Business

Sampath Bank maintains its sustainable growth trajectory

Published

5 years ago

2021/11/17

Harsha Amarasekera, Chairman, Sampath Bank PLC (left) and Nanda Fernando, Managing Director, Sampath Bank PLC

Sampath Bank produced strong results for the nine months ended 30th September 2021, despite the challenges caused by prolonged impact of the COVID -19 pandemic. Due to the strategic initiatives and target orienting business plans, the Bank was able to steer through volatile economic conditions created by the pandemic to record a sizable 76.4% improvement in profit after taxes, compared with the last year.

Sri Lanka’s third wave of the COVID-19 pandemic which emerged in mid-2021 has been by far the most challenging for the country, since its commencement in March 2020. As in the past, Sampath Bank supported its customers and employees in dealing with the disruption from these difficulties. The Bank’s digitalization strategy continued to prove its worth by ensuring an easier and safer banking experience for customers and enabling employees to seamlessly switch to the work from home environment during the period of lockdown. Further expediting its digitalization strategy in response to the pandemic, the Bank introduced touchless Cash withdrawals at ATMs for the first time in Sri Lanka and possibly the first time in the region. The revolutionary technology of the touchless ATM eliminates the need to physically touch the surface of the ATM, which minimizes the risk of virus transmission to the user through contaminated surfaces, thus proving to be the ideal solution for withdrawing cash from ATMs during the current global COVID-19 pandemic.

To further reiterate its commitment to support customers and help ease their financial burdens during the prolonged economic crisis, the Bank actively engaged in identifying customers who were eligible for the latest cycle (phase IV) of the moratorium announced by the government. Meanwhile, the Bank continues to deliver its commitments to the agriculture sector in continuing its programme by restoring a further three water tanks under the “Wewata Jeewayak” program.

With the pandemic resurfacing from time to time, it is quite likely to remain an ongoing global challenge for the foreseeable future. In the Sri Lankan context, the pandemic related containment measures that have been in place for the past 18 months also appear to be delaying the anticipated economic recovery in 2021 in turn aggravating the pressure on the economy. However, despite these ongoing challenges, it is hoped that the expeditious vaccine rollout program and other containment measures would pave the way for a revival of the Sri Lankan economy in the coming months.

Financial results declared by Sampath Group for the Nine months ended 30th September 2021:

The Bank reported a profit after tax (PAT) of Rs 8.98 Bn and profit before tax (PBT) of Rs 12.32 Bn for the period under review, denoting significant growth of 76.4% each over the corresponding period in 2020.

Sampath Bank’s NIM for the reporting period was 3.46%, an improvement of 16 bps compared to the figure reported at the end of 2020.

The Bank recorded a sizable 30.9% increase in fee and commission income during the period, primarily driven by cards, electronic channels and trade-related operations.

Despite the improvement reported in NPL and Stage 3 loans, additional impairment provisions were charged as management overlay to reflect potential credit losses due to the COVID -19 related uncertainty.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

9 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

9 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

9 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.