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Nations Trust Bank records steady performance in 1st half 2022 amidst challenging market conditions

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Nations Trust Bank PLC recorded steady performance at the end of 1H2022, achieving Operating Income of LKR 16.6Bn at a year-on-year growth rate of 50%. Despite increased impairments on loans and expected losses on Sovereign Debt Instruments, the Bank recorded a PBT of LKR 4.6Bn and a PAT of LKR 2.7Bn for the 6 months ending 30 June 2022.

Commenting on 1H2022 results, Hemantha D Gunetilleke, Director & Chief Executive Officer, stated, “Considering the challenging economic environment, our primary objective was to ensure we provide uninterrupted banking and service excellence to our customers across our Branch network. Our advanced digital banking solutions have proved to be extremely useful in our customer reach with digital transactions reaching 89% of all banking transactions.”

During 1H22, the Bank has also focussed on identifying and managing emerging risks while delivering its strategic objectives set out for the year. Nations Trust Bank also strengthened the deposit franchise to ensure the Bank remained highly liquid in terms of both LKR and Foreign Currency. The 1H22 results demonstrate a steady financial performance, sound credit quality and strong Capital Adequacy Ratios of Tier I Capital at 12.24% and Total Capital Adequacy at 14.58%, well above regulatory requirements.

Taking the external economic environment into consideration, Nations Trust Bank has increased impairment provisions on loans, advances and Sovereign Debt instruments, resulting in a 416% YoY increase in impairments. The Bank has also undertaken stringent cost management initiatives resulting in Cost/Income dropping from 42% to 31% YoY, despite external inflationary pressure.

“With PBT at LKR4.6Bn and PAT at LKR 2.7Bn at the end of 1H22, the Bank is continuing to strengthen reserves and Capital. Overall, we are very confident of overcoming the present external challenges and continuing to support the banking needs of our customers as they build for the future,” added Gunetilleke.

Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through an island wide network of 96 branches. The bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.



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U.S.-Russia diplomatic thaw ignites Sri Lanka’s hopes for trade windfall

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Thilaka Jayasundara

Sri Lanka’s Ministry of Industries and Entrepreneurship Development Secretary Thilaka Jayasundara voiced confidence yesterday that warming U.S.-Russia relations could catalyse economic opportunities for Sri Lanka, during a forum hosted by the National Chamber of Commerce.

Speaking at the ‘Russia-Sri Lanka Development of Trade, Economic, and Banking Cooperation’ event, Jayasundara, a seasoned official with experience across multiple political administrations highlighted that eased secondary sanctions resulting from improved Moscow-Washington dialogue could unlock favorable trade conditions for Sri Lanka. Her remarks drew visible approval from Russian Ambassador Levan Dzhagryan, seated nearby.

“Sri Lanka’s balanced, neutral foreign policy positions us to benefit from any collaborative outcomes of U.S.-Russia talks,” she asserted, underscoring the nation’s potential to leverage evolving geopolitics for trade and investment gains.

Jayasundara didn’t miss the opportunity to urge Sri Lankan trade chambers to collaborate with the Export Development Board (EDB) to diversify exports and maximise foreign exchange earnings.

“Businesses and banks present here should explore to forge stronger B2B linkages for mutual benefit at the breakout sessions,” she added, referencing discussions at the forum that connected SMEs and large firms in agriculture, fintech, pharmaceuticals, industrial manufacturing among other sectors.

The secretary’s optimism aligns with Sri Lanka’s broader strategy to navigate global economic headwinds by capitalising on diplomatic shifts and expanding its export portfolio.

According to the EDB, the total export value from Sri Lanka to Russia was USD 144.25 Mn in 2023 and total imports from Russia to Sri Lanka for the same period were USD 393.55 Mn. Official data for 2024 remains pending.

The Russian delegation that took part in the B2B meetings was headed by Dr. Alexander Rybas, Trade Commissioner of the Russian Federation.

By Sanath Nanayakkare

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Hemas Hospitals named Official Healthcare Partner for JOE-PETE Big Match 2025

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Hemas Hospitals has proudly partnered with the JOE-PETE Big Match 2025 as the official healthcare provider, continuing its strong tradition of supporting community events and ensuring the safety and well-being of all participants and spectators.

As one of Sri Lanka’s most anticipated annual school cricket encounters, the JOE-PETE Big Match brings together passionate fans, students, and alumni from St. Joseph’s College and St. Peter’s College. With thousands expected to attend, Hemas Hospitals steps in once again, marking its fifth consecutive year of involvement, to provide expert medical support on-site.

