Business
Amãna Bank PBT up by 20% in Q1, records successful quarter in credit growth
Amãna Bank continued to showcase strong resilience amidst economic challenges in Q1 2021, achieving a 20% YoY growth in Profit Before Tax. It is noteworthy that the 20% growth is achieved in comparison to a robust pre-Covid performance made in Q1 2020. Accordingly, PBT in Q1 2021 reached LKR 217.1 million compared to the LKR 180.2 million recorded in corresponding period. This quarter also saw the Bank recording its best ever quarterly achievement in Customer Advances, which significantly grew by 10% or LKR 6.1 billion in value.
Owing to its advance growth well supported by a healthy financing margin of 3.7%, the Bank’s Net Financing Income grew by 10% YoY to close the quarter at LKR 892.0 million. Net Operating Income after accounting for impairment closed at LKR 934.2 million. As an outcome of the Bank’s ongoing effort to contain costs, which resulted in a 7% reduction in Operating Expenses in comparison to Q1 2020, the Bank recorded an 18% YoY growth in Operating Profit before VAT on Financial Services to reach LKR 308.8 million. The Bank’s aggregate tax contribution of LKR 178.1 million for Q1 accounted for 58% of the Bank’s Operating Profit before all taxes. Profit After Tax for the same period closed at LKR 130.6 million.
The Bank’s customer deposits grew by LKR 4.2 billion or 5% during the quarter to close at LKR 87.7 billion. The growth in customer deposits was achieved whilst maintaining a healthy CASA ratio of 45.7%. The Bank’s customer advances closed the quarter with a value of LKR 68.7 billion compared to 2020 ending position of LKR 62.6 billion. Having crossed the LKR 100 Billion milestone in Total Assets last December, the Bank went on to further grow its Total Assets by 6% to reach LKR 106.5 billion as of 31 March 2021.
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
