Business
Nations Trust Bank steers through Q3 2022 with strong performance
Nations Trust Bank PLC reported a strong 3rd quarter with YTD Operating Income of LKR 27Bn, up 62% year-on-year (YoY). Despite the volatile environment, the Bank recorded Profit Before Tax of LKR 9.3Bn, a growth of 25% YoY and PAT of LKR 5.2Bn, up 6% YoY.
Commenting on Q3 2022 results, Hemantha D Gunetilleke, Director & Chief Executive Officer, said, “We have delivered another strong quarter continuing the trend demonstrated in the first half of the year. The results underpin the fundamental strengths of Bank’s Liquidity, Capital Adequacy and Risk Management framework. These fundamental strengths have ensured that we are able to consistently provide banking service excellence to our customers despite the challenging external environment.”
With higher earnings during the quarter, Earnings Per Share continued to improve throughout the year and stood at LKR 17.55 as of 30th September 2022. The Return on Equity (ROE) as at Q3 2022 was 17.26% compared to 18.31% last year.
The negative economic environment resulted in impairment provisions on loans, advances guarantees, and commitments increasing 266%, weighing down returns. Uncertainties in the operating environment and negative flows from moratorium loans led to higher provisions, while Sri Lanka’s sovereign rating downgrade announced earlier this year also contributed to increased provisions despite a relatively lower ISB and SLDB holding.
As a result of the revised VAT rates on Financial Services, higher profits and tax reversals in the previous year, Nations Trust Bank’s overall tax expenses grew by 65% during the reporting period. As outlined by the Government budget for 2022, the surcharge tax of 25% over taxable income for 2021, which amounted to LKR 1.9 billion, was also considered during Q2 2022 against the retained earnings, as per the guidelines issued by CA Sri Lanka.
The Bank’s overall financial position in Q3 remained strong with comfortable capital buffers with a Tier I Capital ratio of 12.59% and Total Capital Adequacy ratio of 14.85%. The Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit was 32.86% at the reporting date.
Looking ahead, Gunetilleke added, “Despite the prevailing economic environment, the Bank will pursue its growth agenda in selected market segments, delivering growth opportunities for our customers and long-term value for all stakeholders.”
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through an island wide network of 96 branches. The bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.
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.”
