Business
Pan Asia Bank ready to leverage on economic revival amidst external challenges; posts steady 1H performance
Pan Asia Banking Corporation PLC reflected a steady performance amidst a multitude of adversities emerging from challenging macro-economic conditions as the Bank reported its financial performance for 2023 1H, which showed judicious portfolio management and prudence exercised in dealing with possible fallout on its asset quality from under high interest rate regime. For the six-month period ended 30th June 2023, the Bank reported a Pre-Tax Profit of Rs. 1,516 Mn, which is 206% increase compared to corresponding period last year, mainly due to increased trading gains from government securities, reduced exchange losses and reduced impairment charges.
The Sri Lankan economy has experienced some positive signs of gradual economic recovery and a measure of stability in macro-economic factors compared to the previous period, with the appreciation of LKR against USD and the IMF bailout followed by the Domestic Debt Optimization (DDO) announcement. The Impairment charges for 2023 1H came down by 31% compared to the comparative period due to steady collection and recovery efforts and contraction in loan book during the period under review. Meanwhile, the management maintained the LKR equivalent of the impairment provisions made on SLISBs and SLDBs without a significant change during the period under review, despite the appreciation in LKR against USD during 2023 1H with the expectation of possible adverse outcomes of the on-going government external debt restructuring programme.
The interest income for 2023 1H rose by 73% due to increased market lending rates that prevailed during the period under review compared to 2022 1H and the re-pricing effect of facilities in response to the market conditions. Further, the significant volume growth in Pawning and Short-Term Loans (YoY) also contributed to the increase in loan related interest income. Apart from that, the interest income from Rupee denominated securities of the Government of Sri Lanka has also gone up significantly due to both increase in investments in Rupee Treasury Bills and high interest rates offered on such new investments compared to the previous period.
The interest expense for 2023 1H has also gone up significantly by 148% due to the steep increase in deposit rates, re-pricing effect of deposits as a response to the market conditions and growth in deposit base. Consequently, the Net Interest Income declined by 12% to Rs. 4,552 Mn during the period under review from Rs. 5,155 Mn in the corresponding period due to higher growth in interest expense than the growth in interest income.
The Bank’s Net Fee and Commission Income declined by 26% mainly due to a drastic reduction in fee income generated from loans and advances due to weak demand for credit which resulted from the high interest rate regime and other less supportive macro-economic environment that prevailed during the period under review.
The Bank reported a reduction in Other Operating Losses due to reduced exchange losses on impairment charges for loans and advances and other financial assets due to the appreciation of LKR against USD during 2023 1H which also contributed for the growth in Total Operating Income in 2023 1H. This is due to the presentation of the impact of the currency fluctuations on impairment charges on FCY loans and advances and other FCY financial assets under Other Operating Income/(Losses) in the Income Statement. (Pan Asia Bank)
Business
Kandy teen martial artist Dunila Amunugama rising through ranks
Kandy-based 18-year-old martial artist Dunila Deneth Amunugama is emerging as a rising talent in Sri Lanka’s combat sports arena, driven by nearly a decade of disciplined training and growing competitive exposure.
Amunugama began his martial arts journey around nine years ago and has since trained across multiple disciplines, including Kyokushin Karate, boxing, mixed martial arts (MMA) and kickboxing. He says Kyokushin Karate remains his foundation and preferred discipline, crediting it for instilling discipline and mental strength.
He trained under Sensei Nalin Sri Bandara during his formative years and attained his Black Belt 1st Dan on September 15, 2025, marking a key milestone in his progression.
Amunugama has competed at national-level Kyokushin Karate tournaments and organisational meets, while also participating in referee seminars conducted under Sri Lanka Karate-Do, further broadening his technical understanding of the sport.
In addition to his sporting pursuits, he is a biomedical engineering student at ESU Campus, Kandy, and an alumnus of Green Hill International School. He is also engaged in voluntary service with the Sri Lanka Red Cross, balancing academics, sport and community work.
Beyond competition, Amunugama has stepped into coaching, training young students and sharing his experience with the next generation of martial artists.
His international exposure includes participation in martial arts programmes in Dubai and Abu Dhabi, which he says helped him gain broader insight into global training standards.
Looking ahead, he aims to compete in KFL events and MMA championship bouts, with ambitions of reaching higher competitive levels and representing Sri Lanka on the international stage.
“Martial arts is not just about fighting, it is about discipline, respect and continuous growth,” Amunugama said.
Pix and text by SK Samaranayake
Business
WEAIR set to launch cargo operations to boost Lanka’s regional links
A new Sri Lanka-based cargo airline, WEAIR, is set to enter the country’s aviation sector later this month, aiming to boost regional air freight capacity and strengthen Colombo’s position as a South Asian logistics hub.
The airline has entered into a strategic operational partnership with a Ukraine-based cargo carrier holding a valid Air Operator Certificate (AOC), which will initially support flight operations under a Foreign Air Operator Certificate (FAOC) arrangement until WEAIR secures its own Sri Lankan AOC.
WEAIR Chief Marketing Officer Indrajit Joseph said the arrangement would ensure regulatory compliance and uninterrupted launch operations, following an earlier plan to commence services by end-May.
Backed by Luxembourg-based IOTC, the carrier is positioning itself as a next-generation cargo operator, with Group CEO Thinesh Ganeshakumaran at the helm. The airline is scheduled to commence operations on 28 May 2026.
Industry officials said the entry of a dedicated cargo carrier marks a significant shift for Sri Lanka’s logistics sector, which has traditionally relied on passenger belly-hold capacity and foreign operators.
WEAIR said it plans to improve reliability and capacity for time-sensitive shipments including apparel, perishables, pharmaceuticals and e-commerce goods, while linking Colombo with key destinations across South Asia, the Middle East and Southeast Asia.
Initial operations will be carried out using a Boeing 737-800 freighter, with a phased fleet expansion programme planned.
The company has also indicated long-term ambitions including a potential Colombo Stock Exchange listing by 2029 and future expansion into passenger aviation services.
Business
NSB takes digital banking to the streets
The National Savings Bank has launched an countrywide digital banking drive aimed at promoting financial inclusion and accelerating the country’s transition towards a cashless economy.
The campaign, which combines town-storming initiatives with digital literacy programmes, seeks to raise public awareness on the convenience, safety and accessibility of digital banking services, with special emphasis on NSBPay and NSB QR payment platforms.
NSB said the initiative aligns with the national vision of advancing digital transformation and expanding access to banking services, particularly among underserved communities and small businesses.
The bank has already conducted activations across key locations in the Southern and Western Provinces, including the Colombo Fort Railway Station and Liberty Plaza, where large numbers of customers were introduced to digital banking services through hands-on demonstrations and real-time onboarding assistance.
According to NSB, the campaign has generated encouraging public response within its first six days, with growing interest in mobile banking applications and QR-based payment systems.
A key feature of the initiative is the promotion of NSB QR payments in support of the government’s efforts to build a digitally connected and cashless economy. The system enables customers to make secure payments by scanning QR codes through mobile devices, reducing dependence on cash transactions.
The campaign also focuses on onboarding small and micro-scale merchants in busy commercial areas to the digital payment ecosystem.
NSB said its on-ground engagement strategy includes live demonstrations, assistance with app registrations and practical QR payment experiences aimed at building public confidence in digital banking technologies.The bank said the initiative forms part of its broader commitment to innovation, accessibility and inclusive banking services across Sri Lanka.
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