Business
Seylan Bank PAT surges 79% to LKR 4.49Bn for nine months of 2023
• Profit before Tax accelerated 100.75% to LKR 7,181 Mn
• Overall Statutory Liquid Assets Ratio is 39.10% at 30 Sept ‘23
• Total Capital Adequacy Ratio of 15.29% as at 30 Sept ‘23
Seylan Bank announced an impressive Profit after Tax (PAT) of LKR 4.49 billion for the nine months ended September 30, 2023, representing a 79.47% surge in growth compared to LKR 2.5 billion in the corresponding period last year, demonstrating resilience in overcoming challenging market and economic conditions.
The Bank reported substantial growth in profitability for the first nine months of 2023. Profit before Tax (PBT) soared 100% to LKR 7.181 billion versus LKR 3.577 billion in the same period last year, driven overall by revenue and lower impairment charges.
Core revenue streams such as growth in Net Interest Income, and Net Fee and Commission Income accelerated total operating income for the first nine months of 2023 which grew 6.19% to LKR 37.373 billion, up from LKR 35.194 billion in the same period of 2022.
Net interest income at Seylan Bank expanded 9.28% to LKR 30.554 billion through the first three quarters of 2023, up from LKR 27.960 billion. Fee-based income rose 19.29% to LKR 5.392 billion from LKR 4.520 billion in the comparative 2022 period, led by debit/credit card income, trade commission income, and remittance growth. Additionally, the Bank was able to maintain a steady Net Interest Margin of 5.98% during the period under review.
The Bank’s total expenses increased by 25.71%, reaching LKR 13.846 billion for the same period. This rise can be attributed to factors such as adjustments made for staff benefits and rising costs of consumables and services.
Seylan Bank recorded an impairment charge of LKR 13.447 billion during the nine months ending September 2023, reflecting a 28.61% reduction compared to the corresponding period in 2022. The impairment provision was made to account for changes in the macro economy and the credit risk profile of customers.
The Bank’s balance sheet remained healthy, with asset growth to LKR 693 billion as of September 30, 2023. While Loans and Advances were recorded at LKR 412 billion, Deposits grew by 3.17%, reaching LKR 565 billion, reflecting progress in both Rupee and Foreign Currency Deposits.
Key financial ratios and indicators of the Bank remained strong as of 30 September 2023. Maintaining a healthy Total Capital Adequacy Ratio of 15.29%, the Bank’s ratios were well above the regulatory minimum requirements. The overall Statutory Liquid Asset Ratio (SLAR) was also robust at 39.10%, again ensuring compliance with statutory requirements.
Despite the tough economic conditions, the Bank has successfully delivered excellent growth in core revenue streams, growing profits, revenues and deposits. Its strong capital and liquidity position and prudent management has provided a buffer against market volatility.
Return on Equity (ROE) was 10.54%, while Earnings per Share (EPS) amounted to LKR 7.30 for the nine months ending September 2023, compared to LKR 4.07 in the corresponding period in 2022. The Bank’s Net Assets Value per Share reached LKR 97.37 as of September 30, 2023.
The Bank remains committed to sustainable growth, leveraging technology to improve efficiencies, and upholding robust risk management practices. The exceptional financial performance highlights its commitment to financial stability and growth while improving asset quality. The Bank is also well positioned to continue its growth momentum, deliver value for all stakeholders and serve as a pillar of strength in Sri Lanka’s financial sector.
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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