Business
Mission focus helps ComBank Group end tough 2021 with solid growth
The Commercial Bank Group has ended 2021 with gross income of Rs 163.675 billion, an improvement of 7.70%, with interest income accounting for more than 80% of the top line in a year of mixed fortunes.
The Group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector bank – its subsidiaries and the associate, reported interest income of Rs 132.818 billion for the year ended 31st December 2021, reflecting a growth of 7.04%. With interest expenses for the year reducing by 9.31% to Rs 66.402 billion, the Group achieved net interest income of Rs 66.416 billion, an increase of 30.56%.
The final quarter of the year saw interest income growing by 17.84% to Rs 36.592 billion and accounting for more than 83% of the Group’s three-month gross income of Rs 43.625 billion, which was up 13.76% over the fourth quarter of 2020. This was despite interest expenses increasing by 4.30% to Rs 17.709 billion in the final quarter due to an increase in interest rates.
Total operating income for the year under review grew by 21.98% to Rs 93.598 billion, and the Group’s impairment charges and other losses increased by 17.37% to Rs 25.140 billion.
Net operating income for the full year improved by a healthy 23.77% to Rs 68.458 billion, but grew by a comparatively lower rate of 7.89% to Rs 17.504 billion due to the higher impairment charges provided in the fourth quarter, the Bank said. Total operating expenses increased by 12.93% to Rs 29.658 billion consequent to an increase in personnel expenses following the signing of a Collective Agreement effective January 2021, while general cost increases resulted in other operating expenses for the year growing by 18.01% to Rs 9.638 billion.
Operating profit before VAT on Financial Services grew by a noteworthy 33.58% to Rs 38.801 billion and the Group’s VAT on Financial Services for the year increased by 28.99% to Rs 5.845 billion, while profit before income tax for the year improved by 34.41% to Rs 32.957 billion. With income tax charges increasing at a relatively lower rate of 16.60% to Rs 8.667 billion due to the reduction in the income tax rate, the Group posted a profit after tax of Rs 24.290 billion for the year, achieving a growth of 42.16% before providing for the proposed Surcharge Tax, which had not been enacted in Parliament at the time of reporting. It has therefore not been provided for in the year reviewed.
Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs 32.001 billion for the year under review, achieving a robust growth of 36.11% and profit after tax of Rs 23.606 billion, recording an improvement of 44.17%.
Commenting on these results, Commercial Bank Chairman Justice K. Sripavan said: “The performance of the Group can be described as exceptional when the external challenges of the year are factored in. Our focus on the core mission and the needs of the hour resulted in emphasis being placed on enhancing customer experience, and we are proud of the ways in which our teams served with utmost dedication, putting our customers first as they have done for the past 101 years.”
Commercial Bank Managing Director and Group CEO S. Renganathan pointed out that the Bank was able to improve on its key performance ratios in 2021, to become even more financially stable and better-positioned to continue its mission as a systemically important bank. “In the face of uncertainty, we continued to build on our last year’s momentum and relief programs, emerging as the leading lender for COVID-19 relief among private sector banks in Sri Lanka,” he said. “We have continued to demonstrate remarkable operating resiliency throughout the pandemic through customer focus, digital engagement and operational excellence.”
Total assets of the Group grew by Rs 221 billion or 12.54% over the year to reach Rs 1.983 trillion as at 31st December 2021.
Gross loans and advances of the Group increased by Rs 133 billion or 13.83% to Rs 1.095 trillion, recording a monthly average growth of Rs 11 billion over the 12 months.
Total deposits of the Group recorded an improvement of Rs 186 billion or 14.46% in the 12 months reviewed at a monthly average of Rs 15.5 billion to reach Rs 1.473 trillion as at 31st December 2021.
A noteworthy achievement of the year under review was the continuing improvement of the Bank’s CASA ratio, an industry benchmark. For the year ended 31st December 2021, the Bank’s CASA ratio stood at 47.83% improving from 42.72% at the end of 2020.
Elaborating on some of the highlights of the income performance for the year under review, the Bank said that net fee and commission income of the Group improved by a steady 24.64% to Rs 12.242 billion, while net other operating income grew by 28.72% to Rs 10.002 billion, helped by exchange gains of Rs 1.4 billion. The Group posted a net gain of Rs 1.936 billion from trading and a net gain of Rs 3.002 billion from de-recognition of financial assets, the latter figure reflecting a decline due to a reduction in gains from the sale of Treasury Bonds and Sovereign Bonds.
In other key indicators, the Bank’s basic earnings per share improved by 33.49% from Rs 14.81 to Rs 19.77, while its net assets value per share increased to Rs 138.08 from Rs 134.67 as at end 2020.
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, hosted an event to mark the ICC Men’s T20 Cricket World Cup 2026, bringing together stakeholders and cricket enthusiasts as Sri Lanka looks ahead to one of the world’s most anticipated sporting events.
Over the years, Dialog has played an enduring role in supporting sport in Sri Lanka, with cricket at its core, enabling access to the game through partnerships and nationwide initiatives, reflecting its commitment to Powering the Passion of the Nation. Against this backdrop, securing the ICC media rights in Sri Lanka for the 2026–2028 period represents an important milestone in Dialog’s ongoing journey of bringing the world’s leading cricket tournaments to Sri Lankan audiences.
