Business
HNB Group records sustainable growth in 2024
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Hatton National Bank PLC (HNB) posted robust overall performance in the year 2024, demonstrating marked improvement on all fronts. Group Profit After Tax (PAT) improved to Rs 44.8 Bn in 2024, up from Rs 23.6 Bn in 2023 while Bank’s PAT increased to Rs 41.3 Bn, compared to Rs 20.3 Bn in the previous year.
Commenting on the performance in 2024, Nihal Jayawardena, Chairman of HNB PLC stated that “with the improving economic landscape in 2024 providing the impetus for renewed business confidence and financial sector expansion, HNB leveraged its strong foundation to prove its leadership in the local banking industry. HNB’s solid capital position, strong liquidity, and digital-first strategy, enabled the Bank to respond swiftly to emerging opportunities for business expansion, culminating in to an exceptional financial performance in 2024. I would like to extend my heartfelt gratitude to all our stakeholders for their continuous support and for the trust and confidence placed in us during good and bad times”.
Bank recorded an impressive 11.3% YoY growth in loans and advances during 2024. Despite the growth in loan book, interest income of the Bank experienced a YoY decline of 21.6%, primarily due to the gradual relaxation of monetary policy, which led to the average yields on loans and government securities dropping by nearly 45% in 2024 compared to 2023. However, the decrease in net interest income was moderated towards the latter part of the year, as the reduction in interest expenses outpaced the drop in income, owing to lower rates and the focus on driving CASA deposits.
Net fee and commission income of the Bank saw a notable YoY increase of 12.7% to Rs 17.8 Bn. Growth in fee income was driven primarily by the growth in transactional volumes across digital platforms and card services compensating for the drop in commission income from trade services. Trade commission dropped by over 25% YoY despite notable growth in trade volumes as the tariffs continued to adjust downwards reflecting higher foreign currency liquidity amongst the banks. The appreciation of the Sri Lankan rupee against the dollar resulted in an exchange loss of Rs 2.9 Bn.
The gradual improvement of the economic environment supported by the concerted efforts on rehabilitation and recovery efforts led to much improved asset quality. This resulted in positive movements in both stage 2 and stage 3 loans. Nevertheless, on a prudent basis the Bank recognised a total impairment of Rs 11.5 Bn on loans and receivables. Accordingly, the Bank’s Net Stage 3 ratio improved to 1.88% from 3.76% in the previous year, while the Stage 3 Provision Coverage ratio improved to 74.4%, from 57.5% in 2023.
Business
Barista rendering coffee ‘cool’ for Sri Lankans
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By Ifham Nizam
Barista, one of Sri Lanka’s most prominent coffee brands, is on a mission to make coffee a staple in every Sri Lankan’s life, says its CEO Dilupa Pathirana.
In an interview with The Island Financial Review, Pathirana outlined the company’s plans to continue its rapid expansion, bringing the coffee culture to every city across the island.
“We want to make coffee a social, accessible beverage that fits into every part of life, said Pathirana. “Whether you’re studying, working, meeting a friend, or just relaxing, we want coffee to be there. The vision is simple – we aim to make coffee a part of everyday life in Sri Lanka.”
Barista, which has been on a remarkable growth trajectory, currently operates over 75,000 square feet of café space across Sri Lanka and is now expanding its reach beyond Colombo. With outlets popping up in cities like Kandy, Sigiriya and Kurunegala, Barista is determined to bring quality coffee to every corner of the island.
The company’s expansion is not just about serving coffee; it’s about creating a community. “We are not just selling coffee; we are offering a place for people to connect, work, and grow, Pathirana shared; “Every outlet is designed to be a community hub, where people can relax, meet, or get some work done.”
In addition to its cafes, Barista is also leading a cultural shift, helping younger Sri Lankans embrace coffee as a part of their lifestyle. Pathirana credits the company for significantly influencing coffee culture in Sri Lanka over the past several years, saying, “If you talk about coffee culture in Sri Lanka today, it wouldn’t have happened without us. We made coffee cool for young people.”
