Business
Vintage Vignettes from the Life and Times of Upali Wijewardene
Extracts from the book titled ‘Vintage Vignettes’ by
Vinodh Wickremeratne, which provides some interesting recollections of the life and times of Philip Upali
Wijewardene, Founder and Chairman of the Upali
Group of Companies, the first multinational business in Sri Lanka.
Continued from yesterday
I suggested what about a Link connecting the Matara-Kamburupitiya motorway at a mid-point with Tangalle.
UW gave the thumbs up.
IF I WERE A RICH MAN
UW said ‘I can personally UPGRADE Kamburupitiya to a MODERN place after but, since I am NOT RICH ENOUGH to build Railways and Motorways, ‘I will get DBS (Development Bank of Singapore), the ADB or EX1M BANK of Japan to fund them.
Because of Trade Unions and Inland Revenue Policies, sometimes LIFE is not worth living’
‘When ready, Vinodh go to Sri Lanka and recommend the trains I should buy’. Also. the structure of OPERATIONS with regard to maintenance, safety, management and revenue’.
‘Remember, NO CONNECTION with the Government railway, otherwise same FR -AR and UNIONS, so I will I give to a Japanese outfit or to KTM’.
.’We need only two Electric train sets and a SPARE. Also, similarly styled Aviation fuel carriers and freight carriers to transport raw material and finished products to and from the Kamburupitiya EPZ’.
Additionally, a few container FLATS.
I envisaged the Japanese gauge of 3′ 6″ or METRE Gauge, as this would ISOLATE from the Government system, for transporting containers a WELL type wagon to lower the Centre of gravity.
SLS FOR A FEW DOLLARS MORE Ennio Morricone
UW said ‘High time we change over the RUPEE and use LANKA DOLLARS if we want to be DEVELOP rather than ‘Developing for ever’. ASEAN is considering us for membership.’
(Malaysia had DOLLARS in their WAKE UP era.)
PILGRIMS’ PROGRESS John Bunyan
KAMBURUPITIYA to have the HIGHEST STANDARD OF LIVING with Air Conditioned schools, a University, State of the art hospitals, Supermarkets, TELEPHONES, electricity and running water in EVERY HOME
UW mentioned ‘to achieve this, we need to ENCOURAGE Tourism and
INVESTORS by way of Attractions: Government licensed BEER and booze ANYTIME and ANYWHERE,’ More FOREIGNERS’ ONLY Casinos.
UW mentioned I don’t like strong Spirits or Beer, but a Glass of GOOD WINE always welcome. UW mentioned ‘I am not a Strong alcohol drinker, but to promote much needed TOURISM and since I am not an IDIOT, I will encourage Government licenced LIQUOR to be FREELY available’ .
‘Also, we must take a SLICE of Singapore’s share of NIGHT LIFE, so that we become a vibrant NIGHT destination.’
UW said ‘No harm in being a RICH country with a Strong economy’
UW was of the idea that GAMBLING needs to be regulated, like ONE BET for a DAY, otherwise a new generation of POOR would emerge.
I mentioned BAR licencees should have a mandatory holding area to keep intoxicated patrons from wandering about causing accidents.
Tao mentioned ‘You might TAKE the SHARE off Singapore prosperity’ .
‘So Upali won Sri Lanka come out from KAMPONG to METROPOLIS.’
MEN ONLY, GOOD COMPANIONS J.B. Priestley
UW mentioned ‘I have thought of a UNIQUE PRESENTATION like no other, may be reality in about five years, I have already spoken with I Keerthi, Aathma and Mangiboy, this will be named MANHUNT’ .
U W said ‘see Singapore clue to a NIGHT ECONOMY came from the Singapore
THIRD WORLD to the FIRST, I want Lanka to be like that.’ Then we Singhalese can have Pakistani drivers and BANGLA servants at home’.
(Sri Lanka ONLY sees the DARK SIDE of the NIGHT… in A WORLD OF ITS OWN)
KAMBURUPITIYA to have Zero unemployment, Zero garbage, zero Trade Unions, then the FACTORS OF SUCCESS are manageable.’
