Business
Sampath Bank donates Rs. 50 million towards 1990 Suwa Seriya’s ‘Adopt an Ambulance’ initiative
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Sampath Bank has handed over a cheque of Rs. 50 million to support the 1990 Suwa Seriya Foundation’s ‘Adopt an Ambulance’ project. With this timely donation under its ‘Hope for a Life’ CSR programme, Sampath Bank’s contribution will fund the maintenance of 10 Suwa Seriya ambulances in all nine provinces.
One of Sampath Bank’s key CSR focus areas is extending health assistance to the community and this donation by the Bank will enable Suwa Seriya to maintain and improve the services of its 1990 ambulance network for providing lifesaving emergency medical assistance in Sri Lanka. At the Adopt an Ambulance event on 26th April, Chairman, and senior officials of the 1990 Suwa Seriya Foundation accepted the donation of Rs. 50 million from Sampath Bank’s senior representatives which comprised the Corporate Management of the Bank as well.
The 1990 Suwa Seriya Foundation introduced the ‘Adopt an Ambulance’ initiative to secure private sector funding to sustain the services it offers, as the government’s assistance for Suwa Seriya was impeded due to financial constraints brought on by the economic crisis in the country.
The 1990 Suwa Seriya Foundation provides pre-hospital care ambulance services and emergency response services free of charge to any person. These facilities include providing immediate and effective pre-hospital care in a safe and clinical working environment until a person reaches the nearest healthcare provider. The Suwa Seriya Ambulance Service was established in 2016 with the assistance of the Indian government.
The ‘Hope for a Life’ CSR flagship programme has inspired Sampath Bank to make a significant contribution to health care in the country over the years. In the past, the Bank has donated a Neuro Navigator to the National Hospital of Sri Lanka at an investment of Rs. 49.7 Mn which enabled neurosurgeons to conduct more operations per day to reduce the waiting list.
The Bank also handed over a ventilator worth Rs 2.2 Mn to the Neurosurgery Intensive Care Unit (ICU) of National Hospital of Sri Lanka which enhanced the capacity of the hospital’s Neurosurgery ICU, previously limited to five ICU ventilators for all 10 beds.
Further, in 2020, Sampath Bank stepped into assist the nation’s fight against COVID-19 and jointly with CBL Group and WSO2 donated a fully equipped PCR laboratory to the Army Hospital in Colombo amounting to Rs. 32 Mn. The state-of-the-art lab has a testing capacity of 600 patients per day, thereby enhancing the country’s virus testing capacity. The Bank assisted nine state hospitals across various provinces in 2022 with donations of lifesaving medicine and medical equipment to alleviate the shortage of such items due to the lack of imports.
Closely engaged with local communities, Sampath Bank has also conducted various community empowering initiatives under its CSR flagship projects such as Wewata Jeewayak (Tank restoration to benefit farmers), Sayurata Husmak (Oceanic Ecosystem Restoration Programme) and Gasai Mamai Pubudu Pothai (Tree-planting programme for school children). Sampath Bank is a truly local bank that has deeply rooted itself in the lives of Sri Lankan people reflecting its strong corporate belief of “Values that bind us beyond a Transaction”.
Established in 1987, the Bank has become a state-of-the-art financial institution that continues to be a market leader for its constant innovation and customer-focused approach to business.
Business
CEB urged to revise Draft Long Term Generation Expansion Plan, in view of renewable energy needs
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By Ifham Nizam
The Public Utilities Commission of Sri Lanka (PUCSL) has instructed the Ceylon Electricity Board (CEB) to revise its Draft Long-Term Generation Expansion Plan (LTGEP) 2025-2044, incorporating more robust projections for renewable energy and battery storage, while also reassessing LNG infrastructure and procurement strategies.
The Island Financial Review reliably learns PUCSL Director General Damitha Kumarasinghe emphasized the need for “more robust and realistic cost assumptions for Renewable Technologies and Battery Energy Storage Systems (BESS).”
The Commission stressed that BESS should be valued not just as a renewable integration tool but also for its potential to mitigate power shortages.
