Business

Be patient, I will gradually turn the ailing economy around: PM

Published

4 years ago

2022/05/16

Thilina Walpola

‘We will certainly repay friendly countries that support us with funds’

by Sanath Nanayakkare

Prime Minister Ranil Wickremasinghe said on Saturday that he would gradually turn around the difficult situation faced by families of the country and create a situation where they can feed themselves three times a day.He said so responding to a question posed by the BBC whether he had some kind of timeline for turning around the ailing economy, acute shortages and queues snaking through the roads for fuel, LP gas, milk powder etc.

“Whenever I functioned as prime minister of the country, I always ensured that people were able to have three meals a day. So I want to end this era of queues and shortages and create an environment where they can go back to their normal way of living,” he said.

When asked whether he would get the support of the parliament to do that, he said,”I will have the approval of the parliament to engage in the work that needs to be done. Some will support and some others will oppose it, but I am looking to get the support of everyone to achieve this objective urgently.”When asked whether he could get on well with the President to get his plans executed, he said,” I will do my part. I will act to restore the economy. I will help preserve the rights of the people. We have agreed that GotaGoHome should continue to exist. Now we are discussing the facilities we should give these youths to promote their cause. There’s another group which clamours ‘Ranil go home’. I’m a man who was born in Colombo, and this is my home, and I have no place else to go,” he said.Responding to a question on the May 9 incident that incited violence in many parts of the country he said, “I have told the IGP to take necessary action. I will follow up on the progress made into the investigations.”

Talking about the international support for Sri Lanka to get over the crisis situation he said,” I met with a number of ambassadors. I have a good rapport with them. So let’s see what can be done. We need to have discussions with the IMF as well. If we can get our macro economy in good shape and convey the message to the world that we are acting with proper fiscal discipline, other friendly countries will also step forward to help us.”

“I am going to change many of the policies of the Rajapakasa government,” he said.

“The next few weeks will turn out to be the most difficult period for us. Today the voice of the youth has emerged because of the issues they face. GotaGoGama is a symbol of that. We will preserve that site through the functioning of a committee and we should provide it the facilities it needs. These youths should administer that site, not the government. We have to support it. They have sent me eight proposals and I would like to discuss with them. We have to transform things by listening to them.”

Asked what his message to the internal community was, he said,” We need your support to get back on our feet. We need your financial assistance for a year. The funds we receive from you, we will certainly repay.”

Wickremesinghe in his message for the Vesak Full Moon Poya Day said, “As conveyed in Buddha’s preaching to the rulers of Licchavi Kingdom, Sri Lankans should also gather and take decisions in unity to come out of this crisis situation that has befallen the country.

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Business

NDB reports all-time high earnings; doubles PAT on a normalised basis

Published

22 hours ago

2026/02/26

Sahan Weerasooriya

Kelum Edirisinghe - Director, Chief Executive Officer / Chair, Board of Directors Sriyan Cooray

National Development Bank PLC (hereinafter ‘the Bank’) announced its results for the financial year ended December 31, 2025 to the Colombo Stock Exchange recently. Full year results tabled by the Bank showcase a strong growth across all business lines with Net Banking Revenue increasing by a 45.2% on a comparable basis.

Like most other peers, the Bank’s 2024 financial performance was positively impacted following the successful conclusion of the ISB debt restructure with a one-off impact on interest income, fee income and net impairments amounting to LKR 1.4 billion, LKR 0.7 billion and LKR 9.4 billion, respectively for the said year.

Fund based income

Net interest income (NII), which accounts for close to 75.0% of Bank’s total operating income, grew by 6.5% on a normalised basis. Despite pressure on interest-earning assets arising from the lower interest rate environment, the Bank’s disciplined margin management helped stabilise Net Interest Margin (NIM) at 4.0% for the year. On a comparable basis, excluding one-off exceptional items, NIM stood at 4.2%, compared to 4.3% for both scenarios in 2024. By the end of the year, the Bank had close to LKR 29.3 billion in Loans and Deposits under a special arrangement with its customer(s) with a netting-off feature (end 2024: LKR 19.6 billion).

