Business
People’s Bank reports consolidated profit after tax of LKR 4.6 billion
People’s Bank announced the results for its quarter ended March 31, 2023 reporting total consolidated operating income and pre-tax profit amounting to LKR 24.0 billion and LKR 7.2 billion, respectively (Q1-2022: LKR 42.6 billion and LKR 11.0 billion).
Similar to 2022, the quarter continued to be characterized by higher interest costs; due to the high interest rate environment which prevailed. This saw consolidated net interest income dip by 49.7% to LKR 15.3 billion during the period relative to Q1-22. This, in part, also reflected the Bank efforts to defer re-pricing of some of its loans to its more sensitive customer segments. Consolidated net fees & commission income amounted to LKR 4.5 billion which, excluding one off items during Q1-22, represented over a 40.0% growth on a like for like basis.
Reflecting inflation pushed cost pressures, much of which originated in the period after Q1-22, saw consolidated total operating expenses rise by 10.1% to reach LKR 14.4 billion (Q1-22: LKR 13.1 billion). This compared well with the industry and, in part, also reflected Group efforts for greater cost control at every instance so reasonably possible.
Total consolidated customers deposits grew to reach LKR 2,513.1 billion – i.e., by 2.6%, whilst consolidated net loans contracted by 4.2% to LKR 1,835.1 billion. The dip in net loans reflected a conscious effort on part of the Bank and the Group to control lending more so in a yet contracting macro-economic context. Total consolidated assets stood at LKR 3,072.2 billion at period end (end 2022: LKR 3,133.1 billion).
The Bank’s Tier I and Total Capital Adequacy Ratios were 11.8% and 16.2%, respectively at March 31, 2023 (end 2022: 11.9% and 16.3%) whilst, on a consolidated basis, it was 13.0% and 16.9%, respectively (end 2022: 13.3% and 17.2%). The Bank’s solvency levels remain sound ultimately reflecting efforts made since the onset of Basel III on July 1, 2017. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently ongoing. In addition, the Bank successfully met all key regulatory measures during the said period.
Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “Whilst the sector has, and continues to reel with many headwinds over the last several years. our first quarter results remains testimony to our continued strength and resilience, and adaptability even in the most adverse set of circumstances. Over the last several years, the Bank has successfully met the needs of its diverse stakeholders, leading from the front in many instances so to ensure the country is first prioritized, customer interest are safeguarded, government endeavors are supported whilst, at the same time, the Bank’s commercial interests are also met. Our top line growth during the quarter attest to the growth of our core banking operations whilst the high interest rate environment which prevailed has naturally led to the inevitable earnings pressure as seen throughout the industry. The quarter was however witness to several accomplishments from an Institutional standpoint both from a quantitative and qualitative front. This included, amongst other, our ability to successfully drive identified strategic growth areas, ensure sustained improvements in liquidity both from a rupee and foreign currency standpoint and instill further improvements from a risk management perspective. In addition, our digital investments continues to bear fruit, which augurs well for the Bank’s future growth prospects!
Looking ahead, with several positive developments seen on a macro-economic front including those stemming from the IMF’s Extended Fund Facility, we look forward to the future with a great degree of optimism. As we have done so over the last several years, we reaffirm our unwavering commitment to play our role to safeguard national interest and those of our stakeholders. I take the opportunity to thank our loyal customers for their continued trust and confidence in the Institution!”
Commenting on the results, the Bank’s Chief Executive Officer/ General Manager (Acting) Mr. Clive Fonseka, stated that: “Despite the many pressures, including those unique to a State-Owned Institution, we have continued to make noteworthy progress on several fronts and have addressed some of the most pressing matters within a short span of time. Our primary focus has, and continues to be, in further bolstering our liquidity, driving key areas of strategic importance, and managing our asset quality whilst supporting our customers navigate through these challenging times. We are currently also taking early steps to bolster our regulatory capital from current levels. The success of our delivery remains ultimately best reflected in the sustained improvements shown across several key performance indicators.
Relating to the recent news being circulated in select social media platforms on non-performing loan write-offs – I seek to confirm that there have been no such write offs. Our usual due process for recovering such loans are currently in process.
He further stated that: “The foundation of People’s Bank’s success primarily rests with our staff and that of our loyal customers. While the road ahead is likely to be filled with many more challenges, we look forward to facing them with confidence and vigor as we have done so over the last several years!
Business
Sri Lanka’s first generative AI‑powered, trilingual insurance assistant
Sri Lanka Insurance Corporation General Limited (SLICGL) unveiled Beechat, the country’s first generative AI‑powered insurance assistant, heralding a milestone for Sri Lanka’s insurance industry and move towards digital services.
Beechat is designed to transform the customer experience. Available through the SLICGL website (https://www.slicgeneral.com/) and customer portal, the Assistant offers customers instant access to policy information, real-time claim status updates, and insurance-related help 24 hours a day, seven days a week.
For customers, Beechat makes insurance simpler and always available. Instead of waiting in queues, calling hotlines, or being limited to business hours, customers can check policies, track claims, and receive instant answers in Sinhala, Tamil, or English, empowering every customer, whatever their language, to manage their insurance with ease.
