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AMF sustains growth momentum and financial resilience for nine months ended December 2024

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Suren Goonewardene, Chairman, Associated Motor Finance PLC. (L) / T M A Sallay, Director/CEO, Associated Motor Finance PLC. (R)

Associated Motor Finance Company PLC (AMF) has delivered a strong performance for the nine months ended 31st December 2024. The company recorded significant profitability growth, reinforced balance sheet strength, and a strong liquidity position, demonstrating strategic agility and prudent risk management.

AMF has shown resilience despite economic challenges during the COVID-19 pandemic and the 2022 financial crisis. While the industry saw a decline in lending activity, AMF continued to grow its portfolio, strengthening capital and liquidity to ensure financial stability.

The Company achieved significant growth across key financial indicators. Profit Before Tax (PBT) increased by an impressive 133%, reaching Rs. 781 million, and Profit After Tax (PAT) recorded substantial growth of 135%, rising to Rs. 393 million.

Return on Assets (ROA) and Return on Equity (ROE), stood at 5.25% and 15.25%, respectively, and the Capital Base to Risk-Weighted Assets (Tier II) ratio reached 15.49%, exceeding the regulatory minimum requirement of 12.5% and demonstrating the Company’s profitability and further improvement.

Total assets expanded to Rs. 20.39 billion, and Loans and receivables grew to Rs. 12 billion, boasting a healthy credit portfolio and increased lending activity. Customer deposits reflected a significant growth, reaching Rs. 15.46 billion, a testament to sustained customer confidence and trust in the Company’s financial strength.

Furthermore, total equity increased by 12%, reaching Rs. 3.63 billion, and the Net Asset Value (NAV) per share stood at Rs. 32.07, reflecting consistent value creation for shareholders. These financial achievements underscore the Company’s strong foundation, prudent risk management, and commitment to delivering long-term value to stakeholders. AMF maintained strong liquidity well above industry standards, with Liquid Assets accounting for 31.54% of Total Assets and a Short-Term Liquidity Ratio of 198%, demonstrating its ability to meet immediate obligations with ease.



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Business

ComBank unveils new Corporate Branch at Head Office

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Commercial Bank Managing Director/CEO, Sanath Manatunge, Chief Operating Officer S. Prabagar, Deputy General Manager – Corporate Banking Hasrath Munasinghe, Corporate Branch Chief Manager -Ruvini Samarasinghe and representatives of the Bank’s corporate and senior management at the opening of the new Corporate Branch

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.

The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.

Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.

Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”

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Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

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The iconic DeLonghi coffee machines at Abans showroom

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.

At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.

Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”

“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.

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Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

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Participants at the Members’ Night

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.

SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.

The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.

The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.

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