Business
Seylan Bank records Rs. 2,505 Mn PAT for nine months ended Sept. 30, 2022
Seylan Bank closed the nine months ended 30 September 2022 with a post-tax profit of Rs. 2,505 Million. In the backdrop of the volatile financial landscape experienced in Sri Lanka, described as the “worst since Independence”, the said post-tax profit has once again been seen as very commendable by financial analysts.
Net Interest income recorded an increase of 63.2% YOY from Rs. 17,068 Million to Rs 27,960 Million, for the 9 months ended 30th September. The Bank’s net fee based income increased by 38.22%, from Rs. 3,270 Million to Rs. 4,520 Million during nine months, mainly due to an increase in Trade Finance and Card Related Income.
Other income captions comprising net gains from trading activities, net gains from de-recognition of financial assets, net gains on foreign exchange transactions and other operating income increased by 37.13% over the previous year, from a net gain of Rs. 1,979 Million to a net gain of Rs. 2,715 Million during the nine months of 2022. The increase is mainly from net foreign exchange revaluation gains.
Total Expenses recorded an increase of 9.75 % during the nine months, from Rs. 10,036 Million in the the previous year to Rs. 11,015 Million in 2022. Personnel expenses increased by Rs. 530 Million mainly due to increase in the staff benefits based on the collective agreement. Other operating expenses and depreciation and amortisation expenses too increased by 10.39% due to increase in prices of purchases and services as a result of higher inflation and local currency depreciation. However, Bank will continue to take relevant measures to curtail costs with various cost initiatives.
The Bank recognised a total impairment charge of Rs. 18.8 Billion for the nine period in 2022 compared to Rs. 6.2 Billion reported in the corresponding period of last year, representing a 199.09% increase. The Bank increased the impairment provision to capture the impact on emerging global and local economic challenges and the credit risk profile of the customers.
The Bank reported a marginal growth of 2.66% in net Loans and advances to Rs. 453,730 Million during the period under review. Its overall deposit base increased from Rs. 488,653 Million in December 2021 to Rs. 524,439 Million during the nine months ended 30 September 2022, with a growth of 7.32%. The Bank’s CASA ratio (Current and Savings) stood at 30.25 %. Further the Bank’s asset base expanded by Rs. 50,223 Million to Rs. 657,800 Million.
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