Cleaning the bazaars and the environs of Kamburupitiya to be given to a Singaporean firm.
Tao said’ Can you peoples MAINTAIN and SUSTAIN all these?’
A LITTLE MORE TO THE WEST – Cuthbert Calculus
UW said ‘I will aim for Cultural transformation, then, we can be a WESTERN setup’.
I chuckled, we are AHEAD of the West ONLY with G M T. If dont ape the West; we remain APES.
UW proclaimed ‘Kamburupitiya and the MATARA DISTRICT can TAKE OFF leaving Colombo IN THE DUST.
Kamburupitiya NEWSLETTER (Bilingual), ENGLISH classes, instilling CONFIDENCE to use Western type IN HOUSE bathrooms Kamburupitiya homes to have ATTACHED BATHROOMS in lieu of detached Toilets.
GREAT SCOTLAND YARD Thompson and Thomson Villagers had (if at all) A ATTACHED toilet, 3’x3,’ SQUAT land Yard.
CARRY ON ROUND THE BEND Sidney James AT YOUR CONVENIENCE
UW mentioned that he would be ordering 150 WESTERN type Sanitaryware sets with the required supporting plumbing and fittings.
GONE WITH THE WIND Margaret Mitchel, ClarkGable, Vivien Leigh.
In addition an Exhauster fan for each of the 10′ x 6′ bathrooms,
WHITE tiles for the floors and walls would also be provided. The idea is to make the householders ‘BATHROOM PROUD’.
Selectively DISABLED ASSIST bars would be installed as needed.
‘The pantry and the BATHROOM should be the measuring unit of DIGNITY’
UW mentioned he would incentivise women away from the TKB mentality, (Temple Kitchen Babies) as expressed by TAO.
‘If you return to Sri Lanka, you should be in the Finance & Planning Ministry or the Central Bank, not a GLORIFIED shop keeper in Fort’.
I can arrange that, Dickie aiya has mentioned that Ronnie is getting rusty and cantankerous, so I can REPLACE him.
GREAT EXPECTATIONS Charles Dickens Or at least you be CHAIRMAN of the KDA.
RUNNING IN THE FAMILY Michael Ondaatje
If you are not available, I have two nephews who show GREAT capability as they are GRANDSONS of Kamburupitiya.
LE RODNOC SAPA (with Apologies to PAUL and ART). We exchanged ideas that we enjoy being HAMMERED LIKE A NAIL at the IMF, go there repeatedly with the BEGGING BOWL and other practical observations.
We remained a further hour exchanging CRITICAL OPINION, UW said any overflow of PROSPERITY to be diverted to Kelaniya and Kundasaley,
I mentioned that Unions THRIVE on the POVERTY of the Working class.(Non-working on strike)
UW took out the STRAITS TIMES to have a look. (The Straits Times is read by ‘ordinary’ Singaporeans to consider STOCK OPTIONS in New York and London Exchanges.)
(We, with our ABUNDANCE of SCARCITIES, Koholla stuck Sons of the soil. WORMS can look at STUCK OPTIONS in the Dire is Straits Times)
We discussed with MY opinion that FREE education is misunderstood as Nidhahas Adyapaya when it should be Nomiley Adyapanaya.
We discussed that B.A is BAD Attitude and that the future MBA is Myths Bad Attitude, progressing to a PHD (Permanent Head Damage).
We discussed the MENTALITY of our Mahajanaya, any excuse for a Dhaney when they cannot FEED themselves, the Breadwinner when terminally ill is looked after with borrowed money, at death the funeral is on further LOANS, then a series of LAVISH Dhaneys getting further into DEBT.
Spend FREELY, then borrow freely, SPEND what was borrowed in the same FREE fashion. The interest on borrowed money is also met by borrowing further: INTERESTING!
‘PINATA and NAYATA culture must END’, I will personally conduct group discussions, aiming for Southerners to come out of POVERTY’.