The company’s mission goes beyond just providing coffee. Barista’s franchising model ensures that each outlet is equipped with the full Barista experience—from high-quality coffee and food offerings to consistent training for staff. “We provide full support to franchisees, from design to operations, and even recruitment, said Pathirana. “Everything is designed to ensure that every Barista outlet provides a consistent, high-quality experience.”
Despite the challenges of operating in Sri Lanka’s fluctuating economy, Barista remains focused on providing affordable and accessible coffee. “Our strategy is clear—make good coffee available to everyone. By keeping prices reasonable and outlets in high-traffic areas, we ensure that our coffee is within reach of the general public.”
Looking to the future, Pathirana remains optimistic about Barista’s growth and the potential to continue building a coffee culture that resonates with people of all ages. “We’re just getting started,” he concluded. “Sri Lanka has embraced coffee, and we want to be there every step of the way.”
For Barista, CSR is not a temporary project nor something to boast about in annual reports; it is embedded in the core philosophy of the business. Pathirana emphasized that even in times of adversity, such as the negative profits in 2017-18 and the global pandemic, the company initiated impactful CSR campaigns like the “Share a Meal” initiative. The campaign, which aimed to support SOS children, was launched when the company was struggling, yet Barista managed to raise Rs. 350,000 despite the lack of profits.
Business
Atlas wins Gold and Bronze at the Effie Awards ‘24 for Atlas Max
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Atlas, the leading learning brand in Sri Lanka, is proud to announce its outstanding achievement at the prestigious Effie Awards 2025, securing both a Gold and a Bronze award for its impactful campaign, ‘Write Fast with Atlas Max.’ The awards ceremony held recently recognised Atlas’s innovative efforts in redefining the writing experience for students and youth. This further solidifies its position as a leader in Sri Lanka’s learning landscape.
Atlas Max’s campaign excelled at the Effie Awards by winning the Gold Award in the Education and Training category for improving the learning experience with its high-performance pens. Additionally, it secured the Bronze Award in the Youth Marketing category by winning over teenagers and establishing itself as the ultimate writing companion for speed and reliability.
Commenting on this achievement, Mr. Randika De Silva, Head of Marketing at Atlas Axillia Co Pvt Ltd., said, “We are deeply honoured to receive this recognition at the Effie Awards 2025. At Atlas, our commitment is to make learning fun & enjoyable for students at every stage of their learning journey, and this accolade stands as a testament to our purpose.”
Further elaborating on this prestigious achievement, Mr. Ashan Wickramasinghe, Senior Brand Manager at Atlas Axillia Co Pvt Ltd., added, “Atlas Max is a product dedicated to supporting schoolchildren by delivering innovative solutions that enhance their learning process. This award reflects our efforts to develop products that simplifies writing and helping students learn more efficiently.”
Business
Kaspersky reports nearly 900 million phishing attempts in 2024 as cyber threats increase
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Kaspersky’s security solutions blocked over 893 million phishing attempts in 2024 – a 26% increase from 2023, when the total stood at nearly 710 million. The surge in attempts between May-July is traditionally tied to the holiday season when fraudsters frequently try to lure travelers with scams involving fake airline and hotel bookings, deceptive tour packages and too-good-to-be-true offers.
Experts observed a range of phishing and scam schemes aimed at stealing data, money and installing malicious software. In 2024, cybercriminals often mimicked the websites of well-known brands like Booking, Airbnb, TikTok, Telegram, and others. One ongoing campaign, for example, has been targeting TikTok Shop users. Cybercriminals created fake login pages designed to steal sellers’ credentials. Additionally, scammers capitalized on trending news, orchestrating fraud schemes involving the hype topics, for example cryptocurrency game Hamster Kombat and TON wallets.
Fraudulent schemes also tended to capitalize on fake celebrity images in 2024, falsely promoting giveaways of valuable prizes to fans that were never delivered. The trend persists in 2025.
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