Business
‘HNB continues to demonstrate resilience under stressed conditions’
In the backdrop of turbulent market conditions, Hatton National Bank PLC continued to demonstrate resilience, strength and stability, posting a profit before tax of Rs 5.9Bn and a profit after tax of Rs 4.8Bn for the first quarter of 2022 recording a YOY growth of 7% and 3% respectively. At Group level PBT and PAT were at Rs 6.4 Bn and Rs 5.4 Bn respectively.Commenting on the first quarter performance, Aruni Goonetilleke Chairperson of Hatton National Bank PLC, stated that “as Sri Lanka goes through unprecedented times, HNB has yet again demonstrated resilience. At this critical time, I wish to reiterate our commitment to all our stakeholders. As a responsible Domestic Systemically Important bank, ensuring safety, stability and sustainability is our prime focus.”
With the tightening of the monetary policy since August 2021, the AWPLR increased by nearly 400 bps over the 12 months up to March 2022. This enabled the Bank to record a 59% increase in NII during 1Q 2022 compared to the corresponding period of the previous year. The Net Fee income grew by 42% YoY to Rs 3.2 Bn for the first quarter of 2022, driven mainly by improved cards transactions and trade income.The significant devaluation of the rupee as at March 2022, compared to the previous year, resulted in trading gains of approximately Rs 7.5Bn in 1Q 2022. The Bank also, booked an impairment of Rs 7.4Bn against the impact of the currency devaluation on foreign currency denominated loans and investments, which was set-off against the position revaluations.
The Bank’s net stage III loan ratio improved from 2.55% as at December 2021 to 2.41% as at end March 2022 while stage III provision cover increased to 59%, maintaining its position as one of the best in the industry in asset quality. However, considering the significant volatility in macro-economic factors in 1Q 2022, the Bank recognized a higher impairment charge of Rs 13.4Bn. This included an impairment of Rs 6.7Bn on account of investments in foreign currency denominated government securities, subsequent to the announcement made by the Central Bank of Sri Lanka in relation to suspending the repayment of external foreign currency debt obligations of the Government and the sovereign rating downgrade.Operating expenses increased by 21% in 1Q 2022 driven by salary revisions, relatively higher card transaction volumes with the pickup of economic activity and general expenses increasing in line with higher inflation. However, the stronger growth in income, enabled HNB to record a cost to income of 25% during the first quarter of 2022.
HNB’s total tax charge increased by 33% to Rs 2.8Bn for the first quarter. The effective income tax rate increased from 31% in March 2021 to 37% in March 2022 due to the YoY reduction in interest income from foreign currency denominated government securities.Jonathan Alles, Managing Director / Chief Executive Officer of Hatton National Bank PLC stated that, “Sri Lanka has been travelling through a tough terrain over the past few years commencing from adverse weather conditions experienced in 2017-2018 to, unfortunate Easter Sunday attacks in 2019 and then the most unprecedented COVID-19 pandemic which impacted the entire globe. The banking sector of Sri Lanka and HNB has weathered these challenges and emerged strong and stable. Today, Sri Lanka as a nation is facing one of the most challenging times in its history. The next few months would be even more challenging. As such, it is extremely important that we play our part as responsible Sri Lankans at individual, organizational and country level. We believe that the authorities would take necessary steps to ensure political, social, economic and financial stability enabling successful conclusion of discussions with International Monetary Fund, the multilateral organizations and supporting nations to secure much needed funding.”
“It is equally important that we focus on the real economy and sustainable foreign exchange earning avenues that will support us over the medium to long term. Providing necessary support to drive exports, remittances, tourism, manufacturing and industrial development would be key. At the same time, diversifying foreign exchange earning sources would also be important. Focusing on Sri Lanka as an education hub, promoting agri-preneurs, IT, KPO, BPO industries would also be vital in this regard. We need to be cautious about our spending, and purchase local products to support our micro, small and medium enterprises, while at the Government, institutional and corporate level, adopt very tight cost containment measures and slash budgets.”
“As we encounter many obstacles in our day to day life, I would like to place on record my sincere gratitude to each and every member of the HNB team for their continuous commitment and dedication in delivering essential banking services to our valued customers.”(HNB)
Business
Champa Stores Marks 70 Years of Trusted Service in Kandy
A longstanding fixture in Kandy’s commercial landscape, Champa Stores marks its 70th anniversary this year, underscoring a legacy built on trust, reliability and consistent quality across a diverse range of products and services.
