Business
Cargills Bank reports strong financial performance in 1H2023 despite persisting economic challenges
Cargills Bank demonstrated its resilience and strong growth potential in its financial performance for the 1st half of 2023, driven by a focused strategic approach, management of liquidity and portfolio quality, and agility to navigate the market environment.
The Bank consolidated on the turnaround in its financial performance, achieving an Operating Profit before taxes of Rs. 615 million in 1H 2023. This marks a sharp improvement from the loss before taxes of Rs. 144 million reported during the same period in the previous year. Consequently, the bank’s Profit After Tax (PAT) for 1H 2023 was reported at a healthy Rs. 253 million, a significant improvement from the loss of Rs. 195 million reported in the corresponding period of 2022.
Total Operating Income grew 36% to reach Rs. 2.4 billion, mainly driven by growth in Net Interest Income of 30% to Rs.1.8 billion. The bank reported Impairment charges of Rs. 446 million during the first six months of 2023, a 44% decrease over the corresponding period of 2022. Meanwhile, Total Operating Expenses rose by 21% to Rs. 1,369 million amidst increased cost structures and rupee depreciation. Nevertheless, the bank’s Cost to Income ratio improved to 56% in Q2 2023 from 63% in Q2 2022 due to increased income.
The bank’s Total Asset base surged by 25% year-to-date to reach Rs. 67 billion, underscoring its growing market presence, while the Net Asset Value per Share improved to Rs.11.82 as at 30 June 2023 from Rs.11.01 at the beginning of the year.
Attesting to its financial strength and stability, Cargills Bank maintained healthy statutory ratios, reporting a Total Capital Ratio of 21.84% and Liquid Asset Ratio of 29.36%, as at 30th June 2023. These robust figures underscore the bank’s solid foundation and its ability to weather environment uncertainties. Cargills Bank recently opened its 24th branch in Bandarawela, further extending its customer touchpoints to a total of 50, encompassing 24 branches and 26 MINI locations.
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
