Business

ComBank Group remains resilient in volatile first half of 2023

Published

3 years ago

2023/08/14

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

The Commercial Bank of Ceylon Group has reported gross income of Rs 167.668 billion including a growth in interest income to Rs 150.812 billion for the first half of 2023, achieving healthy topline growths of 40.29% and 71.15% respectively in a period of significant volatility for the banking sector.

Comprising of Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, the Group also improved fee and commission income by 22.27% to Rs 14.377 billion, net fee and commission income by 19.30% to Rs 10.591 billion, and net other operating income by 236.42% to Rs 17.086 billion from a loss of Rs 12.524 billion recorded for the first half of 2022.

However, with interest expenses for the six months rising by Rs 65.958 billion or 139.14% to Rs 113.362 billion, the Group’s net interest income reduced by 8.01% to Rs 37.450 billion. The Group also recorded a net loss from trading of Rs 15.531 billion, as a result of realized and unrealized losses from forwards, spots and swap transactions owing to the appreciation of the Rupee in the review period, in contrast to a net gain of Rs 32.102 billion from trading in the corresponding six months of the previous year.

Total operating income of the Group declined by 27.03% to Rs 50.520 billion but net operating income for the period under review improved by 9.69% to Rs 37.309 billion with the Group making a provision of Rs 13.211 billion for impairment charges and other losses for the six months. Impairment charges for 2022 included a substantial additional provision made for foreign currency denominated Government Securities owing to the downgrading of Sri Lanka’s sovereign rating. Total operating expenses increased by 18.04% to Rs 21.285 billion, with personnel expenses, depreciation and amortization and other operating expenses rising by 17.86%, 20.90% and 17.56% respectively.

A revaluation of the Group’s assets in foreign currency consequent to the appreciation of the Rupee in the six months under review resulted in total assets of the Group reducing by Rs 37 billion or 1.50% to Rs 2.462 trillion as at 30th June 2023. Gross loans and advances of the Group also reduced by 4.71% over the six months to Rs 1.188 trillion, partly due to the revaluation impact on foreign currency denominated loans and advances as a result of the appreciation of the Rupee. Total deposits of the Group stood at Rs 1.959 trillion as at 30th June 2023, with Rupee-denominated deposits increasing by Rs 48.47 billion since end 2022, but the value of deposits denominated in foreign currency reducing significantly due to the appreciation of the Rupee.

Commenting on these results, Commercial Bank Chairman Prof. Ananda Jayawardane said: “The key performance indicators of banks continue to be influenced by external variables rather than core banking operations. Factors like sharp fluctuations in the value of the Rupee and mercurial interest rates that necessitate repricing of assets and liabilities have a distortionary effect on earnings and profits. However, we remain fundamentally strong in operational terms and are geared to leverage these strengths in the year ahead.”

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Business

Charting a worker-centered AI future: Colombo hosts landmark ITF conference

Published

16 hours ago

2026/09/21

Thilina Walpola

The ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka

By Sanath Nanayakkare

Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.

These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.

Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.

As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.

Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.

Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.

Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.

Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.

Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.

Business

Bridging the digital divide: Sri Lanka’s airport licence challenge

Published

16 hours ago

2026/09/21

Thilina Walpola

As tourism surges from digitally advanced markets like India, modern independent travelers arriving at BIA find themselves caught in a mismatch between cloudstored credentials and local paper-based transport protocols.

By Sanath Nanayakkare

As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).

While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.

This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.

The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.

Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.

For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.

Business

International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw

Published

16 hours ago

2026/09/21

Thilina Walpola

Founder X Director – ALIF – J D RUBAN

ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.

This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.

“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL

Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.