Business
National Savings Bank surged its PBT by 192.4% during 1Q2024
National Savings Bank began 2024 with a growth momentum, achieving Rs. 3.4 Bn Profit After Tax (PAT) for the first quarter with an impressive increase of 221.8% over the same period last year. Followed by two years of financial hardships, the Bank has reverted its regular financial performance showing the balance sheet strength backed by 100% government guarantee and demonstrating the strong management skills and dedication of employees at all levels.
Downward trajectory in the market interest rates made a positive impact on NSB’s profit and loss statement by lowering cost of funds. The Bank reported a Net Interest Income of Rs. 14Bn for the first three months of the year, an upswing of 79% compared to the same period in 2023. Prevalent low interest rates in the financial market abridged the Bank’s Interest Expense by 18% to Rs. 39 Bn compared to reduction of Interest Income by 4.3% to Rs. 53 Bn which became the major contributor to increase in the Net Interest Income.
Fee and Commission Income increased by 35% which was mainly contributed by Fee and Commission by Cards and Service charges. Commission Income from Trade and Remittance also increased by 17% demonstrating the expansion of Remittance business during the period.
Net Gain from Trading and Net gains/(losses) on derecognition of financial assets through OCI also increased by 85% and 416% respectively mainly due to Trading income from Fixed Income Securities and Realized Gain from Treasury Bills and Treasury Bonds.
The Bank made an impairment charge of Rs. 270 Mn for the period concerned which is a reduction of 11.2% compared to the first quarter of 2023. The Impaired Loan (stage 3) Ratio and Impairment (stage 3) to Stage 3 loans stood at 2.42% and 52.93% respectively indicating the financial resilience and robust controlling mechanisms followed by the Bank. These strategic actions paved the path to increase the bottom line and highlighted the Bank’s dedication to maintaining stability in challenging economic environments.
Accordingly, the Bank reported an operating profit before taxes of Rs. 8.1Bn with a notable increase of 158. 4% despite the increase in operating expenses by 33.2% to Rs. 7.3Bn.
Taxes on financial services increased by 98% to Rs. 2.2 Bn which led to a Profit Before Tax of Rs. 5.8Bn which is a significant 192.4% YoY growth. Income Tax expense increased by 160% up to Rs. 2.5Bn for the three months period of the financial year 2024 resulting in a Profit after Tax of Rs. 3.4Bn with a 221.8% remarkable growth.
Total Assets of the Bank reported Rs. 1.68Tn at the end of first quarter of 2024 with a marginal decrease of 0.3% on account of reduction in the Loans and Advances portfolio. Total Deposits amounted to Rs. 1.5Tn with a marginal increase of 0.9%.
Commenting on the Bank’s performance, Chairperson Dr Harsha Cabral PC said “the resilience of our Bank has been a critical factor in navigating the challenges of the current economic landscape. Our ability to adapt and thrive amid market fluctuations speaks volumes about the strength and stability of our institution”.
General Manager /CEO, Ms Shashi Kandambi commented that “With all the obstacles and hardships faced during last two years, 2024 is a game changing year for National Savings Bank. Our strategic initiatives have yielded significant results, underscoring our commitment to excellence and sustainable growth. Our key operational indicators and performance ratios continued to be robust, demonstrating our strong financial health and operational efficiency. These positive results reinforce our position as a responsible corporate citizen, and we are confident in our ability to build on this momentum in the coming quarters”. She added that “we remain committed to delivering value to our customers, shareholders, and the community”.
Key Performance Indicators
In terms of profitability, liquidity, and capital ratios, the National Savings Bank is exceptionally well-positioned. The Bank reported a Net Interest Margin of 3.34% at the end of first three months of 2024. Return on Assets (ROA) and Return on Equity (ROE) stood at 1.39% and 16.31% respectively showcasing resilient performance. Regulatory Liquidity Coverage Ratio (Rupee), Liquidity Coverage Ratio (All Currency) and Net stable Funding Ratio stood well above the regulatory minimum requirement of 100% at 308.33%, 304.7% and 183.12% respectively. Tier I and Total Capital Adequacy ratios by the end of Q1 2024 stood at 21.074% and 23.372% far above the regulatory minimum levels of 8.5% and 12.5% respectively.
(NSB)
Business
Sri Lanka Tourism makes a strong impression at CMT 2026 in Stuttgart, Germany
Sri Lanka Tourism marked its presence at CMT 2026, held in Stuttgart, Germany, one of the largest consumer travel fairs in Europe. The Sri Lanka Stand accommodated representatives from the local tourism industry, providing a valuable platform to connect directly with the German travel community, particularly travellers with long-haul travel intentions.
Sri Lanka’s participation at CMT 2026 enabled direct engagement with consumers and helped stimulate interest in exploring the country’s diverse and year-round travel experiences. This presence addressed a long-standing need for Sri Lanka Tourism to participate in major consumer-focused travel platforms, effectively taking destination promotion directly to the travellers’ doorstep.
