Connect with us

Business

ComBank Group consistent with solid topline growth in 2022, increases provisioning

Published

on

Commercial Bank’s Chairman Prof. Ananda Jayawardane (left) and Managing Director and CEO Sanath Manatunge.

The Commercial Bank of Ceylon Group has ended 2022 with a solid operational performance, having navigated the perfect storm with a series of forward-looking strategies that included making the highest-ever impairment provision in a year in the history of the institution.

In a period of unprecedented macroeconomic variables, the Group comprising of Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, saw its assets grow by Rs 516.063 billion or 26.02% to approach Rs 2.5 trillion, gross income grow by 71.31% to Rs 280.387 billion and interest income improve 67.44% to Rs 222.393 billion, with the sharp depreciation of the Sri Lanka Rupee exerting a distortionary impact on some key indicators.

In a filing with the Colombo Stock Exchange (CSE), the Group reported that the value of its loan book had grown by Rs 151.239 billion or 13.81% over the 12 months ending 31st December 2022, assisted by the impact of the sharp depreciation of the Rupee on foreign currency loans and advances. Discounting the impact of the Rupee depreciation, the loan book recorded a marginal growth during the year, amidst a sharp decrease in credit to the private sector. Deposits had increased by Rs 505.103 billion or 34.30%, with the depreciation of the Rupee also accounting for part of the growth.

The Group made a provision of Rs 71.924 billion for impairment charges and other losses, an increase of Rs 46.784 billion or 186.10% over the Rs 25.140 billion provided in respect of 2021. This resulted in net operating income reducing by 5.47% to Rs 64.712 billion for the 12 months and by 24.90% to Rs 13.147 billion for the fourth quarter, despite the fact that total operating income for the year had improved by a robust Rs 43.038 billion or 45.98% to Rs 136.637 billion.

Commenting on the countervailing external factors that impacted the results, Commercial Bank Chairman Prof. Ananda Jayawardane said the domestic macroeconomic pressures emanating from the country’s deteriorating external financing position exerted severe stresses on the foreign currency liquidity and the capital adequacy of banks, making it necessary for managing liquidity to be given priority in the year under review. Although an increase in the cost of funds is inevitable, all possible steps have been taken to reprice and rebalance financial assets, increase fee-based income and to maintain non-interest costs at acceptable levels, he said.



Business

The Kingsbury, Colombo Appoints Nandana Wirasinha as GM

Published

on

The Kingsbury announced on Friday the appointment of Nandana Wirasinha as its new General Manager. This pivotal appointment heralds an exciting chapter in the hotel’s journey as it continues to redefine excellence and innovation in Sri Lanka’s luxury hospitality landscape.

Wirasinha brings with him nearly three decades of international hospitality experience, having held senior leadership roles with some of the world’s most esteemed hotel brands. His distinguished career spans all facets of hotel management, including operations, revenue strategy, guest engagement, culinary excellence and operational efficiency. Of particular note are his accomplishments at Jumeirah Hotels & Resorts in Dubai and Abu Dhabi, where he played a key role in delivering benchmark-setting service and guest satisfaction.

Renowned for his ability to build high-performing teams and drive sustained revenue growth, Wirasinha has a proven track record of elevating service standards across the board. During his tenure in the UAE, he led multiple award-winning restaurants in Abu Dhabi, four of which received the coveted Triple Black Hat status in the prestigious ‘What’s On Abu Dhabi Black Hat Guide’—widely considered the region’s equivalent of the Michelin Guide. His leadership has consistently translated into enhanced guest satisfaction, operational excellence, and outstanding business performance.

A committed lifelong learner, Wirasinha is an alumnus of Cornell University with a Certificate in Hotel Real Estate Investment and Asset Management. He also holds an Associate of Arts Degree in Tourism and Hospitality from The Emirates Academy, has completed the Cornell CXO Leadership Programme, and is currently pursuing a Master’s in Business Management at the Postgraduate Institute of Management, Sri Lanka.

Continue Reading

Business

ComBank launches timely vehicle leasing promotion

Published

on

As new vehicles begin arriving in the country after a lapse of several years, the Commercial Bank of Ceylon has announced it will support the aspirations of vehicle buyers with an attractive leasing package for a limited duration.

The Bank said it would offer special interest rates, customized payment plans, discounts on first-year insurance premiums, a waiver of 50% on commission fees with a minimum charge of Rs 10,000 on Letters of Credit opened, and a free credit card with joining fee and the first year’s annual fee waived off, for leasing facilities obtained before 31st May 2025.

Quick and hassle-free approval of leasing facilities and special discounts on vehicle spare parts would also be part of the package for these customers, the Bank said. These special benefits would apply to leases of unregistered vehicles.

Commercial Bank offers one of the lowest rentals on vehicle leases, Rs 1,598 for every Rs 100,000 for a seven-year lease.

Commercial Bank leasing customers have the option of tailor-made leasing options that suit individual income patterns, via the Bank’s Super Leasing and Hybrid Leasing facilities.

Continue Reading

Business

Sri Lankan F&B Exporters Participate in Toronto trade show

Published

on

More than 15 Sri Lankan food and beverage export companies participated in the SIAL Canada 2025 trade show held at Enercare Exhibition Centre, Toronto, from April 29 to May 1, the SL consulate in Toropnto said.

SIAL Canada is one of the major annual trade shows in the food and beverage sector in Canada, attracting over 1,000 exhibitors and brands from 44 countries, with more than 21,000 professionals from 77 countries in attendance, and representation from all Canadian provinces.

The Consul General visited the trade show and met with the representatives of Sri Lankan companies supporting their efforts to expand their business network with key supply chains and leading retail business entities in the Canadian market.

Continue Reading

Trending