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‘Sampath Bank maintains a strong value proposition to all its stakeholders amidst ongoing economic challenges’

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Chairman Harsha Amarasekera(Left) /Managing Director Nanda Fernando(Right)

The Bank succeeded in raising Rs 10 Bn in Tier 2 capital via a debenture issue in February 2023. Despite the depressing economic outlook in the Country, the issue was oversubscribed – a testament to the investor confidence placed in Sampath Bank and widespread acceptance of the stability and prudent governance of the Bank. The newly obtained capital will enable the Bank to rise above and prevail as one of the Country’s pre-eminent Bank.

Sampath Bank registered a profit before tax (PBT) of Rs 4.5 Bn and a profit after tax (PAT) of Rs 2.6 Bn for the three months ended 31st March 2023, indicating a decline of 30.5% and 44.3% respectively from the figures reported in 1Q 2022. This decline was mainly attributed to the exchange losses recorded during the quarter as a result of the appreciation of LKR by Rs 39 against the USD on its foreign currency reserves. All other income lines recorded performance well above the previous period.

Key highlights of financial results declared by Sampath Bank and the Group for 1Q 2023 compared to 1Q 2022:

Strong NII buttressed by the higher AWPLR.

19% increase in net fee and commission income driven by trade-related operations

As a result of the appreciation of LKR against USD by Rs 39 in 1Q 2023 vs depreciation of Rs 93.75 in 1Q 2022, the exchange income declined by Rs 10.9 Bn.

27% increase in impairment provision on loans and advances.

The high inflationary conditions resulting in 22% increase in operational expenses.

The upward revision in Income Tax rate and the introduction of SSCL resulting in higher tax expenses.

Group’s PBT and PAT for 1Q 2023 was Rs 5 Bn and Rs 3 Bn respectively, reflecting a decline of 27% and 38% respectively.

Fund based income.

Sampath Bank reported a total interest income of Rs 50.2 Bn in 1Q 2023, up by 102% from the Rs 24.9 Bn recorded in the corresponding period of the previous year. The AWPLR moved up significantly from 9.85% at the end of the first quarter of 2022 to 21.4% at the end of the first quarter of 2023. Because of the higher interest rates that existed throughout the reporting period compared to the preceding period, the Bank was able to register a substantial increase in interest income.

Interest expenses too grew in line with the previously indicated interest rate hikes resulting in the Bank recording a total interest expense of Rs 32.1 Bn in the first quarter of 2023, an increase of 183% over the figure reported in the first quarter of 2022. As a result, net interest income increased by 34% in the first quarter of 2023.

However, the Net Interest Margin (NIM) of 5.60% reported at the end of the quarter under review showed a decline of 6 basis points from the figure reported at the end of 2022. The downward trend in AWPLR reported since the end of 2022 was the primary cause of the decline in NIM.

Non-Fund based income.

The Bank’s Net fee and commission income (NFCI) increased by 19% in the first quarter of 2023 compared to the corresponding period in the previous year. NFCI includes income from a variety of sources, including loans and advances, credit cards, trade and electronic channels. First-quarter growth was mainly attributable to the increase in fee and commission income derived from trade and remittance related activities.

Sampath Bank posted a net other operating loss of Rs 4.4 Bn in the first three months of 2023, compared to a gain of Rs 8.7 Bn reported in corresponding period of 2022, denoting a decline of 151%. This was due to the reversal of exchange gain amounting to Rs 4.5 Bn, resulting from the 10.7% appreciation of the LKR against the USD. However, the Bank recorded a net trading gain of Rs 1.7 Bn for the period under review, compared to a loss of Rs 0.4 Bn in the corresponding period of the previous financial year, mainly due to forward exchange contract revaluation gains. On this basis, the Bank’s net exchange loss from foreign exchange operations for the period under review was Rs 2.8 Bn (1Q 2022: A gain of Rs 8 Bn)

(Sampath Bank)



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Remotely conducted Business Forum in Paris attracts reputed French companies

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The “Sri Lanka Business Forum 2026” was organized by MEDEF International, the French Business Confederation of leading French companies, in partnership with the Embassy of Sri Lanka in France, on 30 January 2026 at the MEDEF Office in Paris. The event, which was held in hybrid format, had a solid line up of reputed French companies participating.

