Business
Nations Trust Bank records resilient performance while continuing to support economic revival
The government of Sri Lanka and the Central Bank of Sri Lanka initiated various policy measures during 2020 aiming at triggering economic activities, ensuring livelihoods, and preserving the stability of the country’s financial system. These policy measures included loan moratoriums, reduction of policy rates, lowering of the Statutory Reserve Requirement for licensed commercial banks, restriction on import of non-essential items and various incentives to attract foreign funding sources into the domestic market.
Nations Trust Bank actively participated in providing working capital loans under “Saubhagya” scheme introduced by the government and took proactive measures to extend necessary assistance to customers across all segments, who required special attention. The bank recognised the importance of contributing to assisting adversely affected businesses with a view to supporting the revival of the national economy and rebuilding livelihoods. Towards this cause, the bank allocated Rs. 7 billion for 2020, of internally generated funds under the “Nations Diriya” scheme dedicated to extending financial support to key industries, thereby enabling such businesses to recommence their business operations. Special payment relief schemes and special repayment plans for existing borrowers were also offered in addition to the Central Bank mandated moratorium schemes by lowering interest rates and charges on identified segments.
With banking being declared an essential service during the COVID-19 first wave, a concerted effort was made to keep branches across the network open in order to facilitate regular branch operations throughout the lockdown period. The bank operated 24×7 contact center uninterrupted throughout this period supporting all its client’s banking requirements.
During the Pandemic, the bank strengthened its digital essentials in order to keep its customers constantly connected and facilitated all banking services digitally. The bank also supported cash to the doorstep services during the lockdowns. Digitization and e-Commerce being the way forward, the bank continued to invest in further strengthening the digital platforms designed with customer centrality. While being socially responsible, the bank converted customer and brand communications from paper-based to e-based methods.
Despite the unprecedented circumstances followed by the outbreak of the COVID-19 global pandemic, Nations Trust Bank Group demonstrated a resilient performance with a bottom-line growth of 9%. However, the net interest income fell short by 15% while the interest margins eroded by 80bps due to the combined impact of the lower interest regime, interest rates ceilings imposed, and the concessionary interest rates granted on debt moratorium. (NTB)
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
