Business
Seylan Bank profit momentum continues into Q1 2023
Seylan Bank began the new fiscal year on a strong note, with Q1 2023 recording a Profit Before Tax (PBT) of LKR 1.7 Bn compared to LKR 1.5 Bn in 1Q 2022 demonstrating a robust growth of 17.26%. Supporting the bottom line, Profit After Tax (PAT) was LKR 1.135 Bn in 1Q 2023, a 7.69% increase over the corresponding 2022 period. Contributing significantly to the Bank’s profit momentum was a surge in Net Interest Income (NII) by 67.98% for the period under review.
Growth in the Bank’s topline for Q1 2023 was propelled by notable increases in operating income of LKR 13.3 Bn, a 47.26% growth during the period under review compared to LKR 9.1 Bn in the corresponding period of 2022, driven mainly by growth in Net Interest Income, Net Fee Income etc. The bank recorded a substantial increase in interest income, amounting to LKR 28.9 Bn, reflecting a 116.87% growth compared to Q1 2022.
Additionally, Net Fee and Commission Income posted a notable growth of 23.34% to LKR 1.8 Bn from LKR 1.4 Bn in Q1 2022, mainly due to increase in Loans and Advances related Fees, commission income on Debit & Credit Cards and Other Financial Services etc.
The Bank’s total assets as at 31 March 2023 was LKR 671 Bn. While loans and advances was LKR 424 Bn, a contraction mainly due to the impact from local currency appreciation, deposits reflected a marginal growth to LKR 550 Bn. The contraction of assets and liabilities was partly due to local currency appreciation, which led to a decrease in the value of foreign currency assets and liabilities.
Total Operating Expenses recorded an increase of 23.39% from LKR 3.6 Bn in the 1Q of the previous year to LKR 4.4 Bn during the period under review, mainly due to the impact of price increases due to higher inflation and local currency depreciation. The Bank’s personnel expenses increased by 13.08 % to LKR 2.2 Bn in 1Q 2023 compared to LKR 1.98 Bn in 1Q 2022 as a result of the salary revision based on the collective agreement and other adjustments provided to compensate rising cost of living expenses. Additionally, establishment expenses increased by 36% to LKR 2.2 Bn during the period under review.
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
