Business
Pan Asia Bank records best ever – Profit before Tax
Pan Asia Banking Corporation PLC reported the best ever financial results in the 9 month period ended 30th September 2020 to report a Pre-tax profit of Rs.1,864.84 million and a Post tax profit of Rs.1,250.33 million, recording an impressive growths of 47% and 22% respectively demonstrating resilience amidst challenging conditions.
Meanwhile, the Bank’s operating profit before taxes on financial services increased by 19% reflecting excellence in core banking performance and cost containment measures, although the bank’s fee based income dropped due reduced business volumes due to disruptions caused by COVID 19 pandemic and waiver of fees and charges.
The Bank’s Earnings per Share (EPS) for 9 month period rose to Rs.2.83 from Rs.2.31 in the comparative period. The Bank’s Net Asset Value per Share increased by 10% during 9 month period to reach Rs. 33/- as at 30th September 2020.
The Bank continues to build extra provision buffers for probable deterioration in credit quality, through use of higher probability weights for worst-case scenarios, management overlay adjustments and use of macroeconomic factor projections published by credible sources for collective impairment modelling. As a result, total impairment charges for the quarter increased by 65% to record Rs. 553.52 million compared to Rs 335.64 million during the same period a year ago. Meanwhile, the Bank’s total impairment buffer on advance book increased by Rs.1.08 billion or by 17% during the 9 month period.
The Bank’s growth in both profit before income tax and profit for the period was also supported by the low financial services taxes regime prevailed throughout the current quarter. Meanwhile, the Bank continued to compute income tax and deferred tax liabilities at the rate of 28% as the proposed new rate of 24% is yet to be legislated.
The Bank’s net interest margins improved from 4.36% to 4.42% during past 9 months which is a commendable feat given the income loss due to loan moratorium, the industry wide deterioration in credit quality and steps taken by the government to bring down market interest rates. Meanwhile, the Bank’s pre tax Return on Assets remained intact at 1.51% in 2020. Further the Bank maintained a healthy Return on Equity of 11.95% during the period under review, after taking a sizable hit due to increased prudential impairment provisioning, income loss due to loan moratorium and waiver of fees and charges.
The Bank strived for revenue optimisation through portfolio re-alignment and cost management despite sector vulnerabilities that prevailed during 2020. The Bank’s cost to income ratio improved from 52% to 48% during the period under review owing to the excellent core banking performance which reflected in the noteworthy growth in net interest income and measures taken to contain overhead costs. In fact, the Bank managed to bring down total operating expenses in absolute terms during 2020 compared to comparative period.
The Bank’s total asset base stood at Rs.173.13 billion as at 30th September 2020 after posting a growth of over 13% supported by the expansion in gross loans and advances and other financial instruments at amortized cost. Meanwhile, the Bank’s gross loans and advances book recorded a strong growth of over 9% to reach Rs.121 billion. Term loans continued to drive the bank’s loan quantum growth of over Rs.12.5 billion during 9 month period.
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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