Business
Seylan Bank perseveres through macroeconomic challenges to retain momentum in Q1 2022
Seylan Bank PLC recorded a Profit After Tax (PAT) of LKR 1.1 Bn in Q1 2022, maintaining its forward momentum in a period of volatile macroeconomic challenges. The Bank capitalized on its strong fundamentals with capital adequacy ratios well above regulatory requirements; whilst ensuring its liquidity position remained above the required minimum ratios during the quarter, maintaining the Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit and the Foreign Banking Unit at 23.32% and 22.65% respectively. This, along with a strong Net Interest Income (NII) of LKR 6.8 Bn, recording a growth of 22.51% in the period under review, ensured that Seylan Bank perseveres through macroeconomic challenges to retain its forward momentum in the first quarter of 2022.Seylan Bank recorded a total operating income growth of 21.80% amounting LKR 9.1 Bn during the period under review compared to LKR 7.5 Bn in the correspondent year. The Bank’s net gain from trading recorded LKR 3.6 Bn in 1Q 2022 mainly due to an increase in Net Gain on Derivatives Financial Instruments.
Net Fee and Commission Income recorded a notable growth of 24.20% to LKR 1.437 Bn from LKR 1.157 Bn mainly due to increase in Card Related Income, Trade Finance Related Fees, and Other Financial Services Related Income such as commission income and E-banking. The Loans and Advances portfolio of the Bank recorded a growth of 4.56% to LKR 462.1 Bn during 1Q 2022 which also reflects the inflation of the book by currency deprecation. The growth in credit was driven primarily by Term loans, Overdrafts and Packing Credits. Seylan Bank’s overall deposit base recorded a growth of 5.52% to LKR 515.6 Bn in the period under review with the Bank’s CASA ratio (Current and Savings) at 34.24%.Commenting on Seylan Bank’s performance in the first quarter of 2022, Kapila Ariyaratne, Director/Chief Executive Officer, Seylan Bank PLC stated, “Sri Lanka underwent massive upheavals in the quarter under review. As the country seeks to stabilize its position amidst an unprecedented crisis, Seylan Bank has done well to maintain its momentum despite the challenges it faced, achieving LKR 643.1 Bn of Total Assets as of 31 March 2022, resulting in 5.85% growth compared to 31 December 2021. We have managed to keep expense growth at a minimal level by focusing on lean initiatives and automation across the Bank and rationalizing expenditure on key controllable cost lines. Team Seylan is to be lauded on leading by example during times of crisis and adapting a culture of working smarter across all the functions, leading to increased efficiency.”
The Return on Equity (ROE) stood at 8.18% for the period under review, compared to 9.07% recorded in 2021. The Return on Average Assets (ROAA) recorded as 0.94% in 1Q 2022. Earnings per Share (EPS) in 2021 stood at LKR 1.82, a slight increase compared to the LKR 1.74 recorded in the comparative year, while Net Assets Value per Share recorded at LKR 88.31 (Group LKR 91.46).Seylan Bank remained adequately capitalized in Q1 2022, with the key capital adequacy ratios above the regulatory minimum requirements. The Bank’s Common Equity Tier 1 (CET 1) Capital/ Total Tier 1 Capital Ratio was recorded as 9.78% and the Total Capital Ratio as at end March 2022 was 12.78%.The Bank recorded impairment provision of LKR 3.4 Bn for 1Q 2022 compared to LKR 2.2 Bn for the correspondent year as a result of the increase in additional provision accounted for foreign currency denominated instruments due to the current situation. Income tax expenses stood at LKR 413.2 Mn which is a 5.36% increase from the comparative period which stood at LKR 392.2 Mn.
Business
SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure
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.
Business
Port City Colombo strengthens Gulf investment ties at Dubai diplomatic 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.
Business
American Premium Water strikes Gold at Dragons of Sri Lanka 2026
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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