Business
Pan Asia Bank records best ever – Profit before Tax
Pan Asia Banking Corporation PLC reported the best ever financial results in the 9 month period ended 30th September 2020 to report a Pre-tax profit of Rs.1,864.84 million and a Post tax profit of Rs.1,250.33 million, recording an impressive growths of 47% and 22% respectively demonstrating resilience amidst challenging conditions.
Meanwhile, the Bank’s operating profit before taxes on financial services increased by 19% reflecting excellence in core banking performance and cost containment measures, although the bank’s fee based income dropped due reduced business volumes due to disruptions caused by COVID 19 pandemic and waiver of fees and charges.
The Bank’s Earnings per Share (EPS) for 9 month period rose to Rs.2.83 from Rs.2.31 in the comparative period. The Bank’s Net Asset Value per Share increased by 10% during 9 month period to reach Rs. 33/- as at 30th September 2020.
The Bank continues to build extra provision buffers for probable deterioration in credit quality, through use of higher probability weights for worst-case scenarios, management overlay adjustments and use of macroeconomic factor projections published by credible sources for collective impairment modelling. As a result, total impairment charges for the quarter increased by 65% to record Rs. 553.52 million compared to Rs 335.64 million during the same period a year ago. Meanwhile, the Bank’s total impairment buffer on advance book increased by Rs.1.08 billion or by 17% during the 9 month period.
The Bank’s growth in both profit before income tax and profit for the period was also supported by the low financial services taxes regime prevailed throughout the current quarter. Meanwhile, the Bank continued to compute income tax and deferred tax liabilities at the rate of 28% as the proposed new rate of 24% is yet to be legislated.
The Bank’s net interest margins improved from 4.36% to 4.42% during past 9 months which is a commendable feat given the income loss due to loan moratorium, the industry wide deterioration in credit quality and steps taken by the government to bring down market interest rates. Meanwhile, the Bank’s pre tax Return on Assets remained intact at 1.51% in 2020. Further the Bank maintained a healthy Return on Equity of 11.95% during the period under review, after taking a sizable hit due to increased prudential impairment provisioning, income loss due to loan moratorium and waiver of fees and charges.
The Bank strived for revenue optimisation through portfolio re-alignment and cost management despite sector vulnerabilities that prevailed during 2020. The Bank’s cost to income ratio improved from 52% to 48% during the period under review owing to the excellent core banking performance which reflected in the noteworthy growth in net interest income and measures taken to contain overhead costs. In fact, the Bank managed to bring down total operating expenses in absolute terms during 2020 compared to comparative period.
The Bank’s total asset base stood at Rs.173.13 billion as at 30th September 2020 after posting a growth of over 13% supported by the expansion in gross loans and advances and other financial instruments at amortized cost. Meanwhile, the Bank’s gross loans and advances book recorded a strong growth of over 9% to reach Rs.121 billion. Term loans continued to drive the bank’s loan quantum growth of over Rs.12.5 billion during 9 month period.
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
