Business
Seylan Bank 3Q 2021 Profit After Tax recorded at Rs. 3.2 billion
Seylan Bank PLC announced a Profit After Tax (PAT) of Rs. 3.2 Billion in the nine months ending September 30, 2021 reflecting a 45% increase over the corresponding period last year. The Bank’s Net Interest Income grew by 14.76% to LKR 17,068 Mn during the period under review, announcing a robust growth as the industry overcomes the prolonged impact of the pandemic.
The Bank reported a credit growth of 8.75 % increasing the advances from Rs. 394 Bn to Rs. 428 Bn. This is mainly due to increase in term loans, revolving import loans, pawning and leases which was partly set off by decrease in refinance loans and export bills etc. Further, the Bank’s asset base expanded by Rs 26,047 Mn to Rs 583,755 Mn.
Seylan Bank’s deposit base grew from Rs. 440 Bn to Rs. 451 Bn during the nine months ended 30th September 2021. The overall Current Account Savings Account (CASA) balances increased by 7.45% during the period under review and the CASA ratio stood at 34.61 %.
Seylan recorded a noteworthy growth of 24.89 % in net fees and commission income for the period under review. The growth was mainly attributed to fee income from guarantees and trade finance activities. Net gains from de-recognition of financial assets, net gains on foreign exchange transactions and other operating income, came together to deliver a net gain of Rs. 1,979 Mn in 3Q 2021 mainly as a result of upward movement in exchange income despite the loss in Mark to Market on Derivatives Financial Instruments and drop in net capital gains on treasury bills and bonds.
Total expenses in the period increased by 5.42% to Rs. 10,036 Mn, as the Bank focused on embracing digital technology and process re-engineering, to achieve leaner and efficient processes while keeping the cost under control. Meanwhile both interest income and interest expenses declined year-on-year, reflecting the reduced interest rate environment, with the latter posting a larger decline at 29.62% aided by the growth in Current Account Savings Account (CASA) balances.
Seylan Bank recorded 10.56 % as Total Tier 1 Capital Ratio and 13.87 % as the Total Capital Ratio. The Gross NPA (Net of IIS) Ratio stood at 6.42 % as at 30th September 2021.The Bank’s Earning per Share (EPS) improved to Rs. 6.00 from Rs 4.16 in Q3 2020. The Bank recorded a Return (Profit Before Tax) on Average Assets (ROAA) of 1.04 % and Return on Equity (ROE) of 8.61%. The Bank’s Net Assets Value per share as at 30th September 2021 was Rs. 94.74 (Group Rs. 98.17).
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
