Business
HNB records Rs 6.9 bn PAT in Q1 2023

Following a turbulent year marred by the country facing its most profound economic crisis post-independence, Hatton National Bank PLC made a resilient start to 2023, posting a PBT of Rs 10.7 Bn, up 80% YoY, while PAT stood at Rs 6.9 Bn in the first quarter, growing 42% YoY. The Group made a consolidated PBT and PAT of Rs 11.3 Bn and Rs 7.3 Bn respectively.
Commenting on the first quarter performance, Aruni Goonetilleke, chairperson of Hatton National Bank PLC, stated that “Despite the country still reeling from last year’s economic, social and political disruptions, the Bank recorded a solid performance for the first three months of 2023, reflecting our steadfast focus, prudent decision making and agility in the face of changes. Although uncertainties prevail, the positive developments on the country’s macroeconomic front are encouraging, and I would like to reiterate our unwavering commitment to safeguarding the interest of our stakeholders and supporting the economic recovery.”
Relatively high interest rates compared to Q1 2022, facilitated the Bank to report a net interest income of Rs 31.6 Bn during 1Q 2023, reflecting an 87% YoY growth. With higher card volumes coupled with an increased adoption of our digital services, net fee and commission income grew by 31% YoY to Rs 4.2 Bn.
The positive sentiments brought on by the IMF programme and the improved foreign exchange liquidity, gave way to a part relaxation of foreign exchange controls. This led to the appreciation of the Sri Lankan Rupee by approx. 10% during the 3 months up to March 2023. This resulted in the Bank recording a net exchange loss of approximately Rs 2 Bn for the quarter due to revaluation losses.
Despite vulnerabilities in the operating income, the Bank was able to maintain one of the best asset quality positions in the industry, with the net stage III loan ratio at 3.8% and stage III provision cover at 55.5% as at end March 2023. Having made significant provisions on account of impairment in 2022, the Bank made a total impairment of Rs 11.4 Bn for the quarter. This consisted of impairment on loans and advances and other off-balance sheet exposures of Rs 6.7 Bn, and impairment of Rs 4.7 Bn on foreign currency denominated government securities.
Operating expenses increased by 26% in 1Q 2023, driven largely by the impact of the higher inflation compared to corresponding period of 2022. However, growth in income outperformed that of cost, translating to a cost-to-income ratio of 26% for the first quarter of 2023.
Jonathan Alles, Managing Director and Chief Executive Officer of Hatton National Bank PLC noted that, “Following an unprecedented year mired in challenges, with the banking sector wrestling with multiple headwinds, we are pleased to see HNB’s performance in the first quarter of 2023. Securing the IMF Extended Fund Facility will bring in the much-needed credibility to restore investor confidence, allowing Sri Lanka to gradually regain access to foreign capital markets. Moving forward, it is imperative that the debt restructuring framework is finalised, ensuring that the stability of the financial sector is safeguarded.”
(HNB)
Business
Acuity Knowledge Partners fuels global finance with Sri Lanka’s homegrown talent

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
Business
John Keells Properties and MullenLowe unveil “Minutes Away”

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

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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