Business
‘NSB posts steady results amidst woes’
The performance of the Bank over the year was characterized by strength and resilience. Despite the heightened uncertainty due to the impact of Covid-19 which has triggered a wide range of shocks on the Bank, employees, customers and economy, our continued focus on financial resilience enabled us to remain strong and achieve a solid performance,an NSB press release says.
The release adds – ‘As one of the biggest lenders in the housing market in Sri Lanka, the Bank facilitates the growth in national home ownership, opening a pathway towards economic security and mobility for hundreds of thousands of customers. Beyond contributing to the General Treasury by way of taxes, levies, fees and dividends, and being the second largest holder of government securities, the bank is one of the biggest lenders to the government and is an enthusiastic partner in the government’s long-term infrastructure and socioeconomic development projects.
‘Commenting on the performance, NSB chairperson, Keasila Jayawardena stated “While the figures demonstrate the solid performance of the Bank, a deeper dive into the numbers must consider the context of the year. During the first wave of COVID-19 infection in late March 2020, the banking service was declared an essential service during the Covid-19 and the ensuing lock-downs, all the Bank’s branches across the country were kept open to offer an uninterrupted service to our customers. The Bank also allocated 3 mobile units to provide its customers with service at their doorstep. The government have responded with necessary measures to curb the spread of Covid-19. The Bank also took part in implementing government-led relief measures by providing the Debt moratorium scheme aimed at supporting Covid-19 affected businesses and individuals. Accordingly, the moratorium has been given to 90% of the retail loan portfolio at the concessionary rate of 7.0% and the payments were deferred until the end of the loan period.
‘NSB General Manager / CEO, Ajith Peiris said, “Total asset base of the bank grew by 17.8% to Rs. 1.4 Tn. as at 31 December 2020 from Rs. 1.2 Tn. as at 31 December 2019. The bank recorded its highest ever Profit Before Tax and Profit After Tax in 2020, both of which were aided by the government’s stimulus initiatives introduced in late 2019. Against the backdrop of Covid-19 impact on the economic activities, the bank’s Profit Before Tax was Rs. 15.6 Bn., a 49.5% increase from Rs. 10.5 Bn. in 2019 and the Bank’s Profit After Tax of Rs. 10.1 Bn. recorded a 58.4% increase from Rs. 6.4 Bn. in 2019. A dividend of Rs. 1.0 Bn. was paid for the financial year under review.
‘The bank reported a Gross Income of Rs. 127.5 Bn. for 2020, achieving a growth of 4.6% mainly driven by the 3.2% rise in Interest Income, the largest component, to Rs. 122.5 Bn. as well as Fee and Commission Income which has increased by 114.9% to Rs. 2.7 Bn. compared to last year. The increase in interest income along with decrease in interest expenses resulted in 21.0% surge in Net Interest Income, rising to Rs. 34.9 Bn. in 2020 over 2019. Consequently, Net Interest Margin improved to 2.77% during the year from 2.63% reported a year ago.
‘The bank’s profitability was further enhanced by removal of the Nation Building Tax (NBT) and Debt Repayment Levy (DRL) on financial services and favourable changes to the deposit mix with the savings deposits to total deposits ratio increasing to 22.6% in 2020 from 21.5% in 2019, providing the bank with a source of low-cost funding. The bank successfully improved its cost to income ratio (without taxes) to 39.1% in 2020 from the year 2019 through various cost savings strategies and initiatives. Nevertheless, the highest-ever profit was achieved after making an impairment provision of Rs. 4.9 Bn., a 761.8% increase over 2019 reflected the elevated risk in the loan and advances portfolio and tenuous state of asset quality in the banking sector.’ (NSB)
Business
CIF, the world’s favorite multi-surface cleaning brand, arrives in Sri Lanka
CIF, the globally recognized multi-surface cleaning brand, has officially entered the Sri Lankan market, expanding the range of international home-care solutions available to local consumers.
CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif
Used by households around the world, CIF is known for its powerful cleaning performance and ability to tackle everyday dirt and some of the toughest cleaning challenges around the home.
Its introduction to Sri Lanka comes as consumers increasingly seek cleaning products that combine performance, convenience and versatility, particularly solutions that can be used across multiple areas and surfaces within the home.
One cleaner. So many possibilities.
From stubborn kitchen grease and grime to limescale around sinks and dirt that builds up on frequently used surfaces, CIF is designed to provide powerful cleaning performance while helping make every day cleaning simpler.
The brand’s multi-surface proposition allows consumers to address a range of household cleaning needs with one versatile solution, bringing greater convenience to modern cleaning routines.
CIF’s entry into Sri Lanka also brings the brand’s global philosophy closer to local consumers eventually helping people restore and rediscover the beauty of the places and things around them through effective everyday cleaning.
With its combination of global recognition, multi-surface versatility and powerful cleaning performance, CIF’s arrival provides Sri Lankan consumers with a new international option in the household cleaning category.
The world’s favorite multi-surface cleaning brand is finally here in Sri Lanka.
Just CIF it!
Business
A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy
By Sanath Nanayakkare
An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.
Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.
Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.
Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.
From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.
What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.
Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.
The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:
Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.
Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.
Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.
By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.
Business
Bring your own bag to book fair, CEA urges
By Ifham Nizam
The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.
CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.
“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.
The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.
The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.
The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.
The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.
These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.
The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.
The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.
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