“As a leading private hospital network, we’re proud to be a part of this iconic event. Our partnership reflects our commitment to community health and to being there where it matters most,” said Dr. Pradeep Edward, Director General Manager, Hemas Hospital Thalawathugoda. “We want all attendees to enjoy the event with peace of mind, knowing that their health and safety are in good hands.”

During the match days, Hemas Hospitals will deploy on-site medical teams, ambulances, and a qualified sports medicine medical officer to respond to any health emergencies or injuries. From first aid to injury management, the team is equipped to handle a wide range of situations with the efficiency and professionalism that Hemas is known for.

“Our practice of having highly trained medical staff and emergency support continues,” said Anjana Cramer, Business Development Manager. “Our aim is to be proactive, responsive, and accessible throughout the event.”

In addition to healthcare support, Hemas Hospitals will have a strong brand presence at the event, with Hemas flags, A-boards, a branded ambulance, and the medical team visibly positioned throughout the grounds.

“We want this partnership to not only represent medical readiness but also our larger message of promoting health and unity through sport,” said Duwayne Rozario, Executive – Business Development. “It’s about more than just treatment, it’s about being an active part of the community.”

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Sun Siyam Pasikudah; unique cluster of luxury chalets looking out to Eastern sea

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Sun Siyam Pasikudah; irresistible appeal.

Weddings on the beach, an aqua platform to be served dinner in the sea; four ocean pavilions, informal camaraderie, more so, come as you are atmosphere for informality and bonhomie un matched in any resort.

What are we talking about? Just a cautious; yet unavoidable blend for a holiday; and an atmosphere of ‘let yourself go’, experience unmatched in a resort hotels.

Where are these ‘happenings’? At the Sun Siyam Pasikudah.

Just so, assuming you’ve been to the Maldives, and factually, it’s a demand driven destination, to the US, so too, we assume, Sun Siyam Pasikudah is a growing destination for holidays in the warm waters of the Indian Ocean surrounding the East coast of this island.

Why surrounding? Simple; just that Sun Siyam Pasikudah perched by the sea, apart from the warm waters bordering the resort; we are also of the positive atmosphere of the shallow sea abutting the picturesque appeal viewed from the sea. Appealing to tourists already enjoying the numerous attractions of this resort facility.

Our observations were French, Germans and other Europeans were already enjoying the facilities of Sun Siyam Pasikudah.

General Manager Arshed Refai was on hand to give us detailed explanation on facilities guests could expect and enjoy and numerous offerings that appeal for long stays. Quite regularly, he said, guests are quite reluctant to depart. Particularly Europeans who we observed enjoying the sun and more so walks along the beach.

Additionally, Ministry of Tourism provided train services as well to encourage tourist traffic to the East to enjoy the growing popularity of this resort and other resorts we observed in the area.

GM Refai further said the dining experience, and varied choice of cuisine catered to each national from West to East; which, he said, was quite in order to cater to choices in food and individual taste desires.

Originally launched in 2014 as Sun Aqua Pasikudah, the property underwent a rebranding in 2020, becoming part of Sun Siyam Resorts Collection and adopting the name of Sun Siyam Pasikudah. ‘Was it popular among local tourists’? He responded positively that its appeal was growing, related to the chain of other destinations in the East. Additionally, its popularity and appeal, particularly to its chalets and Five Star luxury was in reality not an available concept elsewhere.

Chef Dilan Jayasundera, explained varied cuisine and food flavours he was adept in producing to ensure guests were not in need, food vice.

He further said a broad cross section of tastes was catered to.

Asst General Manager Keerthi expanding on additional facilities said 34 rooms were villa style accommodation spread over the land. Four ocean pavilions complemented a formal atmosphere.

GM Refai further said 90 guests at peak accommodation enjoyed international cuisine.Excursions, to the fish market, sea observations in glass bottom boats to observe fauna and flora under water, including the varied amphibian fish population were of great appeal.
Questioned on any Maldivian influence, he said, Sunsiyam was not influenced by the Maldives, but its style was of broad appeal.

The resort’s transformation showcases bold monochromatic interiors balanced with rich golden tones, creating a unique, sophisticated, and chic environment. The resort offers distinct culinary adventures, immersing guests in Sri Lanka’s vibrant flavors and colonial traditions. Noteworthy options include The Cellar, Sri Lanka’s largest wine cellar on the eastern coast, the Tea House with an extensive tea collection for a delightful tasting journey, Slice & Grill, a fast-casual poolside concept with a retro design, and the Beach Shack, a tropical paradise with Caribbean vibes.

 

By Steve A. Morrell

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