Business
Seylan Bank reports impressive 1H 2023 profitability and strong growth
Seylan Bank, has demonstrated exceptional resilience and growth in challenging market conditions, recording an impressive Profit before Tax (PBT) of LKR 4.2 billion, a 104.65% increase for 1H 2023 compared to the same period in 2022. In addition, the Bank achieved a commendable Profit After Tax (PAT) of LKR 2.6 billion, a 71.29% growth over the corresponding period in the previous year.
The Bank’s strong financial performance is highlighted by key indicators that underscore its pledge to excellence and sustainable growth. The Bank maintained a healthy liquidity position with adequate buffers in terms of liquidity and capital for future growth.
The Overall Statutory Liquid Assets Ratio was 32.30% as of 1H 2023, ensuring the ability to meet and exceed regulatory requirements and support operations effectively. Additionally, reflecting its commitment to maintain a robust financial foundation, Seylan Bank continues to be well capitalized, boasting a Total Capital Adequacy Ratio of 15.51% as of 1H 2023. Demonstrating a further prudent approach is the well-maintained Common Equity Tier 1 Capital Ratio at 11.85%.
Notably, Seylan Bank’s Net Interest (NII) Income increased by 21.47%, reaching LKR 20.5 billion, while Net Interest Margin remained steady at 6%. The Bank’s net fee-based income also experienced robust growth of 26.72%, amounting to LKR 3.5 billion, driven by increased earnings from Debit and Credit Card Related Income, Commission on Guarantees, and remittances.
Seylan Bank’s total operating income recorded a notable growth of 13.31%, totalling LKR 24.6 billion for the first half of 2023. This impressive trajectory can be attributed to the Bank’s strategic focus on enhancing Net Interest Income, Net Fee and Commission Income, and other contributing factors.
While the Bank witnessed a reduction in certain income categories due to fluctuations in foreign exchange rates, Seylan Bank remained steadfast to optimizing its cost structure. The total Expenses have increased by 25.88%, reflecting measures taken to enhance employee benefits and adjust to changes in the economic landscape. Despite these challenges, the Bank remains steadfast in implementing cost-efficient strategies to maintain operational excellence.
A key highlight of Seylan Bank’s performance is the prudent management of impairment charges, which decreased by 15.88% from the previous year. The Bank’s commitment to maintaining adequate provisions to reflect changes in the global and local economy, customer credit risk profiles, and loan portfolio quality and expanded recoveries structure are part of its meticulous approach.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Rivon Agriglobe introduces ZETOR tractors, Rover e-bikes
Rivon Agriglobe and Rivon Lanka, affiliated with Celogen Lanka, Assidua Technologies and Kelun Lifesciences, have introduced ZETOR and Agriglobe tractors, the Z-Tukoba power tiller and Rover electric motorcycles to the Sri Lankan market.
The new range was launched at a special event held on September 4 at the Sannasa Hotel in Dambulla, attended by more than 120 dealers from across the country.
The event was graced by Nalin Welgama as Chief Guest, together with Rishi Kumar, Managing Director; WH Roshan, Finance Director; Sadish Kumar, Director; Sumith Nandana, General Manager; Suresh Dhammika, Head of Sales; and Jayasuriya, Operations Manager.
The agricultural machinery range includes the 50-horsepower ZETOR HORTUS 50 and Agriglobe 50 tractors and the Z-Tukoba power tiller, offering what the company described as European-engineered technology for Sri Lankan farmers.
The launch also featured the recognition of Rover E-Bike dealers, highlighting the company’s efforts to expand its island-wide dealer network and promote electric mobility.
The companies said the new models would be available through their growing dealer network across Sri Lanka, providing customers with access to agricultural machinery and electric motorcycles.
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