Business
People’s Bank reports consolidated pretax profit of LKR 11.4 billion for 9M23
New initiatives undertaken over the last several years are now yielding significant positive results. Amongst other, triples market share in inward worker remittances
People’s Bank today announced the results for its nine-months period ended September 30, 2023 with total consolidated operating income and pre-tax profit was LKR 67.6 billion and LKR 11.4 billion, respectively.
Due to the higher cost of term deposit funding – which stemmed from the high interest rate environment which prevailed during much of 2022 – consolidated net interest income slipped to LKR 44.6 billion during the nine-months ended September 30, 2023. Consolidated net fees & commission income amounted to LKR 10.8 billion which, excluding one off items during 9M-22, represented a near 9.0% growth on a like-for-like basis.
Reflecting rupee depreciation and inflation driven cost pressures, much of which originated since Q222, consolidated total operating expenses rose by 14.7% to reach LKR 45.9 billion. Relative to such upward cost pressures, this compared well also reflecting Bank and Group wide efforts for greater cost control and efficiency improvement at every instance so possible.
Total consolidated customers deposits grew to reach LKR 2,652.6 billion – i.e., by 8.3%, whilst consolidated net loans contracted by 5.4% to LKR 1,812.1 billion. This reflected both the impact of the rupee appreciation on its foreign currency loan-book relative to end 2022 levels and, more notably, the cautionary approach adopted by the Bank when extending new credit considering the yet stressed macro-circumstances. Total consolidated assets stood at LKR 3,131.7 billion as at September 30, 2023
The Bank’s Tier I and Total Capital Adequacy Ratios were 11.6% and 15.7%, respectively as at September 30, 2023 whilst, on a consolidated basis, it was 13.1% and 16.8%, respectively. The Bank’s solvency levels continue to remain sound ultimately showcasing efforts consistently made since the onset of Basel III on July 1, 2017. Further efforts to bolster its regulatory capital are currently ongoing. In addition, the Bank has successfully met all its core regulatory measures during the said period including, amongst other, its liquidity ratios which reached new highs across both rupee and foreign currency.
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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