Business
ComBank notches 3rd Rs 1 trillion mark in Balance Sheet in dynamic Q2
A strong second quarter, during which its loan book crossed the milestone of Rs 1 trillion, another first by a local private bank, has generated noteworthy growth in key indicators for the Commercial Bank of Ceylon Group for the six months ended 30th June 2021.
Comprising of Sri Lanka’s largest private sector bank, its subsidiaries and an associate, the Group reported gross income of Rs 79.931 billion for the period, reflecting a growth of 6.34% over the corresponding six months of 2020 and an improvement of 11.23% in the second quarter of 2021.
The Group converted the first quarter’s negative growth of 2% in interest income to an improvement of 9% in the second quarter, to end the first half of 2021 with interest income of Rs 63.355 billion, which was an increase of 3.2% over the first half of last year. With interest expenses for the six months down 16.65% to Rs 32.197 billion, the Group posted a net interest income of Rs 31.158 billion for the period under review, achieving a growth of 36.86% and 57.06% respectively for the six months and the second quarter.
“An increase in operating income from the growth in lending, an improvement in net fees & commission income and significant gains in some of the components of other income was partly offset by a substantial growth in impairment charges in the six months reviewed, but we are pleased with the overall results because we have built on the momentum of the first quarter and improved many of the core ratios and key performance indicators,” Commercial Bank Chairman Justice K. Sripavan commented.
Commercial Bank Managing Director Mr S. Renganathan elaborated that the Bank’s CASA ratio had improved to 45.37% from 42.72% at the end of 2020 and 40.79% at end June 2020. “We have also sustained steady improvements in capital adequacy ratios, non-performing loan ratios, provision cover and interest margins while grappling with the challenges posed by the global pandemic. We extended our fullest support for the implementation of Government initiatives to minimise the impact of COVID-19 on businesses and the community and to stabilise the economy. This included providing relief to borrowers and participating in the ‘Saubhagya’ loan scheme in addition to implementing the Bank’s own concessionary lending schemes,” he said. “We believe we now have a blueprint for achieving well-balanced growth in adverse conditions that will be of value in the years ahead.”
“We are particularly encouraged to see our loan book surpass Rs 1 trillion, making Commercial Bank the first private sector bank in Sri Lanka to have three key balance sheet indicators that exceed Rs 1 trillion. Our assets crossed this threshold in 2016 while deposits achieved it in 2019,” Mr Renganathan added.
Total operating income of the Group for the six months grew by 30.78% to Rs 46.344 billion, while impairment charges and provisions for other losses rose by 47.44% to Rs 13.654 billion consequent to a management decision to make provisions on a prudent basis, for exposures to identified risk-elevated industries.
As a result, net operating income grew by 24.88% to Rs 32.690 billion, but with operating expenses being restricted to Rs 14.079 billion, an increase of 8.42%, the Group posted an operating profit of Rs 18.611 billion before VAT on financial services for the six months, reflecting robust growth of 41.09% over the corresponding six months of the previous year. VAT on financial services increased by 37.82% to Rs 2.857 billion resulting in the Group achieving profit before income tax of Rs 15.754 billion for the first half of 2021, an improvement of 41.71% over the corresponding six months of 2020.
Income tax for the period under review amounted to Rs 3.400 billion, down 7.33% as a result of a reversal of excess in provisions for income tax made in 2020. This was due to the Bank’s provisions for income tax being computed at 28% on the basis that the 24% rate proposed in the last government budget to be effective from 1st January 2020, had not been enacted. The excess provision was reversed during the first quarter of 2021 as advised by the CA Sri Lanka.
Consequently, the Commercial Bank Group posted profit after tax of Rs 12.354 billion for the six months recording a growth of 65.87%, with growth in the second quarter alone amounting to 52.93%. Taken separately, Commercial Bank of Ceylon PLC reported profit before tax of Rs 15.420 billion for the period, a growth of 47.61% and profit after tax of Rs 12.134 billion, an improvement of 74.31%.