UW Mentioned a paradigm change is needed. NO MORE DHANEYS from the Poor of Kamburupitiya.
No more KATINE poojas BY the POOR.
(KATINE POOJA is an EXTRAVAGANT extravaganza by the POOR with Drummers and dancers along with LOUD firecrackers waking sleeping neighbourhoods at 2.00 am)
UW and self discussed that Temple education should include INSTRUCTIONS on the correct side of the road to walk (I have seen parents walking on the LEFT with children hanging RISKED on the path of motor vehicles)
After TEMPLE or church people emerge intoxicated, fuddled and HALLUCINATED.
3K development (Kamburupitiya, Kelaniya and Kundasale) to be RICH places by Year 2000.
Kamburupitiya to be gifted 20 UMC Mazda Car & Fiats for FREE emergency hire with all Drivers given MOTOROLA Dynatacs.
�KUNDASALE area to be ADVANCED like Singapore, in addition with ;111 International CRICKET stadium, GOLF nearby and other modernities.
‘Only that WIJESIRI is a BIG problem.’
KANDY to remain a MUSEUM!
UW and self agreed that South Korea, Japan and Singapore are physically in the EAST but MENTALLY WESTERN.
YELLOW RIVER Christie
We discussed modernities for SEDAWATTA, I suggested that the sea has enough water, and that waters from the KELANI could be used to turn wheels for small industry, soft drinks and Beer, also irrigate Home gardens for Fruit and veg.
(Now in the BIYAGAMA and Ranala areas are bottling plants for LION BEER, Elephant Brand and COCA COLA).
YOU ARE THE SUNSHINE Johnny Cash; THE SUN ALSO RISES Ernest Hemingway
UW said, I am not a Zoroastrian, but the SUN has a lot of potential, that’s why my logo is the SUN. We can harness the sun for cooking, converting its HEAT for refrigeration, all SUMMA.
Tao said ‘Vinowh is vely diffllent thinking, can me also make use of the Vinowh in Colombo’.
I remarked that Colombo city has reached its limits, UW said ‘FILL the SEA’ around Fort.
I reminded that we have no resources to fill POTHOLES on the streets.
ENTER THE DRAGON BruceLee, Jim Kelly, John Saxon LAVINIA
UW was of the view that in the future ECONOMIES of India and China would be a FORCE to reckon with and one of them would step in to FILL the sea and ENLARGE Colombo.
‘China will take a RIGHT TURN (Correct direction) to be a SUPER POWER.
INDIA anyhow has the monopoly in inf1uence in the region with a DOCTRINE.
‘Vietnam and Bangladesh are also KEEN to be AHEAD of us’.
Also that SURPRISING things are ‘due’ in the EASTERN Bloc, in ten years time, there may be no Union of SSR.
GOING MY WAY Bing Crosby
UW mentioned ‘If I can DO IT MY WAY will ENSURE for Lanka to be OUT of the POOR category by YEAR 2000’.
(When you are NOT POOR it is easier to become RICH)
UW mentioned that serious developments are happening in the North, the new group calling itself the Liberation Tigers of Tamil Eelam has ousted other groups and is being nurtured by CONFLICT BENEFICIARIES like Redd Barna, Amnesty, the Red Cross and SCANDOS to keep a CIVIL WAR going.
(Vinodh Wickremeratne could be contacted on 0714947600 or emailed on, vinodhwix71@gmail.com)
Concluded
Business
NDB reports all-time high earnings; doubles PAT on a normalised basis
National Development Bank PLC (hereinafter ‘the Bank’) announced its results for the financial year ended December 31, 2025 to the Colombo Stock Exchange recently. Full year results tabled by the Bank showcase a strong growth across all business lines with Net Banking Revenue increasing by a 45.2% on a comparable basis.
Like most other peers, the Bank’s 2024 financial performance was positively impacted following the successful conclusion of the ISB debt restructure with a one-off impact on interest income, fee income and net impairments amounting to LKR 1.4 billion, LKR 0.7 billion and LKR 9.4 billion, respectively for the said year.
