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PMF Finance reports exceptional six-month performance, highlighting resilience and growth

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PMF Finance PLC delivered a remarkable performance for the six months ended 30 September 2024, achieving substantial growth and progress through decisive actions that establish a strong foundation.

Key Highlights:

• A 500% increase in profits, underscoring the company’s robust financial health.

• Improved asset quality, with a drastic reduction in non-performing loans.

• Strategic initiatives driving operational efficiency and customer outreach.

Speaking about the company’s performance, the Chairman of PMF Finance PLC Chandula Abewickrama, stated:

“Our impressive results are a testament to the strategic decisions and resilience of our team. In a period marked by economic uncertainty, we remained committed to providing value to our stakeholders—regulators, investors, employees, customers, and society. This growth underscores our determination to navigate challenges and seize opportunities.”

Under the leadership of CEO Professor Ajith Medis, PMF Finance has undertaken a transformative journey. Since his appointment, the company has focused on cost optimization, branch efficiency, a substantial increase in disbursements, and enhanced customer engagement through digital channels and strategic partnerships.

Reflecting on the company’s achievements, Professor Ajith Medis shared: “Our results reflect the effectiveness of our restructuring efforts and our focus on customer-centric solutions. We set a solid foundation to capitalize on the market growth. Moving forward, we aim to expand our footprint and make financial services more accessible and efficient for communities across the country.”

PMF Finance has recently expanded its network with the opening of three more branches in Jaffna, Chillaw, and Galle and plans to launch additional branches in the coming months. The company also emphasizes its commitment to the SME sector, preparing for sustained growth by ensuring the right mix of talent, resources, and technological tools.

The board of directors, comprising seasoned professionals from diverse industries, continues to guide the company toward achieving its ambitious goals while maintaining the highest standards of governance.

With robust support from its Japanese investment arm, PMF Finance is poised for long-term success. The company aims to rekindle its international partnerships to enhance financial capacity and drive innovation.

As PMF Finance embarks on this new phase, it reinforces its position as a resilient and forward-thinking player in the financial services sector, committed to delivering impactful and inclusive growth.



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Business

Ceylinco Life agent among three global finalists for award

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Ceylinco Life’s Ambalantota branch agent AIP Manjula

Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.

The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.

Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.

The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.

The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.

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CEAT Kelani retains AA+ rating for sixth year

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CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.

The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.

Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.

The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.

Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.

The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.

CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.

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Commercial Bank leads nationwide aquatic clean-up drive

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Sanath Manatunge, Managing Director/CEO of Commercial Bank and some of the Bank’s staff participating in the coastal cleanup programme

Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.

Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.

The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.

Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.

The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.

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