Delivering the keynote address, the Deputy Minister of Industry and Entrepreneurship Development of Sri Lanka Chathuranga Abeysinghe presented the Government’s policy framework and the reform agenda aimed at strengthening investor confidence, improving ease of doing business, and accelerating export-led growth. The Deputy Minister elaborated on upcoming legislative reforms, including amendments to the Minerals Act, the Colombo Port City legislative framework, implementation of the Investment Single Window, and the Government’s broader digitization drive which would contribute towards enhancing transparency and business confidence.

Highlighting Sri Lanka’s comparative advantage in the South and Southeast Asian region, the Deputy Minister emphasized France’s role as a strategic investment partner, while inviting French companies to engage with Sri Lanka. The Deputy Minister’s address was followed by a vibrant Q&A where he responded to several questions posed.

The Forum was moderated by Chairman of the France–Sri Lanka Business Council at MEDEF International and Advisor to the Chairman of the Michelin Group, Eric Le Corre.

Delivering welcome remarks, the Ambassador of Sri Lanka to France and Permanent Delegate to UNESCO Manisha Gunasekera applauded the convening of the Forum a first step in broadening and deepening the investment partnership. She appreciated the role of MEDEF in connecting reputed French companies with potential investors and partners in Sri Lanka.

The Executive Director of the Board of Investment (BOI) of Sri Lanka Priyanka Samaraweera, in her presentation detailed, inter alia, investor facilitation measures, fiscal incentives including tax holidays, tariff benefits under preferential trade agreements, and upcoming industrial zones. The BOI also invited potential French investors to participate in the upcoming Investors’ Forum scheduled to be held in Colombo on 30 March 2026.

The presentation of the CEO of Orange Marine, Didier Dillard on the company’s successful collaboration with Colombo Dockyard PLC in building their cable vessel “Sophie Germain” in 2023; and two additional vessels scheduled for delivery in 2028 and 2029, helped position Sri Lanka as an attractive and competitive investment destination.

The Embassy highlighted “Sri Lanka Expo 2026” which will be held in Colombo from 18-21 June 2026, as a key global platform for buyers and investors; and encouraged French companies to participate.

Reputed French companies, SNCF, Bureau Veritas, Carrefour, Deviseo Fret, Emovis SAS, Union de Banques Arabes et Françaises (UBAF), Michelin, and Top Tech College, participated in the Forum, thus demonstrating the interest among French cooperates in doing business with Sri Lanka. The participating companies reaffirmed that the engagement marked a first step in expanding dialogue and collaboration between France and Sri Lanka.

Senior officials of the Ministry of Industry and Entrepreneurship Development, and the Export Development Board of Sri Lanka (EDB) also participated in the forum. The Forum was organised by the Commercial Section of the Embassy led by First Secretary (Commerce) Prasadi Boomawalage, in consultation with relevant stakeholders. The success of the Forum reflects the strong commitment of the parties concerned to organise a broader, outcome-oriented engagement with the French private sector in the future.

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LANKATILES Celebrates the Grand Opening of Its 58th Showroom in Historic Galle

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From left: Priyantha Talwatte, Managing Director of LT PLC, LWT PLC and LC PLC, and K. K. Samanthilaka, Engineer and Deputy Chief Secretary (Engineering Services), Southern Province, ceremonially cutting the ribbon to declare open the new LANKATILES branch in Galle.

Sri Lanka’s leading tile manufacturer, LANKATILES, proudly announces the grand opening of its 58th showroom and second in the Galle located at No. 145, Matara Road, Pettigala Watta, Galle. This latest addition marks a significant milestone in LANKATILES’ continued journey of design excellence, innovation, and trusted service built over more than five decades.

Inspired by the heritage charm and timeless architecture of Galle, a UNESCO-valued destination renowned for its cultural tapestry and historic streets, the new showroom blends local architectural heritage with contemporary living needs, truly Creating Spaces That You’d Love to Live In.

“Galle’s unique character shaped by centuries of history, art and human ingenuity resonates deeply with LANKATILES’ ethos of design integrity and aesthetic depth,” said Priyantha Talwatte, Managing Director of LANKATILES. “We’re delighted to bring our design leadership and trusted product portfolio closer to the Southern market, supporting both residential aspirations and the burgeoning tourism-led growth across the region.”

Built on more than five decades of trust and excellence, LANKATILES continues to set the benchmark in tile design superiority while delivering solutions that uplift spaces with beauty and performance. The new showroom features standout products including the Majestica large-format tile collections and Mosaics, ideal for modern living spaces, luxury tourism projects, boutique hotels, and heritage restorations that demand both quality and visual impact.

