Business
ComBank Group navigates devaluation impact in complex Q1 performance
The Commercial Bank Group has posted a balanced financial performance for the first quarter of 2022, highly influenced by the sharp devaluation of the Rupee impacting key performance indicators both positively and negatively.The Group, comprising of the Commercial Bank of Ceylon PLC, its subsidiaries and an associate, reported gross income of Rs 54.573 billion, total operating income of Rs 34.244 billion and net operating income of Rs 28.284 billion for the three months ended 31st March 2022, recording improvements of 33.41%, 41.74% and 66.33% respectively.YOY growth in the loan book coupled with the positive impact of the unprecedented deprecation of the Rupee witnessed in March 2022 on interest income from the foreign currency denominated assets portfolio saw interest income for the three months increasing by 19.41% to Rs 37.847 billion. Interest expenses too increased by 17.30% to Rs 19.024 billion due to the YOY growth in the deposit portfolio as well as a substantial increase in interest expenses booked on deposits and borrowings denominated in foreign currency owing to the sharp depreciation of Rupee. As a result, the Group posted net interest income of Rs 18.823 billion for the quarter, an improvement of 21.62%.
Commenting on the quarter reviewed, Commercial Bank Chairman Prof. Ananda Jayawardane said: “These are extraordinary times for business in Sri Lanka and for banks in particular. It takes a great deal of exceptional financial acumen and maturity to navigate the mercurial challenges that prevail. Our results for the first quarter reflect the depth of the managerial skills at the disposal of the Bank.”The Bank’s newly-appointed Managing Director and CEO Sanath Manatunge said: “The unprecedented depreciation of the Rupee impacts income and profits as well as key balance sheet indicators. This can have a distortionary effect on performance. We have nevertheless posted solid results and are constantly taking swift actions and necessary measures to minimise the negative impacts of the rapid changes taking place in external factors.”
According to interim financial statements filed with the Colombo Stock Exchange (CSE), the Group’s other operating income more than doubled to Rs 11.333 billion in the three months reviewed while net fee and commission income improved by 35.21% to Rs 4.088 billion, and combined with net interest income, contributed to the growth in the total operating income of the Group.
Meanwhile, the growth in the net operating income was helped by impairment charges and other losses reducing by 16.71% to Rs 5.961 billion. The exchange impact on impairment charges on loans and advances and Government Securities denominated in foreign currency was recognised in Net Other Operating Income where the corresponding exchange gains are recognised.
The Group recorded a net gain of Rs 23.542 billion from trading via realized and unrealized exchange profits resulting from the sharp depreciation of the Rupee, offsetting the impact of reduced capital gains from government securities in comparison with the corresponding quarter of 2021, which led to net gains from derecognition of financial assets reducing to Rs 15.143 million during the three months under review from Rs 1.776 billion reported for the corresponding period last year. However, a net loss of Rs 12.223 billion was posted in other operating income due to the exchange losses on the revaluation of foreign currency assets and liabilities and the exchange impact on impairment charges on loans and advances and Government Securities denominated in foreign currency.Consequently, net operating income increased to Rs. 28.284 billion from Rs. 17.005 billion reported for the corresponding quarter of 2021, an improvement of 66.33%.
With operating expenses of Rs 8.721 billion for the three months reflecting a lower rate of increase of 23.66% in comparison to the 66.33% growth achieved in net operating income, the Group reported operating profit before taxes on financial services of Rs 19.563 billion, recording a higher growth of 96.56%.
Business
Birthday gift turned lifeline: US-based young environmentalist steps up for Sri Lanka
For Daham Perera, a December birthday celebration this year became something far more meaningful than cake, candles or gatherings with friends. Instead, it turned into a deeply personal act of solidarity with a country he calls his motherland.
Perera, a young environmental enthusiast based in Los Angeles, says his bond with Sri Lanka remains unbroken despite living thousands of miles away. “Although I live in America, my parents and all my relatives live in beautiful Sri Lanka. That connection is something I carry with me every day, he said.
Having visited Sri Lanka in August, Perera spent weeks traveling across the island, reconnecting with relatives and visiting historical and environmentally significant sites. “I saw the true beauty of Sri Lanka – its people, its biodiversity, and its rich heritage. Those memories are among the most beautiful in my life, he recalled.
That joy, however, was short-lived. Soon after his return, the devastating Ditwah cyclone struck the island, leaving a trail of destruction. Homes were damaged, livelihoods disrupted and families displaced. “When I saw images of my friends losing their homes, books soaked in mud, clothes ruined by floodwaters, I felt a pain I cannot put into words, Perera said.
As an environmentalist, the damage to Sri Lanka’s fragile ecosystems troubled him deeply. “Sri Lanka’s biodiversity is priceless. When disasters like this strike, it is not just people who suffer, but forests, wildlife and entire ecosystems that take years to recover, he noted.