Total assets of the Group grew by Rs 172 billion or 9.77% over the six months to Rs 1.935 trillion as at 30th June 2021. Asset growth over the preceding 12 months was Rs 368 billion or 23.49% YoY.
Business
Business, healthcare and civic leadership unite to drive Sri Lanka’s fight against cervical cancer
In a powerful demonstration of how responsible business, public healthcare and civic leadership can work together for national good, Sri Lanka this week renewed its commitment to eliminating cervical cancer through an expanded screening programme backed by corporate funding, Rotary leadership and the Ministry of Health.
The initiative, supported by Dilmah, the Rotary Club of Colombo, the Family Health Bureau and the Sri Lanka Cancer Society, aims to strengthen nationwide HPV DNA screening, public awareness and prevention efforts at a time when cervical cancer continues to claim hundreds of lives annually despite being one of the most preventable forms of cancer.
Dilmah Chairman/CEO Dilhan C. Fernando said the programme reflects the values of his late father, Merrill J. Fernando, who believed companies exist not merely to generate profit, but to create lasting value for society.
He added:”Businesses do not exist to make profit. Businesses exist to create value. Value begins with people and livelihoods, continues through nature, and only then earns the right to secure economic value.”
Fernando announced a fresh commitment of Rs. 50 million this year, which will fund 20,160 screenings, following an earlier Rs. 75 million pledge made in January 2024 under a Memorandum of Understanding signed with the Ministry of Health and Rotary.
“That value may seem like a big number, but it is insignificant when you consider that it has saved thousands of women from the scourge of cancer,” he said.
He described the continued deaths from a preventable disease as deeply troubling.
“Learning that so many women were losing their lives annually to cervical cancer was something really quite abhorrent to us,” Fernando said.
Representing the Rotary Club of Colombo, K.R. Ravindran said the campaign is proof that strategic partnerships can change national health outcomes.
“This is not a discussion. This is a promise of early detection,” Ravindran said. “Cancer, especially cervical cancer, does not arrive with a bell ringing or a warning. It whispers, and so often by the time it is heard, it is too late.”
He said Rotary’s own experience operating early detection centres for breast, cervical and oral cancer had shown the life-saving value of screening.
“Early detection is not just saving lives. It transforms fear into hope, into possibility,” he said.
Ravindran noted that Sri Lanka’s economic crisis had once threatened to halt testing services because of shortages in funding for diagnostic kits, but private sector intervention prevented disruption.
“Without the money, the whole thing would have gone awry. That is when Dilmah stepped in,” he said.
“They did something far greater than simply giving money. They made scale possible. They made continuation possible. They made impact possible.”
Ravindran expressed confidence that Sri Lanka can become one of the first countries in the world to eliminate cervical cancer as a public health threat by 2030, citing the nation’s literacy, public health network, school vaccination system and midwife service.
“I think this country can become one of the first countries to be rid of this disease,” he said.
Consultant Community Physician Dr. Nadija Herath of the Family Health Bureau said cervical cancer is caused mainly by persistent infection with the Human Papillomavirus (HPV), but can be prevented through vaccination and early detection.
She said Sri Lanka’s Well Woman Clinic programme, launched in 1996, screens women primarily in the 35 and 45 age groups, and is now expanding the use of HPV DNA testing, which is more accurate than conventional cytology methods.
“The most important thing about this cancer is that it is preventable,” Dr. Herath said. “If pre-cancerous changes are identified early, they can be fully treated and women can live normal lives.”
She said new funding would also support outreach clinics, especially in workplaces and underserved areas.
President of the Sri Lanka Cancer Society Anoja Karunaratne said awareness remains a major challenge, with stigma and fear discouraging many women from seeking screening.
“We need to take this message beyond hospitals and clinics—into schools, workplaces, religious institutions and community groups,” she said.
She stressed that women should view screening as a routine part of healthcare rather than something to fear.
Speakers at the event said the collaboration stands as a model for corporate Sri Lanka, showing how businesses can contribute meaningfully to national wellbeing.
Fernando praised Sri Lanka’s healthcare system for continuing to innovate despite adversity.
“Whatever anyone may say about systems or governance, the fact is Sri Lanka’s healthcare system has an enviable track record,” he said.
