Business
Alliance Finance delivers ‘a resilient performance’ despite challenging economic conditions
Alliance Finance Company PLC (AFC), the first company in South Asia to achieve the prestigious endorsement of “a holistic sustainability certified value driven financial institution” concluded the first quarter of the Financial Year 22/23 with a resilient performance amidst inimical domestic and external environs which impacted the country, an Alliance Finance press release said.
The release added: ‘The first quarter of the financial year severely impacted the business climate due to the increase in market interest rates, lower credit demand, increased fuel prices and shortages in supplies. The country also defaulted its foreign debt payments resulting in the country being downgraded by external rating agencies. Sharp depreciation of the Sri Lankan rupee and a significant increase in headline inflation also negatively impacted the economic activity of the country at large.
Despite the external challenges, the Company reported a solid 54 % increase in total Interest Income while doubling its profit after tax for the quarter in comparison to the same period last year. It is noteworthy that the said performance was reported by the Company during a period of adverse economic conditions after making a significant amount of provisions prudently by way of Management overlays in addition to the modeled Impairment provisions. Further, the Company also accounted for significant increases in cost of funds and operating expenses due to the upsurge in fuel prices and the resulting adverse inflationary impact.
AFC was also able to maintain its loan book although the industry recorded a contraction. Performing better than the industry, the Company was also able to maintain its Gross NPL ratio at 4.87% during the most challenging economic conditions experienced post-independence thus reflecting the success of its triple bottom line business philosophy and the reduced risk of its portfolio as a result of focusing on the financing of the smaller rural economies in the country.
The Company’s Deposit Base grew significantly from 14.6 Bn to 17.8 Bn during the first three months of the financial year clearly demonstrating the high level of Investor confidence in the AFC franchise.The Company also maintained a robust core capital ratio of 11.74% and total capital ratio of 15.24 % as against the minimum core capital ratio of 7 % and total capital ratio of 11 % stipulated by the regulator.Truly inspired by the triple bottom line, AFC continues its strong commitment towards sustainability as the country navigates through its most difficult times experienced thus far.AFC’s annual budget has allocated 8 % of its previous year’s Profit After Tax on social and environmental sustainability initiatives.’
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
