Business
Nations Trust Bank records steady performance in a turbulent environment
Nations Trust Bank PLC reiterated its strong financial position with steady growth in the first quarter of the financial year ending 31 March 2022 amidst challenging local and global macro-economic conditions, the Bank announced today. The Bank posted a 4% year-on-year (YoY) increase in Profit Before Tax for the period under review.
Commenting on the Q1 2022 results, Hemantha Gunetilleke, Director/CEO, stated that “During this quarter, Nations Trust Bank continued to focus on our core banking operations and risk management while serving customers through our strong franchise in Consumer, Commercial and Corporate Banking. By staying focused on our core values built around service excellence and prudent banking practices, we have built on the Bank’s financial strength and stability despite headwinds in the national economy.
The Bank’s Tier I Capital and Total Capital Adequacy ratios as at 31st March 2022 were satisfactorily above regulatory levels at 11.8% and 14.1%, respectively. Supported by this strong capital base, along with healthy liquidity buffers and the robust risk management models, we, as a Bank, are confident and equipped to withstand any potential impact caused by further macro-economic challenges.”
Operating income grew by 32% in comparison to the same period last year, with net interest income growth of 46%, and fee income growth of 21%. The loan book expanded by 12% while the CASA ratio increased to 42% compared to 36% last year.
With a stringent cost management culture in place across the Bank, despite the inflationary conditions in the economy, Total Operating Expenses grew by only 2% YoY, highlighting the positive impact of efficiency models adopted across the Bank.
The Bank reported an increase in impairment provisions by 112% on loans and advances. Contributing to this YoY increase was the negative flows from some moratorium loans during the current year. An additional impairment of LKR 990 Mn on account of investments in Sri Lanka government securities denominated in foreign currency was also made considering the current economic environment. This investment portfolio stands at only 3.6% of the Bank’s Assets as at end of 31st March 2022.
Overall Tax expense increased during the reporting period owing to the increase in the rate of VAT on Financial Services and the Income Tax reversal related to the Financial Year 2020 which is accounted in 2021. As a result, the Profit After Tax declined by 12% during the 1st Quarter 2022.
The Bank’s Return on Equity stands at 16.64% this quarter, underscoring the success of the Bank’s core business strategies and its focus on sustainable value creation for all stakeholders.
“Looking into the future, we will remain focussed on supporting the banking needs of our customers, despite the challenging operating environment while also building on our strategic focus on Environmental, Social and Governance objectives,” Gunetilleke stated.
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.”
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