Business
‘NSB posts steady results amidst woes’
The performance of the Bank over the year was characterized by strength and resilience. Despite the heightened uncertainty due to the impact of Covid-19 which has triggered a wide range of shocks on the Bank, employees, customers and economy, our continued focus on financial resilience enabled us to remain strong and achieve a solid performance,an NSB press release says.
The release adds – ‘As one of the biggest lenders in the housing market in Sri Lanka, the Bank facilitates the growth in national home ownership, opening a pathway towards economic security and mobility for hundreds of thousands of customers. Beyond contributing to the General Treasury by way of taxes, levies, fees and dividends, and being the second largest holder of government securities, the bank is one of the biggest lenders to the government and is an enthusiastic partner in the government’s long-term infrastructure and socioeconomic development projects.
‘Commenting on the performance, NSB chairperson, Keasila Jayawardena stated “While the figures demonstrate the solid performance of the Bank, a deeper dive into the numbers must consider the context of the year. During the first wave of COVID-19 infection in late March 2020, the banking service was declared an essential service during the Covid-19 and the ensuing lock-downs, all the Bank’s branches across the country were kept open to offer an uninterrupted service to our customers. The Bank also allocated 3 mobile units to provide its customers with service at their doorstep. The government have responded with necessary measures to curb the spread of Covid-19. The Bank also took part in implementing government-led relief measures by providing the Debt moratorium scheme aimed at supporting Covid-19 affected businesses and individuals. Accordingly, the moratorium has been given to 90% of the retail loan portfolio at the concessionary rate of 7.0% and the payments were deferred until the end of the loan period.
‘NSB General Manager / CEO, Ajith Peiris said, “Total asset base of the bank grew by 17.8% to Rs. 1.4 Tn. as at 31 December 2020 from Rs. 1.2 Tn. as at 31 December 2019. The bank recorded its highest ever Profit Before Tax and Profit After Tax in 2020, both of which were aided by the government’s stimulus initiatives introduced in late 2019. Against the backdrop of Covid-19 impact on the economic activities, the bank’s Profit Before Tax was Rs. 15.6 Bn., a 49.5% increase from Rs. 10.5 Bn. in 2019 and the Bank’s Profit After Tax of Rs. 10.1 Bn. recorded a 58.4% increase from Rs. 6.4 Bn. in 2019. A dividend of Rs. 1.0 Bn. was paid for the financial year under review.
‘The bank reported a Gross Income of Rs. 127.5 Bn. for 2020, achieving a growth of 4.6% mainly driven by the 3.2% rise in Interest Income, the largest component, to Rs. 122.5 Bn. as well as Fee and Commission Income which has increased by 114.9% to Rs. 2.7 Bn. compared to last year. The increase in interest income along with decrease in interest expenses resulted in 21.0% surge in Net Interest Income, rising to Rs. 34.9 Bn. in 2020 over 2019. Consequently, Net Interest Margin improved to 2.77% during the year from 2.63% reported a year ago.
‘The bank’s profitability was further enhanced by removal of the Nation Building Tax (NBT) and Debt Repayment Levy (DRL) on financial services and favourable changes to the deposit mix with the savings deposits to total deposits ratio increasing to 22.6% in 2020 from 21.5% in 2019, providing the bank with a source of low-cost funding. The bank successfully improved its cost to income ratio (without taxes) to 39.1% in 2020 from the year 2019 through various cost savings strategies and initiatives. Nevertheless, the highest-ever profit was achieved after making an impairment provision of Rs. 4.9 Bn., a 761.8% increase over 2019 reflected the elevated risk in the loan and advances portfolio and tenuous state of asset quality in the banking sector.’ (NSB)
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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