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ComBank notches 3rd Rs 1 trillion mark in Balance Sheet in dynamic Q2

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Commercial Bank’s Chairman Justice K. Sripavan (left) and Managing Director S. Renganathan 

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.



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Business

Acuity Knowledge Partners fuels global finance with Sri Lanka’s homegrown talent

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Jehan Jeyaretnam

In an era where global financial markets demand innovation and agility, Acuity Knowledge Partners has positioned Sri Lanka as a strategic hub for high-value knowledge services. At the helm of this transformation is Jehan Jeyaretnam, Country Head of Acuity’s Sri Lanka operations, whose two-decade journey with the firm mirrors the nation’s growing prominence in the global knowledge process outsourcing (KPO) sector.

Sri Lanka’s exceptional talent pool, which is highly educated, tech-savvy, and globally aware, is the cornerstone of Acuity’s success, asserted Jeyaretnam during an interview with The Island Financial Review. The following are some excerpts from the interview.

“With over 500 professionals in Sri Lanka supporting global clients in investment research, compliance, and data analytics, the firm has forged robust partnerships with universities like Kelaniya, fostering talent through graduate programmes, mentorship, and initiatives such as its decade-long sponsorship of inter-university academic competitions.’’

“Acuity’s commitment to nurturing expertise is evident in its status as a leading employer of CFA charter holders locally and its consistent recognition as a top employer by AICPA & CIMA, climbing to 9th place globally in 2024. Our people access global opportunities and clear career pathways,” Jeyaretnam noted, emphasising long-term growth over talent development.

“Beyond its economic footprint, Acuity’s “Be Kind” ethos drives community initiatives focused on education, sustainability, and welfare. Partnerships with NGOs like Child Action Lanka, tree-planting campaigns, and digital literacy programmes underscore Acuity’s dedication to uplifting underserved communities. Giving back isn’t optional. It’s ingrained in our culture,” Jeyaretnam stated.

Reflecting on his 20-year journey, Jeyaretnam attributed Acuity’s evolution from a ‘small team with big ambitions’ to a global KPO leader with a philosophy centered on trust and empowerment.

“Leadership is about building others up,” he said, highlighting mentorship and continuous learning as catalysts for innovation.

When asked about his personal accomplishments, he said, “Witnessing employees ascend to leadership roles is my most rewarding accomplishment.”

To youth eyeing careers in capital markets, Jeyaretnam advised adaptability, curiosity, and integrity.

“Success stems from asking questions, seeking feedback, and grounding yourself in financial fundamentals,” he stressed, citing Acuity analysts who’ve risen to become industry experts.

As Acuity eyes the future, Jeyaretnam reaffirmed its commitment to innovation, talent development, and scaling Sri Lanka’s capabilities.

“We’ll keep investing in Sri Lanka, ensuring we’re resilient and ready to meet tomorrow’s challenges together,” he asserted, encapsulating Acuity’s clients, employees and stakeholders.

In a world where knowledge is currency, Acuity Knowledge Partners and Sri Lanka’s talent are proving to be invaluable global assets.

By Sanath Nanayakkare

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John Keells Properties and MullenLowe unveil “Minutes Away”

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In a bold and pioneering move, John Keells Properties (JKP), in collaboration with MullenLowe, has launched “Minutes Away – The Smartest Campaign in Sri Lanka” for JKP’s smart apartment development, TRI-ZEN. Redefining how real estate is experienced and promoted in the digital age, this campaign is the first in Sri Lanka to utilize Meta Ray- Ban Smart Glasses—bringing viewers into a fully immersive, first-person perspective that captures the essence of smart urban living like never before.

As Sri Lanka’s first smart apartment complex, TRI-ZEN has consistently set new benchmarks in urban innovation. Now, with the Minutes Away campaign, John Keells Properties elevates its brand storytelling by delivering a unique point-of-view (POV) journey, giving audiences the chance to see through the eyes of a resident navigating the conveniences of smart city living—from seamlessly connected spaces to vibrant city life just minutes away.

“Innovation is embedded in the DNA of John Keells Properties,” said Chamal Fonseka, Assistant Vice President of John Keells Holdings and Head of Brand Strategy s Customer Experience at John Keells Properties. “With ‘Minutes Away’, we wanted to push the boundaries of how real estate is communicated. The use of Meta Ray-Ban Glasses not only allows us to immerse our audience in the daily rhythm of a TRI-ZEN resident—it also marks a first for Sri Lanka in terms of campaign technology and narrative style. This campaign is not just about showcasing a product—it’s about enabling prospective homeowners to feel the lifestyle TRI-ZEN offers. And there’s no better way than putting them quite literally in the shoes of a resident.”

The Meta Ray-Ban Glasses are at the heart of this one-of-a-kind activation, enabling content to be captured from a natural, unfiltered perspective—no gimbals, no staging, just real- time storytelling. Whether it’s a short commute to Colombo’s key hotspots, smart home features activating at a touch, or the energy of city life just steps away, the viewer experiences it all through the eyes of the modern, connected homeowner.

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Amana Life policyholders enjoy 19 percent return on their Gold Investment Fund

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Gehan Rajapakse – CEO of Amana Takaful Life

As global gold prices soar and investors worldwide turn to gold as a trusted store of value, Amana Life Insurance stands out for offering Sri Lankans a rare and rewarding opportunity to invest in gold through life insurance.

Amana Life Insurance is the only life insurer in Sri Lanka offering customers access to a dedicated Gold Investment Fund across all life insurance products including retirement, education, and health plans. This presents a unique opportunity for Sri Lankans to save in gold and receive gold at maturity, combining financial protection with the long-term stability of a globally valued asset.

As of March 31st, 2025, the Gold Investment Fund delivered an impressive 12-month return of 19 percent, offering strong returns for policyholders who chose the Gold Fund investment option as part of their wealth planning strategy.

Whether you’re planning for your child’s education, retirement, or long-term wealth creation, Amana Life Insurance gives you access to one of Sri Lanka’s most diverse and high-performing investment portfolios. These include the Protected Multiple Fund, Stable Multiple Fund, Growth Multiple Fund, Volatile Multiple Fund, Bullion Multiple Fund, and the standout Gold Investment Fund, each designed to match different financial goals and risk profiles.

Commenting on the fund’s performance, Gehan Rajapakse, CEO of Amana Life Insurance, stated: “The continued rise in global gold prices underscores the importance of offering innovative, long-term investment options. The strong performance of our Gold Investment Fund reflects our deep commitment to creating lasting value for our policyholders. However, we remind customers that past performance is not indicative of future results, and every investment should be aligned with one’s financial goals and market outlook.”

As Sri Lanka’s most awarded insurer, Amana Life Insurance continues to lead with foresight, innovation, and a customer-first mindset, enabling every Sri Lankan to secure their future with confidence and clarity.

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