With his birthday falling on December 9, Perera made an unconventional decision. “Normally, my father and I celebrate our birthdays by going to the temple and spending time with friends. But this year, celebrating didn’t feel right when my people were suffering, he explained. “I kept asking myself—what can I do, even from afar?”
The answer was simple but powerful. Perera chose to donate all the money he had saved for his birthday celebrations, along with additional contributions from his family, towards relief efforts in Sri Lanka. “Economic support at times like this is critical. Even a small contribution can help a family rebuild, restart a livelihood, or regain dignity, he said.
The donation was formally handed over to Sri Lanka’s Consul General in Los Angeles, Charith Yattegoda, at the Consulate premises. For Perera, the gesture carried deep emotional significance. “If I can replace my personal happiness with smiles on the faces of people back home, that is the most beautiful birthday I could ever celebrate, he reflected.
He describes the letter of appreciation he received in return as his most treasured gift. “That thank-you letter is not just paper. It is a reminder that loving your country means standing by it in its darkest moments. It will always remain one of the most meaningful keepsakes of my life, Perera said.
Perera hopes his story will inspire other young Sri Lankans living overseas to stay connected and give back. “Distance should never weaken our responsibility. Supporting Sri Lanka—its people, its economy, and its environment—is something we can all do, no matter where we live, he added.
In turning a birthday into an act of compassion, Daham Perera has offered a quiet but powerful reminder: sometimes, the greatest gifts are the ones we give away.
By Ifham Nizam
Business
John Keells Foundation partners Sri Lanka Police in combatting violence against women and children
As part of its ongoing commitment to combat violence against women and children towards empowering a healthy and progressive nation, John Keells Foundation (JKF) continues to empower law enforcement agencies through Project WAVE (Working Against Violence through Education) – its flagship of over ten years – to combat gender-based violence and child abuse.
These activities include a strategic collaboration through which JKF supported the Sri Lanka Police to enhance their response to crimes involving women and children through the sponsorship of a global cutting-edge investigative software for use in the Cyber Investigation Unit (CIU) at the Bureau for the Prevention and Investigation of Abuse of Children and Women (BPIACW). The software enables officers to analyse and connect data efficiently, strengthening their ability to investigate and prevent online exploitation and related offences. BPIACW reported that the new platform had directly contributed to a significant and measurable improvement in their investigative capacity, recording the rescue of 22 children, the arrest of 21 suspects, and the filing of 111 cases in courts within the first year of its deployment.
Speaking on the partnership with JKF, Deputy Inspector General of Police – Ratnapura, and Former DIG – Children & Women Abuse Prevention 8 Investigation Range, Renuka Jayasundara said, “We extend our sincere gratitude to JKF for your steadfast partnership and for serving as a cornerstone of our efforts to strengthen child protection services through Project WAVE. Your contribution is making a tangible and quantifiable difference as evidenced by the growing numbers of successful investigations and legal referrals.”
Beyond technological support, JKF has also conducted a series of Train-the-Trainer (ToT) programmes, to improve the ability of officers to respond to GBV and CP in a sensitive and effective manner. The sixth such ToT was conducted from 24th to 26th of September 2025 for the benefit of nominated officers of the Homagama, Kaduwela and Maharagama police divisions. To date, 162 officers across 60 police stations have been impacted.
Business
SLANZBC appreciative of help from Australia and New Zealand
The Sri Lanka Australia–New Zealand Business Council (SLANZBC) has extended its profound gratitude to both the Australian and New Zealand governments for the generous and timely assistance provided to Sri Lanka during the recent flood devastation.
Chandana Amaradasa, SLANZBC president, noted that both governments donated one million dollars each, in their respective currencies, at a critical moment for Sri Lanka — support that will play a significant role in helping communities rebuild their livelihoods.
The government of New Zealand has pledged NZ$1 million to support humanitarian relief efforts in Sri Lanka following Cyclone Ditwah.
This assistance will be channeled through an international
humanitarian partner to strengthen ongoing rescue and relief operations.
Similarly, the Australian government announced on November 30, 2025 that it will provide AUD 1 million in humanitarian aid to bolster Sri Lanka’s response to Cyclone Ditwah.
These compassionate and timely gestures, Amaradasa said, once again demonstrate the unwavering commitment of both countries to stand beside the Sri Lankan people in times of crisis. He also recalled that
Australia and New Zealand have consistently supported Sri Lanka, stepping forward during previous national emergencies as well.
Today’s humanitarian assistance further reaffirms the depth of these longstanding relationships and the true spirit of friendship that binds the nations — a bond built on mutual respect, shared values and enduring goodwill.
“Our association deeply appreciates this kind and meaningful support and remains committed to fostering even closer ties between the people of Sri Lanka, New Zealand, and Australia, he added.
By Hiran H Senewiratne
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