Business
People’s Bank achieves LKR 92.7 billion in Consolidated Gross Income in Q1-2024
The People’s Bank reported total consolidated operating income of LKR 20.4 billion and post-tax profit of LKR 2.5 billion, for Q1-2024. Excluding the impact of exceptional adjustments in view of greater prudence considering current macro-economic circumstances, these figures on a normalized basis were otherwise LKR 28.4 billion and LKR 6.6 billion, respectively, reflecting a growth of 18.2% and 35.8%, People’s Bank press release said.
The release added: ‘Consolidated net interest income rose to LKR 16.1 billion during the quarter from LKR 15.3 billion in the same period 2023. On a normalized basis, excluding the impact of any exceptional items, consolidated net interest margins improved to 3.0% from 2.0% during 2023 reflecting the reducing term deposit cost of funding. Consolidated net fees & commissions amount to LKR 3.8 billion – representing a 14.7% growth on a like for like basis. Total consolidated operating expenses amounted to LKR 17.6 billion (2023: LKR 14.4 billion).
‘Total consolidated customers deposits touched LKR 2,808.3 billion (end 2023: LKR 2,745.2 billion) whilst net loans amounted to 1,845.4 billion (end 2023: LKR 1,823.8 billion). The impaired loan ratio also showed improvement relative to end 2023. Total consolidated assets reached LKR 3,264.5 billion at period end (end 2023: LKR 3,208.2 billion).
‘The Bank’s total Tier I and Total Capital Adequacy Ratios were 11.5% and 16.1%, respectively at March 31, 2024 (end 2023: 12.4% and 17.4%) whilst, on a consolidated basis, it was 12.9% and 17.2%, respectively (end 2023: 13.7% and 18.2%). The Bank’s solvency levels continue to remain sound. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently in process.
‘Commenting on the results of the Bank and the Group, the chairman of People’s Bank, Sujeewa Rajapakse, stated that: “We are pleased with the steadfast progress made by the Bank on many fronts even amidst interim pressures stemming from the yet ongoing – and likely to be soon concluded – debt restructuring initiatives of the government of Sri Lanka. We reasonably expect that these pressures will normalize in the near term with the support of all key stakeholders. Notwithstanding, the Bank has yet again demonstrated its strength, resilience and capacity to deliver positive growth across all core operating metrics even amidst such limiting circumstances.
‘Looking ahead, whilst navigating the challenges which naturally exists in a reviving macro-economic context – we remain focused on innovation, collaboration, and the drive for forward movement across all aspects of our business, ensuring that we continue to play our leading role in any and every way possible in the country economic revival”
‘Commenting on the results, the Bank’s Chief Executive Officer/ General Manager Clive Fonseka, stated that: In the face of unforeseen challenges, our team has once again demonstrated its resilience, adaptability, and unwavering commitment. Our first-quarter not only show cases our ability to grow amidst challenges but importantly, the strength and resilience of our business.’
Business
Asia-Pacific business leaders to accelerate sustainable business action
More than 200 senior business leaders, policymakers, investors, sustainability practitioners and United Nations representatives convened in Colombo on 11–12 August for Forward Faster Now | APAC 2026: Driving Business Leadership for Sustainable and Inclusive Growth—the United Nations Global Compact’s flagship regional forum in Asia-Pacific.
Hosted by UN Global Compact Network Sri Lanka and organized by the UN Global Compact APAC Hub in collaboration with 14 Global Compact Country Networks, the forum strengthened regional collaboration and demonstrated the growing role of business leadership in advancing sustainable and inclusive growth across Asia-Pacific.
More than 80 high-level speakers from across the region contributed to the two-day programme, bringing together expertise from business, finance, government, the United Nations and civil society. The forum also convened an exceptional audience of CEOs, C-Suite, Board Directors, Heads of UN agencies and senior decision-makers, creating one of the region’s most significant platforms for cross-sector dialogue on sustainable business.
Across plenary dialogues, leadership panels and action-oriented workshops, participants explored the issues shaping the future of business in Asia-Pacific, including climate action, sustainable finance, gender equality, resilient supply chains, water stewardship, governance and integrity, digital innovation, human rights due diligence, circular economy solutions and ESG data for decision-making. Rather than focusing solely on ambition, Forward Faster Now challenged businesses to move from broad sustainability goals to target setting, practical decisions, stronger systems and action that can deliver progress at scale.
