Business
“People’s Bank ends 2023 with remarkable successes on multiple fronts”
People’s Bank announced the results for its year ended December 31, 2023 reporting total consolidated operating income and pre-tax profit of LKR 96.8 billion and LKR 19.3 billion, respectively.
A People’s Bank press release said: ‘Reflecting high interest costs on term deposit funding, due to the high interest rate environment which prevailed during 2022 and early 2023 – and significant interest concessions extended to the customers for the ultimate benefit of the country – saw consolidated net interest income slip to LKR 67.8 billion during the year from LKR 91.0 billion in the year prior. However, the last quarter of the year showed a forward movement on this front as its interest expense continues to normalize with the current interest rate environment. Consolidated net fees & commission income amounted to LKR 13.9 billion, reflecting a 11.0% growth over 2022 less extraordinary items during the said prior year.
“Despite inflation-pushed cost pressures, total consolidated operating expenses rose by only 5.5% to reach LKR 62.2 billion (2022 LKR 59.0 billion) ultimately reflecting stringent cost control and efficiency improvements which compared well with peers.
“Total consolidated customers’ deposits and rupee loans grew by 12.0% and 1.4%, respectively whilst it’s all currency net loans contracted by 4.0% reflecting both the appreciation of the rupee impact on its foreign currency loan book as well as measured growth by both the Bank and the Group in the first half of the year considering macro-economic circumstances. Total consolidated assets stood at LKR 3,208.2 billion at period end (end 2022: LKR 3,133.1 billion).
“The Bank’s Tier I and Total Capital Adequacy Ratios were 12.4% and 17.4%, respectively at December 31, 2023 (end 2022: 11.9% and 16.3%) whilst, on a consolidated basis, it was 13.7% and 18.2%, respectively (end 2022: 13.3% and 17.2%). The Bank’s solvency levels remain sound ultimately reflecting efforts made since the onset of Basel III on July 1, 2017. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently in process.
“Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Sujeewa Rajapakse, stated, among other things, that: ‘Considering the added burden shouldered as a State Bank – amidst the most challenging set of circumstances over the last four (4) years, I am very pleased with the Bank’s overall performance on both quantitative and, even more importantly, a qualitative front.
Taking on some of these challenges head-on, we have navigated the first phase of the Domestic Debt Optimization program with great success, converted our rupee liquidity stresses to now an all-time high excess, further augmented our regulatory capital amidst limiting circumstances and drive super normal growth across all our overall digital platforms – all of which whilst continuing to place national interest and serving our customers at the heart of all our decision making ahead of profitability.’
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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