Business
Seylan Bank records Rs. 1Bn PAT in 2021 Q1 despite Covid challenges
Financial Performance review for the 03 Months ended 31 March 2021
Seylan Bank made a steady start in 2021 by posting a Profit After Tax (PAT) of LKR 1Bn in Q1 2021 amidst macro-economic challenges brought in by the COVID-19 pandemic.
Statement of Financial Performances
Interest income recorded a decline due to the lower interest rates and moderate book growth but net interest margin showed a marginal increase over the corresponding period in 2020 due to lower financing costs.
Net Fee & Commission Income increased marginally to LKR 1.2Bn from LKR 1.0Bn, recording a YoY growth of 17.41% due to enhanced trade and guarantee volumes compared to the previous year.
The Total Operating Income growth of 22.25% predominantly driven by Net gains reported from de-recognition of financial assets which increased to LKR 185.2Mn from LKR 69.6Mn in 1Q 2020 and the other operating income increased by LKR 858.8Mn mainly due to increase in exchange income. On the flip side, trading activities reported a loss of LKR 611.4Mn mainly due to mark to market loss on derivatives which contracted the operating income YoY growth.
Bank recorded an impairment charge of LKR 2.2Bn during the period under review against LKR 1.1Bn reported in 1Q 2020 with a growth of 94.53% attributed to aggressive provisioning policy adopted.
Total Operating Expenses recorded LKR 3.4Bn in 1Q 2021 compared to LKR 3.3Bn in 1Q 2020. The Bank continued to focus on widening the roll-out of lean initiatives and automation across the Bank and rationalising expenditure on key controllable cost lines.
Overall, Bank recorded a Profit Before Tax (PBT) of LKR 1.4Bn against LKR 1.3Bn in 1Q 2020. Similarly, Profit After Tax (PAT) was recorded as LKR 1.0Bn against LKR 0.9Bn reported in 1Q 2020.
Statement of Financial Position
Bank achieved the LKR 562.7Bn Total Assets as of 31 March 2021, resulting 0.90% growth compared to the 31 December 2020.
Loans and advances portfolio of the Bank recorded a marginal growth of 1.51% to LKR 399.7Bn during the 1Q 2021 amidst of challenges faced. The growth in credit was driven primarily by Term Loans, and retail products such as Leasing, Pawning etc.
NPL ratio improved marginally to 6.39% against 6.43% reported as at last year end. Bank is continuously monitoring and strengthening the recovery process in order to bring under control and minimize the impact of the NPL.
The overall deposit base recorded a marginal growth of 1.28% to LKR 445.9Bn by 1Q 2021 compared to LKR 440.3Bn. Bank’s CASA ratio (Current and Savings) stood 34.52%.
Key financial ratios and indicators
Seylan Bank remained soundly capitalised, with the key capital adequacy ratios well above the regulatory minimum requirements and recorded 11.02% as the Bank’s Common Equity Tier 1 (CET 1) Capital Ratio/Total Tier 1 Capital Ratio and 13.59% as the Total Capital Ratio.
Bank maintained its liquidity position above the required minimum ratios, during the quarter under review. The Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit and the Foreign Banking Unit were maintained at 29.84% and 22.80% respectively as at end of first quarter 2021.
The Return on Equity (ROE) stood at 8.20% for the period under review, compared to 6.43% recorded in 2020. The Return (before tax) on Average Assets (ROAA) recorded as 1.00% in 1Q 2021.
Earnings per Share (EPS) in 2021 stood at LKR 1.88, a slight increase compared to the LKR 1.69 recorded in the comparative year, while net assets value per ordinary share recorded at LKR 91.92 (group LKR 95.23).
Successful and oversubscribed Debenture issue of LKR 6.0Bn endorsed and demonstrated the confidence placed in the Bank by the investors.
Business
Harnessing nature’s wisdom: Experts highlight “Resist–Align” path to resilience
As Sri Lanka confronts mounting environmental and economic pressures, a timely national conversation on resilience has underscored the urgent need to rethink how societies respond to change—by balancing resistance with alignment to nature.
The inaugural Nature Talks Webinar Series, titled “Nature’s Secrets for Building Resilience in a Changing World,” took place on Wednesday night, bringing together leading environmental thinkers who argued that resilience is no longer optional, but essential in navigating climate and ecological uncertainty.
Organised collaboratively by the International Centre for Biological Studies (ICBS), GAP HQ, and the Biomimicry Research Centre, the session aimed to bridge science, policy, and innovation, while drawing practical lessons from nature.
Leading the discussion, Professor Sarath Kotagama of the University of Colombo emphasised that resilience must be understood as a combination of resistance and alignment.
“Resilience is about resisting where necessary, but also forming alliances with change,” he said. “We are not saying we can stop everything. The real question is—can we adjust to live with it?”
He urged societies to reflect on their ability not only to prevent or resist environmental change, but also to adapt intelligently to it. Referring to global developments such as Artemis II, Kotagama noted that humanity is increasingly being reminded of how rapidly conditions are shifting on Earth.
Drawing lessons from the COVID-19 pandemic, Professor Kotagama outlined several insights that have reshaped thinking on resilience.
“One of the most important lessons was the role of microbes,” he said. “We always focused on large animals in biodiversity, but COVID showed us that invisible organisms can have a massive impact on the planet.”
He explained that while conservation has traditionally prioritised charismatic species such as elephants and birds, microorganisms—often overlooked—are equally critical to ecological balance.
Professor Kotagama also challenged assumptions about nature. “Nature is not always kind or caring. Under certain conditions, it can be harsh, and humans don’t necessarily feel affection for all forms of life—especially microbes,” he said.
