Business
NSB announces ‘strong recovery in 2023’, despite challenges
The National Savings Bank (NSB) announced a robust recovery as reflected in the 2023 annual report, which was presented to President Ranil Wickremesinghe. Despite operating in a challenging economic environment, the NSB has demonstrated significant resilience and growth.
An NSB press release said: ‘This impressive performance underscores the Bank’s commitment to financial stability and growth, even in the face of adverse economic conditions. The management attributes this success to strategic planning, operational efficiency, and a steadfast focus on customer service.
‘The National Savings Bank, the largest Licensed Specialized Bank in Sri Lanka is pleased to present its Integrated Annual Report – 2023, themed “Shaping our Mettle”, reflecting its performance within the framework of the economy and its relationship to the social and environmental facets. At our core, we are an institution committed to fostering a healthy, sustainable, and secure savings protocol for all people of the Nation. Today, the Bank stands as one of the country’s strongest and safest financial institutions.
‘Following the concept of concise communication about the Bank’s performance, strategy, governance, and prospects in the context of its external environment, the report contains comprehensive insights about managing capital inputs and value creation process over the short, medium, and long term, towards its stakeholders and a detailed analysis of the Bank’s corporate governance, risk management practices and statutory reports along with external auditor’s opinion and annual financial statements for the year ended 31st December 2023.
‘The Annual Report of National Savings Bank 2023 was officially presented to President Ranil Wickremesinghe and the Minister of Finance, Economic Stabilization, and National Policy, by the chairman, NSB, President’s Counsel, Dr Harsha Cabral, and to the President’s Secretary,. Saman Ekanayake, by the General Manager/CEO, Ms. Shashi Kandambi, on May 28, at the Presidential Secretariat.
‘We are navigating through challenges of internal and external drivers, interdependencies, and trade-offs that influence our ability to create value for our stakeholders in the short, medium, and long term. NSB rose to the fore amidst these unprecedented challenges faced by Sri Lanka, delivering a stable performance for its stakeholders and supporting its customers during turbulent times to build confidence and ensure financial security. The Bank is geared to provide sustainable performance under the strong leadership of the Chairman, President’s Counsel, Dr. Harsha Cabral, the Board of Directors, GM/CEO Ms. Shashi Kandambi, and the Management of the Bank, with an approach towards excelling in digitalization.’
Business
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
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