The event was attended by representatives from the Sports Ministry, Sri Lanka Cricket, the media, and the corporate sector, alongside former and current national cricketers. It recognised Sri Lanka’s proud cricketing legacy and the deep-rooted following the game enjoys among fans, while underscoring the scale and significance of the ICC Men’s T20 Cricket World Cup 2026 for local audiences.
As anticipation builds towards the tournament, the ICC Men’s T20 Cricket World Cup trophy was ceremonially showcased during the event, offering those present a closer look at a widely recognised symbol of the competition.
S.Achhudan, Director General of Sports said, “Sport plays an important role in strengthening national unity and identity. Public–private partnerships, such as Dialog’s continued support for cricket, are important in sustaining the sports ecosystem and in enabling broad public access to major international sporting events.”
Commenting on the occasion, Supun Weerasinghe, Director / Group Chief Executive of Dialog Axiata PLC, said, “Cricket holds a special place in Sri Lanka, with a following that spans generations and communities. Global tournaments such as the ICC Men’s T20 Cricket World Cup are events that fans look forward to and remember. At Dialog, our focus is to play a meaningful role in enabling these experiences — ensuring Sri Lankans can follow the game across platforms, with the quality, reliability, and reach it deserves.”
Sharing his views on the collaboration, Mr. Bandula Dissanayake, Honorary Secretary of Sri Lanka Cricket, said, “The ICC Men’s T20 Cricket World Cup is a major event for the sport and for cricket-loving nations such as Sri Lanka. With Dialog as the ICC media rights holder in Sri Lanka for the 2026–2028 period, this collaboration supports strong engagement around the tournament and reflects the scale of interest cricket continues to enjoy across the country.”
Sri Lankan fans will be able to follow the ICC Men’s T20 Cricket World Cup 2026 on Dialog Television and the Dialog Play App, alongside a free-to-air broadcast partnership with Supreme TV, ensuring wide access to the tournament.
The revenue that was earned from the tourism sector in 2025 was US $ 3.2 billion, which is a significant drop compared to the 2018 figure , which is US$ 4.3 billion, a top tourism sector specialist said.
‘Comparatively there is a revenue deficit of US $ 1.2 billion, which we cannot be satisfied with at any cost, ‘Island Leisure Lanka’ founder chairman Chandana Amaradasa said.
Amaradasa made these observations at a Rotary Club joint meeting organised by Rotary Club Colombo South, featuring also the Rotary Clubs of Kolonnawa and Sri Jayawardenapura, at the Kingsbury Hotel on Tuesday.
Amaradasa added: ‘To develop the tourism sector the government has to do many things which previous governments comprehensively failed to take up.
‘The revenue that comes from the local tourism sector is four to five percent of the GDP, while in Dubai it is more than 45 percent of the GDP.
‘At present the country has 51000 rooms, out of which not more than 10000 rooms are at the four to five star level. Of that number 6000 rooms are located in Colombo, which is a major issue for tourism promotion in tourism potential areas.
‘Sri Lanka should focus on high quality standards in tourism and also develop the East Coast with the necessary infrastructure; especially having an international airport is absolutely necessary.
‘Colombo could be developed as a MICE tourism hub in the region. But not having an international level conference/convention hall is a another bottle neck in promoting that market as well.’
By Hiran H Senewiratne ✍️
Business
A Record Year for Marketing That Works: SLIM Effie Awards Sri Lanka 2025 crosses 300+ entries
The Sri Lanka Institute of Marketing (SLIM) announces a defining milestone for the country’s marketing, advertising, and creative sectors, as Effie Awards Sri Lanka 2025 records the highest number of entries in its history, crossing 300+ submissions. The unprecedented response reflects a stronger, more confident industry, one that is increasingly committed not only to bold creativity, but to creativity that can prove its value through measurable business and brand outcomes.
Now in its 17th year in Sri Lanka, the Effie Awards remain the most recognised benchmark for marketing effectiveness, honouring campaigns that bring together creative excellence, strategic discipline, and results. As the industry evolves, the Effies have become a space where the agency community, brand teams, media and creative partners are collectively challenged to raise the bar, moving beyond attention and awards, toward work that drives growth, shapes behaviour, and delivers real impact.
The record volume of entries this year also signals a healthy shift in the market: more brands and agencies are willing to be evaluated against rigorous effectiveness criteria, and to put forward work that demonstrates clear thinking, strong execution, and proof of performance. SLIM notes that this momentum highlights the expanding role of marketing and advertising in Sri Lanka, not simply as communication, but as a strategic driver of competitiveness and value creation.
SLIM confirms that the judging process will commence soon, guided by the established Effie evaluation framework that assesses entries on insight, strategy, execution, and measurable outcomes. The Grand Finale is scheduled for end-February 2026, where Sri Lanka’s most effective marketing work will be recognised on a national platform.
For inquiries, entries, and sponsorship opportunities, please contact the SLIM Events Division: +94 70 326 6988 | +94 70 192 2623.
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