The directive also calls for revisions in LNG infrastructure planning, including “a comprehensive analysis covering LNG fuel cost calculation, infrastructure development, procurement contracting options, and risks associated with supply and procurement.” PUCSL has specifically highlighted the importance of evaluating the financial and economic feasibility of a natural gas pipeline from Kerawalapitiya to Kelanitissa.
Kanchana Siriwardena, Deputy Director General – Industry Services, reinforced the Commission’s stance on renewable energy, stating that “further reductions in renewable energy curtailment should be explored by incorporating more BESS.”
The PUCSL’s instructions also mandate incorporating clauses from the Memorandum of Understanding (MoU) with Petronet India, which includes a temporary LNG supply for the Sobadhanavi Plant. The revised LTGEP must also factor in infrastructure costs related to the Floating Storage Regasification Unit (FSRU) and pipeline networks as part of the overall LNG cost calculation.
The CEB is expected to resubmit the revised plan for PUCSL’s approval, ensuring alignment with Sri Lanka’s long-term energy security and sustainability goals.
The PUCSL directive also calls for a comprehensive evaluation of various LNG procurement options and associated risks. These include:
LNG infrastructure development and expansion
Contracting options for LNG procurement
Risks related to LNG supply and procurement stability
Robustness of natural gas demand calculations
Economic feasibility of the proposed natural gas pipeline from Kerawalapitiya to Kelanitissa, given the low plant factors of power stations at Kelanitissa.
Business
Nations Trust Bank ends 2024 with strong performance, achieving 24% ROE
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Nations Trust Bank PLC reported strong financial results for the twelve months ending 31st December 2024, achieving a Profit After Tax (PAT) of LKR 17 Bn, up 46% YoY.
Nations Trust Bank, Director & Chief Executive Officer, Hemantha Gunetilleke, stated, “The Bank’s performance for the twelve months ending 31st December 2024 showcases our continued growth and expansion across diverse customer segments. Our solid capital position, strong liquidity buffers, effective risk management frameworks, and steadfast commitment to service excellence and digital empowerment remain the key drivers of our success.”
Improvements in the macro-economic environment and successful management of the Bank’s credit portfolio resulted in total impairment charges decreasing by 69% and the Net Stage 3 ratio reducing to 1.6%.
The Bank’s financial performance is supported by its strong capital buffers, with Tier I Capital at 21.47% and a Total Capital Adequacy Ratio of 22.66%, well above the regulatory requirements of 8.5% and 12.5%, respectively.
A strong liquidity buffer was maintained with a Liquidity Coverage Ratio of 320.56% against the regulatory requirement of 100%.
The Bank reported a Return on Equity (ROE) of 24.22%, while its Earnings Per Share for the twelve months ending 31st December 2024 increased to LKR 50.82, against LKR 34.70 recorded during the same period last year.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through multi-channel customer touch points spanning both physical and digital. The Bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.
Business
Modern Challenges and Opportunities for the Apparel Industry: JAAF drives industry dialogue
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The Joint Apparel Association Forum (JAAF), in collaboration with Monash Business School and the Postgraduate Institute of Management (PIM) successfully hosted the International Conference on the Apparel Industry 2025 recently in Colombo. This was the second time the event was held, following its inaugural edition in 2018, as part of JAAF’s commitment to fostering dialogue and collaboration within the global apparel sector.
Themed “Modern Challenges and Opportunities for the Apparel Industry”, the three-day event brought together industry leaders, academics, and sustainability experts to discuss pressing issues such as ESG (Environmental, Social, and Governance) compliance, circular economy strategies, technological advancements, and workforce transformation.
A key highlight of the event was the panel discussion on “Current Actions and Their Impact on ESG-Related Outcomes in the Apparel Industry,” featuring:
Felix A. Fernando – CEO, Omega Line Ltd.
Nemanthie Kooragamage – Director Group Sustainable Business, MAS Holdings
Gayan Ranasinghe – Control Union,
Chamindry Saparamadu – Director General/CEO, Sustainable Development Council
Pyumi Sumanasekara – Principal Partner, KPMG Sri Lanka
Discussions emphasized how Sri Lanka’s apparel industry is adapting to global ESG standards, incorporating sustainable production methods, and aligning with evolving regulatory frameworks.
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