Fund based income
Net interest income (NII), which accounts for close to 75.0% of Bank’s total operating income, grew by 6.5% on a normalised basis. Despite pressure on interest-earning assets arising from the lower interest rate environment, the Bank’s disciplined margin management helped stabilise Net Interest Margin (NIM) at 4.0% for the year. On a comparable basis, excluding one-off exceptional items, NIM stood at 4.2%, compared to 4.3% for both scenarios in 2024. By the end of the year, the Bank had close to LKR 29.3 billion in Loans and Deposits under a special arrangement with its customer(s) with a netting-off feature (end 2024: LKR 19.6 billion).
Non-fund based income
Net fee and commission income reached LKR 8.1 billion for the year – representing a growth of 14.3% from LKR 7.1 billion in 2024 excluding ISB restructuring related fees. Key growth drivers for the current year were trade finance, credit and lending, digital banking and credit and debit cards.
Credit and operating costs
Credit costs for the year amounted to LKR 5.7 billion, reflecting a substantial reduction of 57.1% compared to LKR 13.2 billion in 2024, a testament to the Bank’s strong credit underwriting practices and focused efforts on collections and recoveries. The Bank’s success on account of the latter is best reflected in notably improved stage 2 and 3 loan stock which stood at 7.9% and 10.8% respectively at end 2025 as compared with 16.6% and 14.0% at end 2024. Stage 3 provision coverage also saw further improvement to 59.1% from 54.5% during 2024 showcasing the Bank’s prudent management of credit risk.
Operating expenses closed at LKR 19.0 billion for the year, marking a 13.1% YoY increase. This increase was primarily driven by routine staff-related increments and necessary market realignments, along with higher investments in IT infrastructure and business development undertaken during the year.(NDB)
Business
PMF Finance appoints Nishani Perera as Non-Executive Independent Director
PMF Finance PLC has announced the appointment of Ms. Nishani Perera as a Non-Executive Independent Director, further strengthening the Company’s strategic oversight, governance framework, and board-level expertise as it continues to advance its transformation and long-term growth agenda.
Ms. Perera is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and brings over 19 years of experience across audit, assurance, advisory, risk management, and corporate governance. She currently serves as Partner – Audit & Assurance at Moore Aiyar and as Director of Moore Consulting (Pvt) Ltd.
Over the course of her career, Ms. Perera has gained substantial exposure to listed companies, banks, finance companies, and other regulated entities. Her areas of expertise include financial reporting under SLFRS/LKAS, audit and risk oversight, regulatory compliance, and the implementation of quality management standards. She has worked closely with Boards of Directors and Audit Committees on matters relating to financial reporting integrity, internal control frameworks, enterprise risk governance, and adherence to evolving regulatory requirements.
Ms. Perera holds a Master of Laws (LL.M.) from Cardiff Metropolitan University in the United Kingdom and a Bachelor of Science in Business Administration (Special) from the University of Sri Jayewardenepura. She is also an Associate Member of ACCA and CMA Sri Lanka, and a Fellow Member of AAT Sri Lanka.
Business
Capital Alliance deepens capital market presence with third Closed-End Fund Listing at the CSE
The units of the “CAL Three Year Closed End Fund” were officially listed on the Colombo Stock Exchange (CSE) recently. Accordingly, a total of 841,263,375 units of the ‘CAL Three Year Closed End Fund’ were listed by Capital Alliance Investments Ltd (CALI), a member of the Capital Alliance Ltd Group (CAL Group). The listing was commemorated by way of a special bell ringing ceremony on the CSE trading floor.
CSE CEO Rajeeva Bandaranaike speaking at the occasion remarked upon the rising demand for Unit Trusts: “When you look at funds, particularly unit trusts in today’s active capital market, we see a lot of domestic interest in the market with more investors entering. Funds, not only fixed income funds but also growth and balanced funds, can be the ideal vehicle through which new investors can enter the market. We see this interest reflected in the success of CAL’s Three Year Closed End Fund. More people are seeking to invest their money through professional fund managers.”
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