Founded in 1956 by Wimaladasa Weeraratne, the business traces its origins to a modest beginning when three brothers from Matara relocated to Kandy in the 1950s in search of opportunity. Their entrepreneurial drive would go on to shape a lasting contribution to the city’s commercial life.
While Wimaladasa established Champa Stores, his brothers carved out their own successful ventures. Dharmadasa Weeraratne founded Devon, while Daya Weeraratne established Bakehouse. Both enterprises have since become well-known names in the city’s hospitality and bakery sectors, with Devon further expanding to include the The Grand Kandyan Hotel. Today, all three businesses continue to operate under the stewardship of the family’s next generation.
Over the decades, Champa Stores has evolved into a prominent retail and service hub, offering a wide selection of products ranging from mobile phones and laptops to audio equipment, accessories and sports goods. Its printing division, in particular, has earned a strong reputation for delivering high-quality services in Kandy.
Despite its growth, the business has retained the personal touch that has endeared it to generations of customers. Longtime patrons point to knowledgeable staff, dependable after-sales service and a customer-focused approach as key factors behind its enduring appeal.
Currently employing over 50 staff members, the business is managed by Chapa Weeraratne, representing the second generation of family leadership.
As it celebrates seven decades in operation, Champa Stores stands as one of Kandy’s enduring family-run enterprises—demonstrating that a reputation built on trust and service can successfully span generations.
By S.K Samaranayake
Business
Dialog Voted Service Brand and Telecommunication Brand of the Year at SLIM-KANTAR People’s Awards 2026
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, announced that it has been recognised as the ‘Service Brand of the Year’ for the 5th time and the ‘Telecommunication Brand of the Year’ for the 15th consecutive year at the SLIM-KANTAR People’s Awards 2026, held on 18 March 2026. Voted by Sri Lankans through a nationwide consumer survey, the recognition reflects the continued preference for Dialog’s services and the trust placed in the brand across the country.
Since its inception in 2007, the SLIM-KANTAR People’s Awards have been based on consumer sentiment across multiple categories, recognising brands and individuals through public perception as an independent measure of brand affinity.
Supun Weerasinghe, Director / Group Chief Executive of Dialog Axiata PLC said, “We are grateful for this continued confidence, which reinforces the responsibility we carry in serving millions of customers across the country. As we continue to evolve our services and digital platforms, our focus remains on delivering consistent, high-quality experiences while staying true to our purpose of empowering and enriching Sri Lankan lives and enterprises.”
As a recognition shaped by the voice of consumers across the country, these accolades reflect Dialog’s continued relevance in a rapidly evolving digital landscape, underscoring its role in supporting the connectivity needs of individuals, homes and businesses across Sri Lanka.
Business
ISRAs of Sri Lanka – Protecting Hidden Shark and Ray Hotspots
When you think of sharks in Sri Lanka, your mind probably goes to the sleek blacktip reef sharks gliding through the reefs of Pigeon Island. But what most people don’t realise is that Sri Lanka is home to over 100 species of sharks and rays—ranging from reef dwellers and open-ocean giants to mysterious deep-sea, with some juvenile bull sharks being found even in freshwater!. They’re scattered across almost every part of the coastline, from coral reefs and estuaries to muddy lagoons and inland waterways. Yet despite their presence, these fascinating creatures remain deeply misunderstood and largely unprotected in national conservation efforts.
Chances are, if you’ve eaten karawala (dried fish) in Sri Lanka, you’ve possibly eaten shark—without even knowing it. Shark meat often ends up in local markets with no species names, and no questions asked. But here’s the catch: unlike fast-growing fish like sardines or mackerel, most sharks and rays grow slowly, mature late, and have very few offspring. Some only give birth once every couple of years. That means that their populations are usually precarious and they are sensitive even to small-scale fishing operations, which push their populations into serious decline. And in Sri Lanka, while vessel sizes are smaller in comparison to many developed countries, the number of vessels combined with their fishing techniques has resulted in the depletion, and in the case of sawfishes, a likely local extinction.