As Sri Lanka’s tourism sector continues to grow, strategic destinations such as Galle play a vital role in LANKATILES’ long-term expansion strategy. The company aims to strengthen its presence in the Southern market through enhanced accessibility, tailored solutions, and meaningful collaboration with industry stakeholders.

“We recognize the indispensable role of architects, designers, contractors, and tilers in shaping inspiring spaces,” added Talwatte. “We look forward to deepening partnerships across the region celebrating creativity that transforms environments and enriches everyday living.”

The new showroom is operated by Franchise Owner Yasith Ranu Karunasekara, a Southern Province-based entrepreneur with a keen appreciation for design-driven business and customer-centric service. His local expertise and commitment to quality align strongly with the LANKATILES brand promise.

“This showroom is more than a retail space, it’s a destination where imagination meets craftsmanship,” said Karunasekara. “We’re excited to support local homeowners, hospitality developers, and professionals in redefining spaces across the Southern region.”

The LANKATILES Galle showroom officially opened on January 28, 2026, welcoming customers and industry professionals to experience the brand’s curated collections, design expertise, and innovative tile solutions.

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Four runs, a thousand dreams: How a small-town school bowled its way into the record books

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The Under-13 Cricket Team of Kalawana National School, which set up the new school cricket record

By the time the last wicket fell at Gangakanda Vidyalaya in Pelmadulla, silence briefly hung over the ground. The scoreboard told an almost unbelievable story: the Under-13 team of Kalawana National School had dismissed their opponents, Mihindu Vidyalaya, Ratnapura, for just four runs. In six overs and five balls, a group of boys from a remote corner of Sabaragamuwa had etched their names into Sri Lanka’s schools cricket record books.

The achievement soon found its way onto the official Sri Lanka Cricket Facebook page. But behind that viral moment lies a quieter, more powerful story of children who train without a proper ground, a coach who works without pay, and parents who refuse to let poverty dictate their children’s dreams.

For the boys of Kalawana National School, cricket is not played on manicured turf. There is no proper pitch. Practice nets are borrowed and returned. The few bats and pads available are worn and broken. During the rainy season, there is often nowhere to practise at all.

Yet, every evening, they turn up.

“Our children play under conditions where even the most basic facilities are lacking,” said N. V. Pushpakumara, a parent. “There is no proper playground, no pitch. Still, they keep winning. We hope the authorities will see what these children are capable of and give them the support they deserve.”

At the centre of this effort is their coach, Chanuka Pradeep Madhushan, who joined the school in late 2021. He trains the children voluntarily, without a salary, accepting only small contributions from parents who themselves struggle to make ends meet.

“I didn’t come here expecting facilities,” he said. “I came because I saw potential. One of our boys played for the district squad in 2025. This year, our Under-13 team is doing very well. We even have a left-arm bowler who has taken 21 wickets in four matches. When you see their commitment, you want to give your best, even without pay.”

The school’s principal, Ashoka Nandasiri, speaks of cricket at Kalawana National School as a journey marked by quiet persistence. The school began leather-ball cricket in 2011. In 2016, their Under-16 team broke into the top 16 at national level. In 2025, a student was selected to the Sabaragamuwa Under-15 provincial team. And in January this year came the moment that stunned school cricket circles across the country.

“These achievements did not come easily,” the principal said. “They came through the dedication of our coach and the sacrifices made by parents. Despite many difficulties, they have kept this programme alive.”

For the boys themselves, the record is not just about four runs. It is about being seen.

“We practise with many difficulties,” said team captain P. A. Pamod Lakshan. “We don’t have proper equipment or a proper ground. When it rains, we have nowhere to go. Once, a kind uncle from Kalawana helped build us a small indoor place to practise. We are very grateful. We want to go a long way in cricket.”

In a country where cricketing dreams often begin in elite school grounds with lush pitches and modern facilities, the story of Kalawana National School stands as a reminder of how talent can grow in the most unlikely soil. These children do not ask for luxury—only for a fair chance.

Their record-breaking performance is now part of Sri Lanka’s cricketing statistics. But the deeper question remains: will their struggle also be noticed? Parents hope that this extraordinary moment will prompt sports authorities and policymakers to look beyond the usual centres of privilege and invest in rural schools where potential waits quietly, often unseen.

For the boys from Kalawana, the scoreboard has already given its verdict. Now they wait for the country to do the same.

By Upendra Priyankara Jathungama

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