Business
Amãna Bank records resilient performance in Q3
Mohamed Azmeer- Chief Executive Officer of Amana Bank
Deposits and assets grow by 12% and 10%
Amana Bank, through its resilient core banking performance, recorded a Profit Before Tax (PBT) of LKR 389 million and a Profit After Tax (PAT) of LKR 250 million for the nine months ending September 30, 2020. In comparison to the previous quarter which was impacted by the first wave of the pandemic, Amãna Bank has been able to bounce back by virtually doubling its profits in Q3, where PBT grew to LKR 139 million from LKR 70 million recorded in Q2 while PAT in Q3 went up to LKR 80 million from LKR 41 million in Q2.
Demonstrating strength, stability and resilience the Bank continued to maintain a strong momentum in customer deposits during the 9 months closing with a portfolio of LKR 80 billion reflecting a growth of 12% while also improving its CASA ratio to 43% which is one of the highest CASA ratios in the industry. The Bank’s total assets stood at LKR 95 billion, 10% higher than the 2019 closing figure. As a result of conscious strengthening of credit risk parameters in the backdrop of challenging market conditions, advances grew modestly by 3% to close at LKR 60 billion. The Bank continued to maintain a healthy asset portfolio with non performing ratios being well below industry averages where Net NPA and Gross NPA closed at 1.7% and 4.1% respectively. The Bank’s Q3 2020 comprehensive income grew to LKR 191 million recording a 37% increase against the Q3 2019 performance of LKR 140 million.
During the quarter the Bank continued its annual dividend journey by declaring its 3rd consecutive dividend, which was in the form of a scrip dividend this year. This increased the Bank’s number of shares to 2.6 billion resulting in the Bank’s Net Asset Value standing at LKR 4.70 per share. Strengthening the Bank’s position as a growing and stable franchise, Fitch Ratings Sri Lanka in its October 2020 review affirmed the Bank’s National Long Term Rating at BB+(lka) with a Stable Outlook.
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
