Business
Nations Trust Bank steers through Q3 2022 with strong performance
Nations Trust Bank PLC reported a strong 3rd quarter with YTD Operating Income of LKR 27Bn, up 62% year-on-year (YoY). Despite the volatile environment, the Bank recorded Profit Before Tax of LKR 9.3Bn, a growth of 25% YoY and PAT of LKR 5.2Bn, up 6% YoY.
Commenting on Q3 2022 results, Hemantha D Gunetilleke, Director & Chief Executive Officer, said, “We have delivered another strong quarter continuing the trend demonstrated in the first half of the year. The results underpin the fundamental strengths of Bank’s Liquidity, Capital Adequacy and Risk Management framework. These fundamental strengths have ensured that we are able to consistently provide banking service excellence to our customers despite the challenging external environment.”
With higher earnings during the quarter, Earnings Per Share continued to improve throughout the year and stood at LKR 17.55 as of 30th September 2022. The Return on Equity (ROE) as at Q3 2022 was 17.26% compared to 18.31% last year.
The negative economic environment resulted in impairment provisions on loans, advances guarantees, and commitments increasing 266%, weighing down returns. Uncertainties in the operating environment and negative flows from moratorium loans led to higher provisions, while Sri Lanka’s sovereign rating downgrade announced earlier this year also contributed to increased provisions despite a relatively lower ISB and SLDB holding.
As a result of the revised VAT rates on Financial Services, higher profits and tax reversals in the previous year, Nations Trust Bank’s overall tax expenses grew by 65% during the reporting period. As outlined by the Government budget for 2022, the surcharge tax of 25% over taxable income for 2021, which amounted to LKR 1.9 billion, was also considered during Q2 2022 against the retained earnings, as per the guidelines issued by CA Sri Lanka.
The Bank’s overall financial position in Q3 remained strong with comfortable capital buffers with a Tier I Capital ratio of 12.59% and Total Capital Adequacy ratio of 14.85%. The Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit was 32.86% at the reporting date.
Looking ahead, Gunetilleke added, “Despite the prevailing economic environment, the Bank will pursue its growth agenda in selected market segments, delivering growth opportunities for our customers and long-term value for all stakeholders.”
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.
Business
SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure
Corporate accolades underscore the alignment between its operational excellence and national development
In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.
Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.
Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.
“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.
Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.
However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.
Business
Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement
Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.
The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.
In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.
Business
American Premium Water strikes Gold at Dragons of Sri Lanka 2026
American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.
Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.
For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.
Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.
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