capital ratios standing at 13.89%, 13.89%, and 17.36% respectively as of June 30, 2023. This improvement is attributed to several factors, including a Tier 2 capital infusion, profit generation in 2023, and a decline in risk-weighted assets due to LKR appreciation.
In recognition of its exceptional performance, Sampath Bank was honored with the esteemed title of “Best Bank in Sri Lanka for 2023” at the Euromoney Awards ceremony held in Hong Kong. This prestigious award, the fifth time the Bank has received it, underscores Sampath Bank’s enduring excellence and positive impact on society.
Sampath Bank’s total assets increased by Rs 97 Bn (an annualized growth of 14.6%) from Rs 1.3 Tn as of December 31, 2022, to Rs 1.4 Tn as of June 30, 2023. Despite the LKR’s appreciation against the USD, the Bank’s total deposit book grew from Rs 1.1 Tn to Rs 1.14 Tn during the same period, demonstrating strong customer confidence.
Looking ahead, Sampath Bank remains committed to navigating challenges, contributing to the economy, supporting its customers, and positively impacting society through its sustainable initiatives. The Bank’s enduring resilience and commitment to excellence position it as a cornerstone of stability in the Sri Lankan financial landscape.
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