Non-fund based income

Net fee and commission income reached LKR 8.1 billion for the year – representing a growth of 14.3% from LKR 7.1 billion in 2024 excluding ISB restructuring related fees. Key growth drivers for the current year were trade finance, credit and lending, digital banking and credit and debit cards.

Credit and operating costs

Credit costs for the year amounted to LKR 5.7 billion, reflecting a substantial reduction of 57.1% compared to LKR 13.2 billion in 2024, a testament to the Bank’s strong credit underwriting practices and focused efforts on collections and recoveries. The Bank’s success on account of the latter is best reflected in notably improved stage 2 and 3 loan stock which stood at 7.9% and 10.8% respectively at end 2025 as compared with 16.6% and 14.0% at end 2024. Stage 3 provision coverage also saw further improvement to 59.1% from 54.5% during 2024 showcasing the Bank’s prudent management of credit risk.

Operating expenses closed at LKR 19.0 billion for the year, marking a 13.1% YoY increase. This increase was primarily driven by routine staff-related increments and necessary market realignments, along with higher investments in IT infrastructure and business development undertaken during the year.(NDB)

Business

PMF Finance appoints Nishani Perera as Non-Executive Independent Director

Published

22 hours ago

2026/02/26

Sahan Weerasooriya

Nishani Perera

PMF Finance PLC has announced the appointment of Ms. Nishani Perera as a Non-Executive Independent Director, further strengthening the Company’s strategic oversight, governance framework, and board-level expertise as it continues to advance its transformation and long-term growth agenda.

Ms. Perera is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and brings over 19 years of experience across audit, assurance, advisory, risk management, and corporate governance. She currently serves as Partner – Audit & Assurance at Moore Aiyar and as Director of Moore Consulting (Pvt) Ltd.

Over the course of her career, Ms. Perera has gained substantial exposure to listed companies, banks, finance companies, and other regulated entities. Her areas of expertise include financial reporting under SLFRS/LKAS, audit and risk oversight, regulatory compliance, and the implementation of quality management standards. She has worked closely with Boards of Directors and Audit Committees on matters relating to financial reporting integrity, internal control frameworks, enterprise risk governance, and adherence to evolving regulatory requirements.

Ms. Perera holds a Master of Laws (LL.M.) from Cardiff Metropolitan University in the United Kingdom and a Bachelor of Science in Business Administration (Special) from the University of Sri Jayewardenepura. She is also an Associate Member of ACCA and CMA Sri Lanka, and a Fellow Member of AAT Sri Lanka.

Business

Capital Alliance deepens capital market presence with third Closed-End Fund Listing at the CSE

Published

22 hours ago

2026/02/26

Sahan Weerasooriya

(Left – Right): Ramly Rahman, Analyst – Capital Alliance Partners Ltd ; Praveen Kanagasabai, Vice President – Capital Alliance Partners Ltd: Mrs. Nilupa Perera, Chief Regulatory Officer – CSE; Rajeeva Bandaranaike, CEO – CSE; Vevaashgar Vathanatheesan, Assistant Vice President – Capital Alliance Investment Ltd (CALI); Ochitha Bandara, Analyst – CALI; Dimuthu Abeyesekera, Chairman – CSE; Ms. Pranavi Sivaruban, Analyst – CALI; Yasith Lakshan, Analyst – CALI; Rajitha Gunarathna, Assistant Manager – Capital Alliance Partners Ltd.

The units of the “CAL Three Year Closed End Fund” were officially listed on the Colombo Stock Exchange (CSE) recently. Accordingly, a total of 841,263,375 units of the ‘CAL Three Year Closed End Fund’ were listed by Capital Alliance Investments Ltd (CALI), a member of the Capital Alliance Ltd Group (CAL Group). The listing was commemorated by way of a special bell ringing ceremony on the CSE trading floor.

CSE CEO Rajeeva Bandaranaike speaking at the occasion remarked upon the rising demand for Unit Trusts: “When you look at funds, particularly unit trusts in today’s active capital market, we see a lot of domestic interest in the market with more investors entering. Funds, not only fixed income funds but also growth and balanced funds, can be the ideal vehicle through which new investors can enter the market. We see this interest reflected in the success of CAL’s Three Year Closed End Fund. More people are seeking to invest their money through professional fund managers.”