Business
Sampath Bank maintains its sustainable growth trajectory
Sampath Bank produced strong results for the nine months ended 30th September 2021, despite the challenges caused by prolonged impact of the COVID -19 pandemic. Due to the strategic initiatives and target orienting business plans, the Bank was able to steer through volatile economic conditions created by the pandemic to record a sizable 76.4% improvement in profit after taxes, compared with the last year.
Sri Lanka’s third wave of the COVID-19 pandemic which emerged in mid-2021 has been by far the most challenging for the country, since its commencement in March 2020. As in the past, Sampath Bank supported its customers and employees in dealing with the disruption from these difficulties. The Bank’s digitalization strategy continued to prove its worth by ensuring an easier and safer banking experience for customers and enabling employees to seamlessly switch to the work from home environment during the period of lockdown. Further expediting its digitalization strategy in response to the pandemic, the Bank introduced touchless Cash withdrawals at ATMs for the first time in Sri Lanka and possibly the first time in the region. The revolutionary technology of the touchless ATM eliminates the need to physically touch the surface of the ATM, which minimizes the risk of virus transmission to the user through contaminated surfaces, thus proving to be the ideal solution for withdrawing cash from ATMs during the current global COVID-19 pandemic.
To further reiterate its commitment to support customers and help ease their financial burdens during the prolonged economic crisis, the Bank actively engaged in identifying customers who were eligible for the latest cycle (phase IV) of the moratorium announced by the government. Meanwhile, the Bank continues to deliver its commitments to the agriculture sector in continuing its programme by restoring a further three water tanks under the “Wewata Jeewayak” program.
With the pandemic resurfacing from time to time, it is quite likely to remain an ongoing global challenge for the foreseeable future. In the Sri Lankan context, the pandemic related containment measures that have been in place for the past 18 months also appear to be delaying the anticipated economic recovery in 2021 in turn aggravating the pressure on the economy. However, despite these ongoing challenges, it is hoped that the expeditious vaccine rollout program and other containment measures would pave the way for a revival of the Sri Lankan economy in the coming months.
Financial results declared by Sampath Group for the Nine months ended 30th September 2021:
The Bank reported a profit after tax (PAT) of Rs 8.98 Bn and profit before tax (PBT) of Rs 12.32 Bn for the period under review, denoting significant growth of 76.4% each over the corresponding period in 2020.
Sampath Bank’s NIM for the reporting period was 3.46%, an improvement of 16 bps compared to the figure reported at the end of 2020.
The Bank recorded a sizable 30.9% increase in fee and commission income during the period, primarily driven by cards, electronic channels and trade-related operations.
Despite the improvement reported in NPL and Stage 3 loans, additional impairment provisions were charged as management overlay to reflect potential credit losses due to the COVID -19 related uncertainty.
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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