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Asia Asset Finance posts outstanding performance in FY2022/23

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Asia Asset Finance PLC, Sri Lanka’s premier gold-focused financial solutions provider with a remarkable 52-year history, has concluded FY2022/23 having delivered outstanding performances across a range of financial KPIs, measured year-over-year (YOY), amidst Sri Lanka’s unprecedented economic crisis. Despite numerous challenges, the company has demonstrated exceptional resilience and delivered outstanding value to its stakeholders.

Total Assets Reached LKR 25 billion (YOY Growth 29%)

Total Profitability increased to LKR 284 million (YOY Growth 139%)

Total Number of Branches Reached 75 (YOY growth 27%)

Total Fixed Deposit Base increased to LKR 13.2 billion (YOY Growth 52%)

Total Number of Customers increased by 10,502

Capital Adequacy Ratio 26.25%

One of the key highlights of Asia Asset Finance PLC’s performance is the impressive growth in Earnings Per Share (EPS), which soared by an incredible 150%. This significant increase reflects the company’s ability to generate substantial returns for its shareholders. Furthermore, the company’s Asset Base has surpassed an impressive milestone of LKR 25 billion, showcasing its robust financial position and steady growth trajectory.

Asia Asset Finance PLC’s Net Profit also witnessed a remarkable growth, increasing by 139% during FY 2022/23. This notable achievement speaks volumes about the company’s effective strategies and positioning in the market. An essential factor contributing to Asia Asset Finance PLC’s success is its expanding Deposit Base, which grew by 50% during the year. This growth not only demonstrates the trust and confidence customers place in Asia Asset Finance PLC, but also reflects the company’s ability to attract and retain a loyal customer base.

Asia Asset Finance PLC also made notable strides regarding expanding its presence. The company’s dedication to serving customers across Sri Lanka was clearly evident as its branch network grew to reach an impressive 75 locations across the Island. This expansion reflects Asia Asset Finance PLC’s commitment to providing accessible financial solutions to all Sri Lankans.

CEO, Rajiv Gunawardena expressed his positive sentiments saying, “This year, we have been able to achieve significant growth and performance that has exceeded investor and market expectations due to our concentrated focus on secured lending focusing on gold-based financial services and effective cost control mechanisms adopted through a digitized operational environment. Gold continues to remain one of the most in demand assets in the market, and thus we have been able to deliver exceptional value to our customers and investors. Our branch expansion in the rural and semi urban areas have allowed to meet our objectives in expanding our reach to much needed communities and transforming AAF service to a more female focused service model. Meeting the objectives of women empowerment and financial inclusion.”

As Asia Asset Finance concludes another successful financial year, Asia Asset Finance PLC reaffirms its dedication to providing innovative financial solutions, expanding its reach, and delivering exceptional value to its customers and stakeholders. The company’s remarkable performance and unwavering focus on customer-centric strategies position it as a leading force in Sri Lanka’s financial landscape, poised for continued growth and success.

Asia Asset Finance PLC is a Non-Banking Financial Institution (NBFI) and a Licensed Finance Company (LFC), registered with the Central Bank of Sri Lanka, having commenced operations in 1970, with a focus on Gold-Based Financial Products and Services, catering to both depositors and borrowers. Asia Asset Finance PLC’s wide array of financial services includes Gold Loans, Fixed Deposits, Leasing, Mortgages and Digital Financial Services via the Asia Asset Finance App (LUCKEWALLET). Asia Asset Finance PLC is majority-owned by India-based Muthoot Finance, a global financial services giant, with over LKR 2.54 trillion worth of assets, with operations reaching across the globe.



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Sri Lanka eyes India grid link as ADB pushes Pan-Asia energy integration

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Priyantha Wijayatunga speaks at the Samarkand Energy Forum of the ADB.

Sri Lanka’s long-discussed electricity grid connection with India is gaining renewed momentum, as the Asian Development Bank (ADB) intensifies efforts to promote cross-border energy integration across the region.

At the ADB Annual Meetings in Samarkand, Senior Director for Energy, Priyantha Wijayatunga, identified the proposed India–Sri Lanka grid interconnection as the most promising avenue to strengthen the island’s power sector. The concept dates back to the 1970s, when Sri Lanka, following the completion of the Mahaweli Development Project, even explored the possibility of exporting electricity. However, rapid economic growth and rising domestic demand shifted the country toward energy imports.

Today, with energy security and cost pressures mounting, the idea has regained urgency. “The time is right,” Wijayatunga said, stressing that political will and financing will be decisive. While undersea transmission cables make the link technically viable, costs remain a major challenge. The ADB, he confirmed, stands ready to support Sri Lanka as a development partner in advancing the project.

Sri Lanka’s prospects are closely tied to a broader regional vision being advanced by the ADB through its Pan-Asia Power Grid Initiative (PAGI). The initiative aims to transform how energy is produced, shared, and consumed across Asia and the Pacific by promoting cross-border electricity trade and grid connectivity.