The inclusivity ensures every customer, regardless of language preference, can engage with insurance services seamlessly. The AI‑driven platform reduces complexity, eliminates delays, and builds trust. Ultimately, Beechat transforms insurance from a process often seen as slow and complicated into a smooth digital journey that fits modern lifestyles.
The launch of SLICGL Beechat is strategically important for the organization because it strengthens its position as a leader in innovation within Sri Lanka’s insurance industry. Introducing the country’s first generative AI‑powered, trilingual insurance assistant, SLICGL demonstrates a commitment to digital transformation and technology‑driven service excellence.
The initiative reaffirms the company as forward‑thinking and customer‑centric and differentiating from competitors who still rely on traditional service models. It signals to industry stakeholders that SLICGL is setting new standards for accessibility, efficiency, and convenience in insurance.
Pioneering AI‑driven customer engagement, the company sets a new benchmark. Beechat demonstrates how technology can elevate insurance from a traditional service into a dynamic, futuristic experience, strengthening SLICGL’s relationship with the people it services. (SLICGL)
Business
‘Lanka Tractors returns with a historic Colombo 11 showroom’
Lanka Tractors Limited officially reopened its original showroom in Colombo 11, marking the return of one of Sri Lanka’s most recognised agricultural machinery companies and the official launch of the ACE Tractor brand in the country.
Located at 343 Olcott Mawatha, Colombo 11, the showroom was ceremonially declared open by Chief Guest Dudley Sirisena, Chairman of the Araliya Group of Companies, in the presence of Upul Jayasuriya, Chairman of Lanka Tractors Limited, Thilina Abeysuriya, Managing Director, Nishantha Yapa, Head of Business, and Rajiv Gunawardena, CEO of Asia Asset Finance PLC.
Originally established in 1971 as the State Trading (Tractor) Corporation, Lanka Tractors was restructured in 1991 and became one of Sri Lanka’s largest importers and distributors of agricultural machinery. Over the decades, the company represented internationally renowned brands including Massey Ferguson, Kubota and TAFE, earning the trust of generations of Sri Lankan farmers through quality products, technical expertise and dependable after-sales support. The reopening of its original Colombo 11 showroom, first established in 1982, marks the revival of an institution that has played a pivotal role in the mechanisation of Sri Lankan agriculture for more than five decades.
The company’s revival commenced in late 2025 through an exclusive partnership with ACE Tractors, the agricultural division of Action Construction Equipment (ACE) Limited, one of India’s leading engineering and manufacturing companies. ACE manufactures tractors, agricultural machinery, construction equipment and industrial equipment, with annual production capacity exceeding 9,000 tractors, exports to more than 37 countries, and a dealer and service network spanning over 100 locations worldwide.
Prior to the commercial launch, Lanka Tractors adopted an extensive validation programme to ensure the products were ideally suited to Sri Lankan farming conditions. Three introductory models—the ACE VEER 3000 (26 HP 4WD), ACE DI 350 NG (40 HP 2WD) and ACE DI 450 NG (45 HP 4WD)—underwent rigorous field testing across multiple agricultural regions under the supervision of ACE technical specialists. Following several product refinements based on local operating conditions, the tractors were introduced to the market in April 2026.
Business
Akurugraphy exhibition opens at Geoffrey Bawa Space in Colombo
The desire to communicate and be understood is at the heart of what it is to be human. In contemporary life, digital infrastructure underpins how we work, live, and share information, but the letterforms that carry our languages are rarely neutral.
Arkurugraphy, a new exhibition at the Geoffrey Bawa Space, explores the history, culture, and future of letterforms across Sri Lanka’s three official languages. Presenting the decade-long practice of Colombo-based type foundry Mooniak, it examines how decisions about the digitisation of Sinhala, Tamil, and Latin scripts impact legibility and carry deep consequences for who is seen, who is heard, and whose language endures.
Writing systems carry human thought and knowledge across time and space. Letterforms can become a form of cultural artefact, unique graphic symbols representing identity and belonging. Today, these inherited letterforms often take shape as digital fonts, their design demanding fluency across history, aesthetics, linguistics, and technical standards. Akurugraphy asks audiences to look at letterforms beyond the act of reading: to appreciate their form, trace their past, and consider the decisions that impact their future.
Akurugraphy brings together typographic specimens, archival material, and software development spanning Mooniak’s full body of practice. It is a celebration of letterforms as art and an examination of the technical and political stakes of designing scripts for the digital age. As part of the exhibition, the Geoffrey Bawa Space will host a programme of monthly talks, curatorial tours, workshops, and children’s programmes.
Akurugraphy is open Wednesday through Sunday, 10:30 a.m. – 5:30 p.m., and will be on view until 8 November 2026. The exhibition is designed to be accessible and welcoming to all visitors. The Geoffrey Bawa Space offers step-free access and wheelchair accessible facilities. Tactile elements are available throughout the exhibition. More information is available at geoffreybawa.com/akurugraphy .
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