A wide range of travel packages, customised itineraries, accommodation options, and experiential offerings were presented to interested German consumers by Sri Lankan DMCs, under the umbrella of Sri Lanka Tourism. The platform also allowed potential travellers to clarify concerns and queries related to planning travel to Sri Lanka through direct, face-to-face interactions with industry professionals.
These direct engagements enabled Sri Lankan industry participants to gain valuable insights into emerging travel interests, changing consumer behaviour, and evolving customer expectations in the German market. The face-to-face discussions with end consumers strengthened the industry’s understanding of demand trends and product requirements.
Strategically, Sri Lanka Tourism’s focus on B2C promotions serves as a catalyst for strengthening B2B platforms, ensuring that final decision-makers—the travellers—are actively engaged alongside trade partners. This alignment enhances the overall effectiveness of trade collaborations. Well-designed consumer promotion activities, including giveaways, contests, experiential engagements, and cultural performances, created emotional connections with visitors, improved destination recall, and reinforced Sri Lanka’s positioning as a compelling long-haul destination. (Sri Lanka Tourism)
Business
Adora raises the bar for hospital-backed aesthetic care in Wattala
Dr. Piyumini Gunasekara on advanced non surgical treatments
Hemas Hospitals has strengthened its regional healthcare positioning with the launch of Adora Cosmetic Centre at Hemas Hospital Wattala, introducing a hospital-backed, clinically governed model of aesthetic medicine at a time when South Asia’s cosmetic sector is expanding faster than regulation.
Unlike standalone cosmetic clinics, Adora is fully integrated into the Hemas Hospital ecosystem, embedding aesthetic services within hospital-grade infrastructure, multidisciplinary medical support and internationally aligned clinical governance.
Speaking at the launch, Dr. Lakith Peiris, Managing Director of Hemas Hospitals & Labs, said the centre represents a deliberate shift in strategy.
“Adora is not about cosmetic enhancement alone. It is built on protocols, trained clinicians and governance. As healthcare providers scale across the region, safety and medical credibility must remain non-negotiable,” he told The Island Financial Review.
The centre is positioned as a health-class facility, combining advanced aesthetic technologies with evidence-based medical pathways. This approach addresses growing regional concerns over unregulated cosmetic practices, offering patients reassurance through professional oversight and ethical medical standards.
Prabhan Gunawardena, Director General Manager of Hemas Hospital Wattala, said the initiative reflects both clinical responsibility and business foresight.
“The cosmetic industry is evolving rapidly across South Asia. Adora demonstrates how innovation can be scaled responsibly when anchored in medical expertise and hospital governance,” he said.
Detailing the centre’s scope, Dr. Piyumini Gunasekara, Medical Officer – Adora Cosmetic Centre, said treatments are designed to address medical and aesthetic concerns through personalised, evidence-based care.
She told The Island Financial Review:”We offer advanced non-surgical treatments for concerns such as hyperpigmentation, acne and acne scarring, fine lines and wrinkles, collagen loss, enlarged pores, rosacea, UV damage, excessive sweating, warts and moles. Every procedure is clinically assessed and delivered within a hospital-backed framework to ensure safe and sustainable outcomes.”
Clinical governance remains central to operations, reinforced by Dr. Malith Atapattu, Director – Medical Services and Quality, who highlighted the importance of protocol-driven care in a sector often challenged by inconsistent standards.
As Sri Lanka positions itself as a regional healthcare and medical tourism destination, hospital-led aesthetic centres such as Adora signal a broader industry shift—where growth is aligned with governance, trust and long-term sustainability.
For Hemas Hospitals, Adora represents a calculated entry into a high-growth segment without compromising medical integrity. For the region, it underscores a clear message: the future of aesthetic care lies in hospital-backed, clinically governed models—not cosmetic shortcuts.
By Ifham Nizam
Business
John Keells Consumer Foods Sector dominates SLIM National Sales Awards 2025 with landmark wins
The John Keells Consumer Foods Sector (JKCF) has reinforced its standing as a powerhouse in Sri Lanka’s FMCG industry with an exceptional performance at the SLIM National Sales Awards 2025, securing an impressive total of 27 awards. This remarkable achievement reflects the sector’s unwavering commitment to building high-performing teams, nurturing sales excellence, and driving sustained growth across its diverse business verticals.
Representing the iconic brands of Ceylon Cold Stores PLC (CCS), Keells Food Products PLC (KFP), and Colombo Ice Company (CICL), JKCF has long been recognized for its rich legacy of innovation and leadership in beverages, frozen confectionery, and processed foods. Its long-standing focus on people capability and performance culture continues to fuel industry-leading achievements, with the latest recognition at SLIM NSA 2025 marking one of the largest collective wins by a single organization in the event’s history.
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