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Cargills Bank posts Profit before Tax Rs. 1,150 Million for the year ended 31 December 2024, a 58% increase

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Cargills Bank’s results for the year ended 31 December 2024 reflected a YoY increase of 48% in profitability. Profit after tax at Rs. 651 Mn for the year 2024 was higher by Rs. 211 Mn compared to 2023. Net interest income of Rs. 3.589 Bn was a marginal increase of Rs. 208 Mn in the year 2024 compared with 2023. The Bank continued to focus on repricing of deposits and advances to reflect the market conditions and to manage the NIM in an optimal manner. The marginal increase in NIM is attributable to this proactive approach in the decreasing interest rate regime.

Net fee and commission income of Rs. 894 Mn for the year ended 31 December 2024 recorded Rs. 96 Mn growth in comparison with the previous year. Concerted efforts to improve trade volumes, card-related fee income and improved remittance income were among the main contributory factors for this growth of 12% recorded.

Additionally, net gains from financial assets at fair value through profit or loss grew by Rs. 11 Mn to reach Rs. 276 Mn in the year of 2024. Capital gains realized on derecognition of financial assets boosted other income streams by Rs. 493 Mn in the period under review to reach Rs. 670 Mn. Net other operating dropped by 76% to Rs. 61 Mn largely due to reduction in foreign exchange gains recognized during the year under review.

Total operating expenses increased by 11% from Rs. 2.892 Bn last year to Rs. 3.198 Bn. Personnel expenses increased by 24% largely due to adjustments to salary and welfare benefits considering increased costs of living over the last few years and market conditions. Other operating expenses grew by 4% largely due to increased utility-related operating expenses and marketing costs.

Impairment charges totaling Rs. 607 Mn reflected a decrease of 28% from Rs. 849 Mn in the year 2024 partially due to the need for management overlay provisions being lower subsequent to a careful scrutiny of the status of borrowers and considering the improved macro-economic environment. The Bank’s Stage 3 Loans (net of Stage 3 Impairment) to Total Loans Ratio stood at 8.74% while Stage 3 Provision Cover was 46.79% as at 31 December 2024.

The Bank maintains Capital Adequacy and Liquid Assets Ratios well within the minimum requirements prescribed by the Central Bank. The Total Capital Ratio was at 22.44% while all liquidity related ratios were well above the regulatory minimum.

Total assets of the Bank as at 31 December at Rs. 80.3 Bn, an increase of 15% or Rs. 10.3 Bn during the year. The loan book posted a moderate growth of 14%, from Rs. 40.6 Bn to Rs. 46.1 Bn, given conditions prevailing. Financial Assets measured at fair value through other comprehensive income grew by 26% to reach Rs. 22.4 Bn. Net loss of Rs. 411 Mn was reflected in Other Comprehensive Income. Customer Deposits grew by 17% to Rs. 59.4 Bn at the reporting date from Rs. 50.7 Bn at the end 2023 amidst continued reductions in market interest rates.

Mr. Richard Ebell who served on the Bank’s Board as Chairman retired on 02 July 2024 in compliance with the Banking Act on Corporate Governance for licensed commercial banks issued by the Monetary Board of the Central Bank. Mr. Ebell completed nine years in the Bank Board having been appointed in 2015. Mr. Asoka Pieris, who served as Deputy Chairman was appointed as the Chairman of the Bank, with effect from July 3, 2024.



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SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure

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SLT-MOBITEL marks its triple triumph at the National Business Excellence Awards 2026

Corporate accolades underscore the alignment between its operational excellence and national development

In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.

Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.

Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.

“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.

Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.

However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.

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Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement

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The panel discussion at the engagement

Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.

The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.

In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.

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American Premium Water strikes Gold at Dragons of Sri Lanka 2026

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The achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories.

American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.

Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.

For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.

Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.

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