At the same time, he stressed the decisive role of science. “If not for science, we would not have survived as we did,” he noted, pointing to the rapid development of vaccines despite global norms that typically require years of testing.
He further highlighted the importance of governance. “We may not always like governments, but during COVID, governments mattered. Without coordinated action, the outcome would have been far worse,” he said.
Professor Kotagama added that the pandemic exposed vulnerabilities in the global economic system, with industries such as tourism collapsing almost overnight due to what he described as “an invisible microbe.”
“It showed clearly that systems we thought were stable can be disrupted instantly,” he said, warning that unsustainable development models—particularly in tourism—must be reconsidered.
Meanwhile, Professor Sevandi Jayakody of Wayamba University of Sri Lanka highlighted biomimicry as a key pathway to resilience.
“The biggest answer to resilience is biomimicry,” Professor Jayakody said. “Nature already holds solutions—we just need to understand and apply them.”
She explained that biomimicry can operate at the level of form, process, or systems, and cited mangrove restoration as a practical example. Attempts to artificially recreate ecosystems often fall short unless they follow natural patterns such as tidal flows and species interactions.
“In restoring degraded mangroves, we learned that forcing systems does not work. When we followed natural contours and introduced resilient ‘nurse’ species, the ecosystem began to recover on its own,” she said.
Professor Jayakody emphasised that resilience must be embedded within environmental systems rather than imposed externally. “Resilience is a function of the environment we live in. If we ignore that, our interventions will fail,” she said.
She also cautioned against expecting rapid results. “Nature is slow. Humans are in a hurry,” Professor Jayakody noted, pointing to long-term data showing that even measurable ecological changes—such as seasonal shifts—can occur gradually over decades.
“Change is inevitable, but it is not always sudden. We need long-term data, patience, and the wisdom to interpret it correctly,” she added.
Moderating the session, Imaduwa Priyadarshana brought a practical perspective on sustainable design and adaptation, highlighting how nature-based thinking can inform urban planning and infrastructure.
With Sri Lanka grappling with climate variability, coastal degradation, and energy challenges, the experts stressed that such knowledge-sharing platforms are increasingly vital. The discussion aligned with a growing global shift towards nature-based solutions—learning from ecosystems that have evolved resilience over millennia.
By Ifham Nizam
Business
Uber Eats continues Sri Lankan expansion now in Nuwara Eliya
Uber Eats is now live in Nuwara Eliya, making it easier for locals and tourists to enjoy their favourite meals – from a hot plate of kottu on a chilly evening to a comforting rice and curry spread or crispy egg hoppers – delivered right to their doorstep.
Known for its cool climate, old-world charm, and rolling tea estates, Nuwara Eliya sees a surge of Sri Lankan and international visitors during the April holiday season. But as temperatures drop in the evenings, food options have traditionally been limited, with many outlets closing early.
With Uber Eats now available, consumers can discover and order from a growing range of local restaurants and neighbourhood favourites – without stepping out. The platform also extends access to meals into the late evening, making it easier to find food even after most outlets have closed. In Nuwara Eliya, specially designed temperature-controlled insulated bags will help ensure meals are delivered hot. Consumers can choose from a wide variety of cuisines including Sri Lankan, Indian, Chinese, Thai, and Arabic or order from global brands such as KFC, Pizza Hut, and Domino’s.
The launch supports the local community by enabling restaurants to reach more customers across the city, while creating flexible earning opportunities for delivery partners, especially during the busy holiday season.
Varun Wijewardane, Country Manager – Delivery, Uber Sri Lanka, said: “Nuwara Eliya is one of Sri Lanka’s most loved destinations, especially during the April season. With Uber Eats now live, we’re making it easier to enjoy great food more conveniently – from everyday favourites to late evening short eats while also supporting local restaurants and creating earning opportunities within the community. This comes on the back of an aggressive expansion of our services across Sri Lanka – providing our consumers with convenient access to local favourites and unlocking earning opportunities for more Sri Lankan communities.”
Entry in Nuwara Eliya builds on expansion from last year across 6 districts including Hikkaduwa, Ambalangoda, Chilaw, Wennappuwa, and Puttalam, Jaffna, Gampola, Matale, Matara, Weligama, Mirissa, and Anuradhapura – further strengthening Uber Eats’ position as the country’s go-to delivery platform.
Business
Five consecutive years as a Company with Great Managers
Union Assurance, Sri Lanka’s longest-standing private Life Insurer, was honoured as a ‘Company with Great Managers’ for fifth consecutive year at the CLA Great Managers Awards 2025, held at Cinnamon Grand Colombo. Presented annually by the Colombo Leadership Academy & CLA Coaching Inc, the award affirms that Union Assurance’s approach to leadership excellence is not episodic, but deeply embedded across the Company.
The CLA Great Managers Awards programme, powered by Colombo Leadership Academy & CLA Coaching Inc. in strategic partnership with People Business, The Culture Factor Group – Hofstede & Onehub, is regarded as the international benchmark for assessing managerial and leadership effectiveness in Sri Lanka. Using the scientifically grounded D-ACTI 5X meta-analysis framework, the programme evaluates managers across five leadership pillars: Driving Results & Execution Excellence, Aligning Organizational Vision, Coaching & Developing Others for Growth, Building Team Effectiveness & Collaboration & Leadership Integrality & Holistic Approach.
Reflecting the depth and diversity of managerial capability within the organisation, five Union Assurance leaders were individually recognised across distinct award categories this year. Sashika Perera, Senior Manager – Statutory Reporting & Taxation, and Ishanthi Umedha, Head of Governance & Valuation, were recognised for ‘Demonstration of Well-Rounded Performance and Managerial Effectiveness.
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