Business
Nations Trust Bank records resilient performance while continuing to support economic revival
The government of Sri Lanka and the Central Bank of Sri Lanka initiated various policy measures during 2020 aiming at triggering economic activities, ensuring livelihoods, and preserving the stability of the country’s financial system. These policy measures included loan moratoriums, reduction of policy rates, lowering of the Statutory Reserve Requirement for licensed commercial banks, restriction on import of non-essential items and various incentives to attract foreign funding sources into the domestic market.
Nations Trust Bank actively participated in providing working capital loans under “Saubhagya” scheme introduced by the government and took proactive measures to extend necessary assistance to customers across all segments, who required special attention. The bank recognised the importance of contributing to assisting adversely affected businesses with a view to supporting the revival of the national economy and rebuilding livelihoods. Towards this cause, the bank allocated Rs. 7 billion for 2020, of internally generated funds under the “Nations Diriya” scheme dedicated to extending financial support to key industries, thereby enabling such businesses to recommence their business operations. Special payment relief schemes and special repayment plans for existing borrowers were also offered in addition to the Central Bank mandated moratorium schemes by lowering interest rates and charges on identified segments.
With banking being declared an essential service during the COVID-19 first wave, a concerted effort was made to keep branches across the network open in order to facilitate regular branch operations throughout the lockdown period. The bank operated 24×7 contact center uninterrupted throughout this period supporting all its client’s banking requirements.
During the Pandemic, the bank strengthened its digital essentials in order to keep its customers constantly connected and facilitated all banking services digitally. The bank also supported cash to the doorstep services during the lockdowns. Digitization and e-Commerce being the way forward, the bank continued to invest in further strengthening the digital platforms designed with customer centrality. While being socially responsible, the bank converted customer and brand communications from paper-based to e-based methods.
Despite the unprecedented circumstances followed by the outbreak of the COVID-19 global pandemic, Nations Trust Bank Group demonstrated a resilient performance with a bottom-line growth of 9%. However, the net interest income fell short by 15% while the interest margins eroded by 80bps due to the combined impact of the lower interest regime, interest rates ceilings imposed, and the concessionary interest rates granted on debt moratorium. (NTB)
Business
SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector
By Sanath Nanayakkare
The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.
The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”
“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.
“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.
“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.
SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.
“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.
Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.
SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.
The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.
Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.
Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.
Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.
Our government has reaffirmed its commitment to breaking barriers that limit women’s full participation in the economy, recognizing their vital role in national development. – Dr. Harini Amarasuriya
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