That’s where Important Shark and Ray Areas (ISRAs) come in. ISRAs are a global science-based tool designed to designate places that matter most for sharks, rays, and chimaeras. They aren’t marine protected areas and don’t come with legal restrictions—but they highlight critical habitats based on rigorous scientific criteria. These include areas used for breeding, feeding, migration, or home to rare, threatened, or range-restricted species.
In 2024, after a thorough review and vetting process, five (of the seven) proposed areas from Sri Lanka were formally designated as ISRAs
Bathalangunduwa Island, located on the fringes of the shallow coastal Puttalam Lagoon and off the coast of Wilpattu National Park in northwestern Sri Lanka, qualifies as an ISRA based on the presence of the threatened Winghead Shark (Eusphyra blochii). This area meets two ISRA criteria: it supports a vulnerable species and functions as a reproductive habitat.
Palk Bay, a shallow, semi-enclosed water body shared between India and Sri Lanka, qualifies as an ISRA due to the presence of multiple important species. These include the threatened Shorttail Whipray (Maculabatis bineeshi), the range-restricted Sharpnose Guitarfish (Glaucostegus granulatus), and reproductive populations of the Grey Sharpnose Shark (Rhizoprionodon oligolinx). This was one of the few trans-boundary ISRAs covering both Indian, and Sri Lankan waters.
- Punnakuda ISRA
- Pigeon Island ISRA
- Pasikuda & Kalkudah ISRA
- Baththalangunduwa ISRA
Pasikudah & Kalkudah, a coastal stretch in Sri Lanka’s Batticaloa District, is known for its coral reefs and nearshore shark activity. This ISRA qualifies due to the presence of threatened and range-restricted species, such as the Stripenose Guitarfish (Acroteriobatus variegatus).
Punnakuda Canyon, a deep-sea canyon located just offshore from Pasikudah & Kalkudah and beyond the boundaries of the coastal ISRA, qualifies based on the presence of threatened and range-restricted deep-sea species, including the Indian Swellshark (Cephaloscyllium silasi).
Pigeon Island, the only ISRA in Sri Lanka that overlaps with a Marine Protected Area—the Pigeon Island Marine National Park—qualifies due to the presence of threatened species and undefined aggregations, notably the Blacktip Reef Shark (Carcharhinus melanopterus).
These areas are already designated ISRAs. In addition to this Sri Lanka also has two “Areas of Interest”; Koddiyar Bay and Hikkaduwa.
While these ISRAs don’t enforce protection on their own, except for Pigeon Island, which happens to overlap with an already established National Park, they’re a vital starting point. They help guide where marine protected areas might be placed, where fishing regulations could be refined, and where development should tread carefully. For Sri Lanka, ISRAs offer a powerful chance to align conservation and fisheries planning before it’s too late.
Most importantly, ISRAs are created using available scientific knowledge. Organisations like Blue Resources Trust (BRT) were able to contribute to the designation of ISRA’s due to long-term monitoring of shark and ray fisheries across the country. BRT has built the largest dataset on Sri Lankan sharks and rays, thanks to contributions from the Tokyo Cement Group, the Save Our Seas Foundation (SOSF), the Marine Conservation and Action Fund (MCAF) of the New England Aquarium, the Hong Kong Ocean Park Conservation Foundation (OPCFHK), the Prince Bernhard Nature Fund, amongst others.
By designating our ISRAs, Sri Lanka now has the recognition to make smarter, science-led decisions for the ocean’s most vulnerable species.
As shark and ray populations decline under pressure from overfishing, habitat loss, and climate change, knowing where they still have a chance to thrive is the first step toward saving them. Through ISRAs, Sri Lanka can take the lead in showing how conservation and coastal livelihoods can go hand in hand.
To explore ISRA maps and learn more, visit: https://sharkrayareas.org
-
Business6 days agoBrowns EV launches fast-charging BAW E7 Pro at Rs. 5.8 million
-
News4 days agoCIABOC questions Ex-President GR on house for CJ’s maid
-
News5 days agoSri Lankan marine scientist Asha de Vos honoured at UNGA opening
-
Features6 days agoAchievements of the Hunduwa!
-
News5 days agoAustralian HC debunks misleading travel risk claims for Sri Lanka
-
Latest News6 days agoWednesdays declared a government holiday with effect from 18th March
-
News3 days agoBailey Bridge inaugurated at Chilaw
-
News3 days agoPay hike demand: CEB workers climb down from 40 % to 15–20%