A defining milestone of the forum was the visit of Sanda Ojiambo, Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. Her presence in Sri Lanka underscored the country’s growing role within the regional sustainability agenda and reinforced the importance of private sector leadership in delivering the Sustainable Development Goals.
Beyond the public programme, her visit included a series of bilateral engagements and strategic convenings with business and institutional leaders, deepening relationships and opening new avenues for engagement between the UN Global Compact and stakeholders in Sri Lanka.
The event also marked the launch of three significant initiatives by UN Global Compact Network Sri Lanka that will extend the impact of the convening well beyond the event itself. The Responsible Business Coalition was introduced as a new partnership to embed sustainability, and strengthen governance by bringing together Sri Lanka’s leading professional and industry associations to embed the Ten Principles of the UN Global Compact into their existing convening, training and thought-leadership channels, moving responsible business from a standalone function to a shared C-Suite and Board responsibility.
Business
Sri Lanka Insurance Corporation General celebrates ‘One Team, One Vision’ sales excellence at Annual Awards 2025
The Sri Lanka Insurance Corporation General Ltd. (SLICGL) team gathered to honour its top-performing sales professionals at the Annual Sales Awards 2025, held under the theme ‘One Team, One Vision’ on 20th August at the Monarch Imperial.
The evening convened sales leaders and high achievers throughout the island to celebrate a year of sustained performance, customer trust, and commitment which has kept SLICGL at the forefront of Sri Lanka’s general insurance sector.
Affirming SLICGL’s appreciation for the people driving success on the ground, the Sales Awards 2025 recognised those who went beyond targets, deepened client relationships, and contributed directly to the company’s continued expansion.
The event drew an unprecedented audience of over 700 participants. This year’s celebrations recognised a record number of winners, more than double the achievements honoured last year covering a diverse range of award categories reflecting excellence at every level of the business.
Nusith Kumaratunga, Chairman, Sri Lanka Insurance Corporation graced the event as the Chief Guest together with the Board of Directors and senior management of SLICGL also present as invited guests, encouraging and commending the winners for their outstanding achievements.
The award winners at this year’s ceremony included Insurance Advisors, Marketing Executives, Branch Managers, Regional Managers, and members of the Head Office Sales Channels, who were recognised and celebrated for their outstanding achievements in multiple categories.
Business
Sri Lanka to host SEARIC Summit 2026 for the first time, welcoming over 500 youth leaders from across South East Asia
Sri Lanka is set to host the SEARIC Summit 2026 from 11 to 13 September 2026 at the Pegasus Reef Hotel, marking the first time the country will host the flagship regional gathering of the South East Asia Rotaract Information Centre (SEARIC).
Hosted by Rotaract in Rotary International District 3220 (RID 3220) – Sri Lanka & Maldives, the three-day summit is expected to bring together more than 500 delegates from six countries, creating a regional platform for leadership development, knowledge exchange, cultural understanding and collaboration among young leaders. The South-East Asia Rotaract Information Centre (SEARIC) serves as a regional platform connecting Rotaract districts across South East Asia. It facilitates collaboration, information exchange, cultural understanding and joint initiatives among Rotaractors across the region. The annual SEARIC Summit serves as the network’s flagship gathering, bringing together Rotaractors and Rotarians from participating countries for shared learning, fellowship, cultural exchange and collective growth.
Under the theme “The Role of Technology in the Future of Careers and Services,” SEARIC Summit Sri Lanka 2026 will explore the rapidly changing relationship between technology, careers, leadership and community service. As emerging technologies continue to transform industries and the way people work, the summit will provide a platform for young leaders to examine how technology can be used not only to prepare for the future of work, but also to strengthen the way communities are served. Across three days, delegates will participate in leadership and professional development sessions, discussions, cultural experiences, networking opportunities and community-focused programming, with the central theme reflected throughout the summit programme.
Beyond the Rotaract movement, the event also contributes to Sri Lanka’s broader positioning as a destination for international conferences, youth leadership programmes and regional collaboration. With hundreds of international delegates travelling to the country, the summit provides an opportunity to showcase Sri Lanka’s hospitality, culture and potential as a host destination for future international gatherings. The event further creates a platform for young leaders from across South East Asia to connect with Sri Lankan counterparts, exchange ideas and explore opportunities for cross-border collaboration.
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