Business

People’s Bank achieves LKR 92.7 billion in Consolidated Gross Income in Q1-2024

Published

2 years ago

2024/05/31

The People’s Bank reported total consolidated operating income of LKR 20.4 billion and post-tax profit of LKR 2.5 billion, for Q1-2024. Excluding the impact of exceptional adjustments in view of greater prudence considering current macro-economic circumstances, these figures on a normalized basis were otherwise LKR 28.4 billion and LKR 6.6 billion, respectively, reflecting a growth of 18.2% and 35.8%, People’s Bank press release said.

The release added: ‘Consolidated net interest income rose to LKR 16.1 billion during the quarter from LKR 15.3 billion in the same period 2023. On a normalized basis, excluding the impact of any exceptional items, consolidated net interest margins improved to 3.0% from 2.0% during 2023 reflecting the reducing term deposit cost of funding. Consolidated net fees & commissions amount to LKR 3.8 billion – representing a 14.7% growth on a like for like basis. Total consolidated operating expenses amounted to LKR 17.6 billion (2023: LKR 14.4 billion).

‘Total consolidated customers deposits touched LKR 2,808.3 billion (end 2023: LKR 2,745.2 billion) whilst net loans amounted to 1,845.4 billion (end 2023: LKR 1,823.8 billion). The impaired loan ratio also showed improvement relative to end 2023. Total consolidated assets reached LKR 3,264.5 billion at period end (end 2023: LKR 3,208.2 billion).

‘The Bank’s total Tier I and Total Capital Adequacy Ratios were 11.5% and 16.1%, respectively at March 31, 2024 (end 2023: 12.4% and 17.4%) whilst, on a consolidated basis, it was 12.9% and 17.2%, respectively (end 2023: 13.7% and 18.2%). The Bank’s solvency levels continue to remain sound. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently in process.

‘Commenting on the results of the Bank and the Group, the chairman of People’s Bank, Sujeewa Rajapakse, stated that: “We are pleased with the steadfast progress made by the Bank on many fronts even amidst interim pressures stemming from the yet ongoing – and likely to be soon concluded – debt restructuring initiatives of the government of Sri Lanka. We reasonably expect that these pressures will normalize in the near term with the support of all key stakeholders. Notwithstanding, the Bank has yet again demonstrated its strength, resilience and capacity to deliver positive growth across all core operating metrics even amidst such limiting circumstances.

‘Looking ahead, whilst navigating the challenges which naturally exists in a reviving macro-economic context – we remain focused on innovation, collaboration, and the drive for forward movement across all aspects of our business, ensuring that we continue to play our leading role in any and every way possible in the country economic revival”

‘Commenting on the results, the Bank’s Chief Executive Officer/ General Manager Clive Fonseka, stated that: In the face of unforeseen challenges, our team has once again demonstrated its resilience, adaptability, and unwavering commitment. Our first-quarter not only show cases our ability to grow amidst challenges but importantly, the strength and resilience of our business.’

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Business

SLT-MOBITEL turnaround signals new era for SOEs, says deputy minister

Published

57 mins ago

2026/03/30

Thilina Walpola

The panel discussion led by Deputy Minister of Digital Economy Eng. Eranga Weeraratne (centre) with SLT MOBITEL’s top management Pic by Nishan S. Priyantha

The era of privatising loss-making state-owned enterprises may be drawing to a close, with SLT-MOBITEL emerging as proof that strategic management can deliver profitability without a change in ownership, Deputy Minister of Digital Economy Eng. Eranga Weeraratne said.

“There was a massive public outcry asking the previous governments to sell the loss-making state-owned enterprises. Now it is not there as it was used to be heard,” Weeraratne said. “SLT-MOBITEL has proven that the proper management strategy can turn any loss-making SOE into profit. Gone are the days we heard ‘sell, sell, sell’.”

The remarks came as Sri Lanka’s national ICT provider reported a decisive financial turnaround in FY 2025, driven by disciplined cost management, operational efficiency, and steady growth across fixed and mobile businesses.

The company has simultaneously rolled out a pioneering 24/7 operational model – the industry’s first – with 14 Outside Plant Maintenance Centres operating round-the-clock in metro areas, Kandy, and Jaffna to ensure uninterrupted connectivity.

“Our strong financial results reflect the resilience of SLT-MOBITEL and the trust customers place in us,” said Dr. Mothilal de Silva, Chairman, SLT Group. “With the roll-out of the 24/7 OPMC operations, we are raising the bar for service reliability.”

SLT-MOBITEL has also made 5G publicly available in Sri Lanka and continues to support the Ministry of Digital Economy with secure data centre infrastructure, reinforcing its role as a catalyst of national development.

By Sanath Nanayakkare

Business

Kia Tasman arrives in Sri Lanka: A pickup built for work and comfort

Published

57 mins ago

2026/03/30

Thilina Walpola

Kia Motors Lanka has launched the all-new Kia Tasman, the brand’s first-ever pickup truck – engineered to redefine the double cab segment by combining rugged capability with SUV-like refinement.

Built on a robust body-on-frame platform, the Tasman offers best-in-class strength with a payload capacity of 1,151kg, towing up to 3,500kg, and water wading up to 800mm. Advanced 4WD systems and terrain modes ensure unmatched off-road performance.

Inside, the cabin surprises with best-in-class rear legroom, sliding and reclining rear seats – a segment-first – and a panoramic display with premium Harman Kardon sound.

“This is a vehicle conceived without compromise,” said Kia Motors Lanka Chairman Mahen Thambiah. “For customers who demand durability, capability, and everyday comfort, the Tasman delivers on every front.”

Business

Chief Risk Officers rise globally to drive smarter risk-taking while Sri Lanka’s boardrooms remain silent

Published

1 hour ago

2026/03/30

Thilina Walpola

As geopolitical tensions, economic volatility, and technological disruption reshape global markets, the Chief Risk Officer (CRO) is emerging as a strategic pillar in boardrooms worldwide. In Sri Lanka, however, the role remains largely absent.

Once confined to major banks, the CRO is now gaining traction across industries including finance, logistics, technology, and manufacturing. According to the 2025 Global Risk Survey by EY, nearly 78% of organisations now place risk management at the heart of strategic planning, signalling a shift from reactive crisis management to proactive risk leadership.

The CRO is tasked with identifying and preparing for threats to financial stability, operations, reputation, and compliance – ranging from cyberattacks and supply-chain disruptions to regulatory shifts and climate risks. “The CRO is no longer just the person who says ‘no’ to risky decisions,” a Singaporean banking executive said. “Today, the CRO helps companies take smarter risks and build resilience.”

The role’s growing importance will be highlighted at the upcoming Chief Risk Officer Conference (20–21 May 2026 in Singapore), organised by the Asian Bankers Association in partnership with Trueventus. Key topics include AI-driven risk modelling, geopolitical shocks, and ESG integration.

For Sri Lankan firms where risk functions are often distributed across finance, compliance, and audit – the rise of the CRO offers a clear signal. As an Indian risk consultant noted, “Companies today don’t just compete on profits. They compete on how well they manage uncertainty.”

By Sanath Nanayakkare