Business
ComBank Group remains resilient in volatile first half of 2023
The Commercial Bank of Ceylon Group has reported gross income of Rs 167.668 billion including a growth in interest income to Rs 150.812 billion for the first half of 2023, achieving healthy topline growths of 40.29% and 71.15% respectively in a period of significant volatility for the banking sector.
Comprising of Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, the Group also improved fee and commission income by 22.27% to Rs 14.377 billion, net fee and commission income by 19.30% to Rs 10.591 billion, and net other operating income by 236.42% to Rs 17.086 billion from a loss of Rs 12.524 billion recorded for the first half of 2022.
However, with interest expenses for the six months rising by Rs 65.958 billion or 139.14% to Rs 113.362 billion, the Group’s net interest income reduced by 8.01% to Rs 37.450 billion. The Group also recorded a net loss from trading of Rs 15.531 billion, as a result of realized and unrealized losses from forwards, spots and swap transactions owing to the appreciation of the Rupee in the review period, in contrast to a net gain of Rs 32.102 billion from trading in the corresponding six months of the previous year.
Total operating income of the Group declined by 27.03% to Rs 50.520 billion but net operating income for the period under review improved by 9.69% to Rs 37.309 billion with the Group making a provision of Rs 13.211 billion for impairment charges and other losses for the six months. Impairment charges for 2022 included a substantial additional provision made for foreign currency denominated Government Securities owing to the downgrading of Sri Lanka’s sovereign rating. Total operating expenses increased by 18.04% to Rs 21.285 billion, with personnel expenses, depreciation and amortization and other operating expenses rising by 17.86%, 20.90% and 17.56% respectively.
A revaluation of the Group’s assets in foreign currency consequent to the appreciation of the Rupee in the six months under review resulted in total assets of the Group reducing by Rs 37 billion or 1.50% to Rs 2.462 trillion as at 30th June 2023. Gross loans and advances of the Group also reduced by 4.71% over the six months to Rs 1.188 trillion, partly due to the revaluation impact on foreign currency denominated loans and advances as a result of the appreciation of the Rupee. Total deposits of the Group stood at Rs 1.959 trillion as at 30th June 2023, with Rupee-denominated deposits increasing by Rs 48.47 billion since end 2022, but the value of deposits denominated in foreign currency reducing significantly due to the appreciation of the Rupee.
Commenting on these results, Commercial Bank Chairman Prof. Ananda Jayawardane said: “The key performance indicators of banks continue to be influenced by external variables rather than core banking operations. Factors like sharp fluctuations in the value of the Rupee and mercurial interest rates that necessitate repricing of assets and liabilities have a distortionary effect on earnings and profits. However, we remain fundamentally strong in operational terms and are geared to leverage these strengths in the year ahead.”
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