PAGI is designed not merely as a collection of projects, but as a systems-level integration platform that connects national grids into subregional and eventually continent-wide networks. Its core objectives include bridging energy gaps, enhancing energy security, integrating large-scale renewable energy, and strengthening resilience across interconnected systems.

A key pillar of PAGI is leveraging the region’s resource complementarity. Countries in South Asia, for instance, possess uneven but highly complementary energy resources—hydropower in Nepal and Bhutan, and solar and wind potential in India. By linking grids, countries like Sri Lanka could tap into these diverse energy sources, reducing dependence on costly fossil fuel imports while improving reliability.

ADB estimates suggest that deeper regional power trade in South Asia could yield substantial economic benefits, including lower system costs and more efficient energy distribution. The initiative also envisions mobilizing up to $50 billion in investments by 2035, expanding transmission infrastructure, and improving electricity access for millions.

For Sri Lanka, integration into such a regional grid could be transformative. A connection with India would allow the country to import affordable electricity during shortages, stabilize supply, and support its transition toward cleaner energy. It could also open the door to future participation in a wider South Asian power market.

With feasibility studies and policy discussions already underway, and with ADB backing firmly in place, Sri Lanka’s long-envisioned grid connection with India now appears more achievable than ever.

As the Samarkand meetings underscore the urgency of regional cooperation in an increasingly uncertain energy landscape, Sri Lanka stands at the threshold of a new chapter—one where energy security is strengthened not in isolation, but through connection.

by Sanath Nanayakkare in Samarkand, Uzbekistan

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Oceans in crisis: Sri Lanka hosts ‘Sharks International 2026’ amid stark warnings

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Sri Lanka this week finds itself at the centre of a deepening global ocean crisis, as leading scientists, policymakers and conservationists gather in Colombo for Sharks International 2026—a high-profile summit unfolding against mounting evidence that the world is rapidly losing control of its marine ecosystems.

The conference, now underway at the Bandaranaike Memorial International Conference Hall, marks the first time the prestigious forum has been hosted in Sri Lanka. But beneath the diplomatic language and scientific exchanges lies a far more urgent reality: the collapse of shark and ray populations is no longer a distant environmental concern—it is an unfolding economic and food security emergency.

More than 100 million sharks and rays are being wiped out globally each year, largely due to overfishing and illegal, unreported and unregulated (IUU) fishing. In Sri Lanka, the situation is particularly acute. Of the 105 species recorded in local waters, nearly 70 are now threatened with extinction, a statistic that scientists warn should set off alarm bells far beyond conservation circles.

Deputy Minister of Environment Anton Jayakody did not mince words when addressing the gathering, framing the issue not just as an ecological tragedy but as a looming economic shock.

“This is not just about saving species. It is about protecting the foundation of our fisheries, our food systems, and the livelihoods of thousands of Sri Lankans. If shark and ray populations collapse, the consequences will ripple through the entire marine economy,” he said.

Sharks and rays sit at the top of the ocean food chain. Their disappearance disrupts the delicate balance of marine ecosystems, triggering cascading effects that can decimate commercially valuable fish stocks. For a country like Sri Lanka—where coastal communities depend heavily on fisheries—this is not an abstract threat but a direct challenge to economic stability.

Yet despite years of warnings, critics argue that global action has been dangerously slow, fragmented, and often undermined by competing commercial interests.

By Ifham Nizam

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SriLankan Airlines leads with two category wins in South Asia at PAX Awards

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SriLankan Airlines led with two wins in the Airline Award category for South Asia, securing both Best Overall Passenger Experience and Most Improved Airline at the PAX International Readership Awards 2026 held recently in Hamburg, Germany. The awards celebrate the industry’s best and brightest, with winners determined by votes from PAX’s global readership.

The Best Overall Passenger Experience – South Asia award recognises an airline that delivers an exceptional onboard experience to passengers across multiple service areas, including meal service, inflight entertainment and seating. At SriLankan Airlines, this entails meticulous planning at every stage of the passenger journey, supported by collaboration among multiple teams and continuous monitoring and refinement.

Maria Sathasivam, Manager Product Development of SriLankan Airlines, commented on the achievement, stating, “we are incredibly honoured to receive yet another independent endorsement of the service we deliver. Every interaction matters to us, and we are committed to consistently meeting and exceeding passenger expectations, and it is truly rewarding to see these efforts recognised.”

SriLankan Airlines continues to enhance the end-to-end travel experience, from booking through to arrival. Ongoing digital upgrades, including improvements to the airline’s website and app, are designed to deliver a more intuitive and seamless customer experience, supported by AI-driven features and expanded ancillary offerings. At its hub, the Bandaranaike International Airport in Colombo, the airline has also expanded self-check-in and bag drop facilities for added convenience.

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