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Sampath Bank gears up for the future amidst economic challenges

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Amidst economic headwinds, Sampath Bank showcased robust financial performance in the nine months ending on September 30, 2023. The bank reported a noteworthy upsurge in profit before tax (PBT) by 136.4%, reaching Rs 22.0 billion, while profit after tax (PAT) soared by 71.5% to Rs 12.3 billion compared to the subdued figures of the corresponding period in 2022.

Financial Performance Overview

The bank witnessed several key highlights:

A 10.0% year-on-year growth in net fee and commission income.

Notable growth in total LKR deposits, surging by Rs 112 billion to reach Rs 996 billion by September 2023.

Significant improvement in Tier 1 and Total Capital ratios, increasing to 14.37% and 17.73% respectively by September 2023.

Fund-Based and Non-Fund-Based Income

Sampath Bank experienced a surge in gross interest income, reaching Rs 153.4 billion, attributed to increased lending rates despite a marginal 0.3% reduction in net interest income due to higher interest expenses.

Non-fund-based income, specifically net fee and commission income, rose by 10.0%, driven by various activities such as card services, trade, and electronic channels.

Impairment Charges and Conservative Provisioning Policy

The bank adhered to a conservative provisioning policy, posting a total impairment charge of Rs 14.4 billion, marking a 70.4% decline from the previous year. Notably, impairment charges for loans and advances decreased by 66.9%, accompanied by an increased provision cover of 13.5% by September 2023.

Operating Expenses and Taxation

Operating expenses rose by 18.8% due to inflation-induced price increases, currency depreciation, and increased taxes. The total effective tax rate escalated to 57.1% owing to increased tax rates and the introduction of the Social Security Contribution Levy (SSCL).

Key Ratios and Capital Adequacy

Return on Average Shareholders’ Equity increased to 12.49%, while Return on Average Assets stood at 2.15% by September 2023. Additionally, capital adequacy ratios improved significantly, exceeding regulatory requirements.

Assets, Liabilities, and Awards

Total assets surged by Rs 161 billion, primarily due to investments in Government Securities. Loans decreased by Rs 55 billion, while deposits grew to Rs 1.21 trillion, showcasing an increase of Rs 110.1 billion.

Sampath Bank’s resilient performance earned it the prestigious title of “Best Bank in Sri Lanka for 2023” at the Euromoney Awards, acknowledging its exceptional performance amid challenging conditions.

In conclusion, Sampath Bank demonstrated resilience and growth in the face of economic challenges, maintaining robust financial performance, conservative provisioning, and commitment to excellence, earning prestigious recognition in the banking sector.



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Samagi Spice Exports to launch Ceylon Cinnamon based beverage range

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The SPICEUP range of Cinnamon based beverages being launched by Samagi

Samagi Spice Exports (Pvt) Ltd is set to introduce SPICEUP, a new Sri Lankan  beverage brand, at its grand launch on Saturday 17 October 2026 at the University of Ruhuna, Matara.

With a history dating back to 1969, Samagi Spice is taking a new step in its business journey by  expanding beyond traditional spice exports into value added consumer products.

Through SPICEUP, the company aims to connect Sri Lanka’s internationally recognized cinnamon heritage with contemporary beverage innovation, creating a distinctive identity in the country’s beverage market.

The SPICEUP range will feature a variety of products, including Original, Cream Soda, Power, GO, Cool, Burn, Memo+ and Zingy. Designed to offer consumers a range of refreshment experiences, the products will be available in two packaging formats: cans and plastic bottles, catering to different consumer preferences and occasions.

At the heart of the initiative is the potential of true Ceylon cinnamon as a value-added ingredient in the beverage industry. Rather than limiting cinnamon to its traditional uses, SPICEUP seeks to explore new opportunities for bringing this iconic Sri Lankan spice into everyday consumer experiences.

 The initiative also highlights the broader potential of transforming the country’s agricultural resources into innovative products with commercial value.

The launch ceremony will be attended by legendary Sri Lankan cricketer Sanath Jayasuriya as the Chief Guest, alongside representatives from the Export Development Board (EDB), Industrial Development Board (IDB), Cinnamon Research Academy and other industry  stakeholders.

A major highlight of the occasion will be the official unveiling of the SPICEUP product range, followed by the launch of the brand’s official website. The event will also feature the signing of a Memorandum of Understanding (MoU) between Samagi Spice Exports and the University of Ruhuna, marking an important step towards strengthening collaboration between industry and academia.

The proposed collaboration will provide a platform for future research, product innovation and value addition involving true Ceylon cinnamon. By bringing together business expertise and university-based knowledge, the initiative aims to support the development of innovative, value-added products and contribute to Sri Lanka’s potential in international markets.

With its roots in the country’s spice industry and its ambitions in the beverage sector, SPICEUP is poised to begin a new chapter in Samagi Spice’s journey—one that seeks to bring the distinctive identity of Ceylon cinnamon to a new generation of consumers.

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Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market

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T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL)

By Sanath Nanayakkare

Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.

Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.

He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.

“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.

Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.

Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.

Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.

Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.

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SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline

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SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.

Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.

Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”

Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.

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