Business
Pan Asia Bank records steady performance – Profit After Tax soars by 50%
Pan Asia Banking Corporation PLC reflected a positive performance amidst a multitude of adversities emerging from challenging macro-economic conditions as the Bank reported its financial performance for 1Q2023, which showed judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality from sharp increase in interest rates. For the quarter ended 31st March 2023, the Bank reported a Pre-Tax Profit of Rs. 540 Mn, which reflects a 72% increase compared to 1Q2022. Pan Asia Bank is geared for a stronger future after delivering this superlative performance and is confident of strengthening its financial position over the coming months. The Sri Lankan economy has experienced positive signs of gradual economic recovery and stability in macro-economic factors compared to the preceding months with the appreciation of LKR against USD.
Impairment charges for 1Q2023 came down by 37% compared to the comparative period due to strong collection and recovery efforts.
The interest income for 1Q, 2023 rose by 88% due to increase in market lending rates and re-pricing effect of facilities in response to the market conditions. Further, the significant volume growth in Pawning and Short-Term Loans also led to the increase in loan related interest income.
Meanwhile, the interest expense for 1Q2023 rose significantly by 197% mainly due to a steep increase in deposit rates and re-pricing effect of deposits in response to the market conditions.
The increase in Personnel Expenses recorded is mainly due to increased allocation for staff bonuses in 1Q2022 compared to the comparative period and annual general salary increases. Taxes and Levies on Financial Services also moved upwards mainly due to increase in Operating Profits and the effect of the recently introduced Social Security Contribution Levy (SSCL). Income Tax Expense has increased by 120% due to increase in statutory income tax rate to 30% from 24%, and operating profits also increased.
Business
Hero-Abans Auto celebrates excellence at national convention
Hero-Abans Auto recently hosted its prestigious Partners’ Convention at ITC Ratnadipa, Colombo, bringing together over two hundred sales dealers from across the island along with senior representatives from Abans and Hero MotoCorp India. Held on July 4th under the inspiring theme “Accelerating Towards the Future,” the event celebrated the brand’s remarkable growth and strengthened commitment to transforming Sri Lanka’s two-wheeler industry.
The convention highlighted the rapid progress Hero has achieved since its relaunch in Sri Lanka in April 2025 through its partnership with Abans Auto. As the world’s No. 1 manufacturer of motorcycles and scooters, Hero MotoCorp has quickly established a strong presence in the local market, driven by its focus on quality, innovation, reliability, and customer satisfaction.
Addressing the gathering, company representatives expressed confidence in the brand’s future, emphasizing that Hero is more than just a two-wheeler manufacturer. It represents freedom, dependability, and outstanding performance, empowering riders to overcome barriers and embrace new opportunities with confidence. Through its expanding product portfolio and customer-centric approach, Hero aims to redefine the riding experience for Sri Lankan consumers.
Business
Positive court ruling affirms Baby Cheramy’s exclusive brand rights
Baby Cheramy, Sri Lanka’s most trusted baby care brand, was able to protect its identity by affirming its exclusive ownership and rights to the Baby Cheramy brand identity and intellectual property. The ruling comes in response to the emergence of a deceptively similar imitation brand operating under the name ‘Baby Sherami’, which created confusion among consumers and trade partners. The court’s verdict unequivocally upheld Baby Cheramy’s sole and lawful ownership of its brand name and identity, and confirmed that any unauthorised imitation, whether visual, phonetic or conceptual, constitutes a violation of the company’s intellectual property rights. The ruling reinforces the legal protections granted to Baby Cheramy and affirms its longstanding reputation as the original and authentic brand trusted by generations of Sri Lankan families.
This legal action was initiated as part of Baby Cheramy’s ongoing commitment to protecting the trust consumers place on the brand, maintaining brand integrity and preventing fake or misleading products from entering the market. The company has taken firm and proactive steps to ensure that parents and caregivers are not misled by brands whose names and presentation closely resemble the genuine Baby Cheramy brand.
A company spokesperson stated: “This court ruling is a clear and decisive affirmation of Baby Cheramy’s exclusive rights and our unwavering commitment to protecting the trust placed in us by parents across the country. We will continue to take all necessary legal action against any entity that attempts to imitate or misuse our brand identity. Protecting our consumers and preserving the integrity, safety and quality associated with Baby Cheramy remains our highest priority.”
Business
Batik Air, National Heart Institute of Malaysia and Tourism Malaysia launch Medical Tourism Drive
Batik Air Malaysia, the National Heart Institute of Malaysia (IJN), and Tourism Malaysia have launched a strategic partnership to boost regional medical tourism and enhance international patient access to specialized cardiac care, according to an official statement issued in Kuala Lumpur.
The year-long initiative, which commenced on May 1, 2026, combines regional air connectivity with advanced cardiovascular expertise to position Malaysia as a premier healthcare hub for travellers across ASEAN, South Asia, and beyond.
Under the “Fly High with a Healthy Heart” campaign, international passengers flying with Batik Air can access exclusive medical benefits. Eligible travellers presenting a valid boarding pass will receive a 15 percent discount on IJN’s Essential Health Screening package, reducing the cost to RM765.
Furthermore, a 20 percent discount on the comprehensive Premier Heart Screening package is being extended to the first 1,000 international passengers, priced at RM1,760. To ease the logistics of cross-border medical travel, Batik Air is introducing a 10 percent airfare discount for international patients travelling to IJN for treatment. The discount applies to patients and their accompanying family members upon presentation of an official IJN appointment letter.
Batik Air Chief Executive Officer Datuk Chandran Rama Muthy highlighted Malaysia’s expanding footprint in the healthcare travel sector, noting that the country welcomed approximately 1.85 million healthcare travellers in 2025, generating RM3.35 billion in revenue and exceeding national targets. Within the ASEAN region, Thailand continues to lead the sector, attracting over 3 million medical tourists annually.
Prof. Dato’ Sri Dr. Mohamed Ezani Md Taib, Group Chief Executive Officer of IJN, emphasized that the collaboration aims to foster proactive health management and early detection among travellers. As a premier regional referral centre, IJN performs over 4,400 cardiothoracic surgeries and 17,000 cardiac catheterisations annually.
The push aligns directly with national campaigns including Visit Malaysia 2026 and the Malaysia Year of Medical Tourism 2026. Tourism Malaysia Director General, Y.Brs. Tuan Mohd Amirul Rizal Abdul Rahim, stated that Malaysia’s recognition among the world’s top six medical tourism destinations for 2026 underscores its robust healthcare ecosystem.
The mutual promotional benefits and travel concessions under this tripartite agreement will remain in effect until April 30, 2027.
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