By Ifham Nizam
Business
The power of soft skills: Transforming students into future leaders with SLIIT Soft Skills+ 2026
The soft skills development program is a major project carried out under its Corporate Social Responsibility (CSR) agenda, by the SLIIT Business School. This program, intended to go beyond typical classroom instruction, focuses on giving school going students the fundamental life skills they need to thrive in a world that is becoming more competitive and dynamic.
The program, which is intended for students in Grades 11 through 13, is open to participation from schools under the Sri Lankan government, private, and foreign institutions. The inclusive process ensures that students from different educational backgrounds have equal opportunities to improve their personal and professional competencies by enrolling for the program.
The initiative’s main goal is to close the knowledge gap between academia and real-world application. In addition to encouraging creativity, innovation, and an optimistic outlook, it places a strong emphasis on the development of vital soft skills like problem-solving, collaboration, and communication. By using this strategy, the program hopes to develop well-rounded, future-ready people who can overcome obstacles in the real world.
The preliminary stage and the Grand Finale are the two primary phases of the Soft Skills+ 2026 program. The program starts with an online teacher training workshop on April 28, 2026. In order to ensure long-term impact and sustainability, this recently added component focuses on improving instructors’ capacity to mentor and support students in the development of soft skills.
The preliminary rounds will be held virtually on May 9, 2026, across three regions: Malabe, Kandy, and Matara. These sessions include competitions focused on activities, quiz-based evaluations, and interactive workshops on soft skills. All exercises and questions are presented in Sinhala, Tamil, and English to encourage inclusivity, enabling students to participate in their favorite language with ease.
The top 50 teams from the preliminary stages will move on to the Grand Finale, which will take place at the SLIIT Malabe Campus on May 16, 2026. In order to ensure fairness and transparency, this final round will include advanced competition rounds and through evaluations carried out by a team of experienced and knowledgeable jury panel.
Certificates will be given to all participants, including instructors and children, and special gifts will be given to the finalists. In recognition of their exceptional performance and commitment, winning teams will also receive monetary awards.
With 50 teams participating in the grand finale and strong representation from across the island, the 2025 program demonstrated its growing impact. Last year’s winner was from St. Servatius College, Matara while Sivali Central College in Rathnapura was the runner-up.
This program, which has received official Ministry of Education clearance, is a nationally recognized platform that supports educational goals and continues to mold future leaders. For more details contact Mr. Ranitha Weerarathna, Senior Lecturer – SLIIT Business School via Tel – (+ 94) 0776503079 / 0764403664 or Email – ranitha.w@sliit.lk
Business
Seylan Bank reports PAT of LKR 2.91 Bn in Q1 – 2026
The Bank recorded a Profit Before Income Tax (PBT) of LKR 4,548 Mn in Q1 2026, against LKR 4,199 Mn reflecting a growth of 8.31%.
For the three months ended 31st March 2026, Profit after Tax recorded by Seylan Bank was LKR 2,906 Mn with a growth of 5.25% against LKR 2,761 Mn recorded in the corresponding period of 2025.
Statement of Financial Performance
Net interest income increased from LKR 8,587 Mn to LKR 9,734 Mn, an increase of 13.37% over the previous year for the 3 months ended 31st March 2026 mainly due to the significant growth in bank’s assets base over the last 12 months from LKR 785 Bn as end of Q1 2025 to LKR 943 Bn as at 31st March 2026. The Bank’s Net Interest Margin (NIM) also moderated from 4.50% in 2025 to 4.23% during Q1 2026.
Meanwhile, the Bank’s net fee-based income recorded a growth of 24.04%, increasing from LKR 1,863 Mn to LKR 2,311 Mn, primarily driven by fee income from Cards, Remittances, Trade, and other financial services.
Other income captions comprising of net gains / losses from trading, net gains from derecognition of financial assets and net other operating income, reflected a reduction mainly due to decline in mark to market gains from government securities and equity investments with the prevailing market interest rates and price movements, however exchange income showed an increase, due to higher forex trade volumes.
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