Business
Sarvodaya Development Finance becomes full member of GABV, delivers strong performance in 1H 2024/25
Sarovodaya Development Finance PLC (SDF) has achieved a new milestone as an ethical provider of financial services by becoming a full member of the prestigious Global Alliance for Banking on Values (GABV). This development is a significant step in SDF’s ongoing mission to promote financial inclusion and sustainable development across Sri Lanka. As the financial services arm of the Sarvodaya Shramadana Movement, and Sri Lanka’s oldest development finance institution, SDF has always championed a values-driven approach, prioritising community empowerment and equitable growth.
This approach aligns seamlessly with the GABV’s global vision of transforming the banking system to support economic, social, and environmental sustainability. In fact, SDF’s financial performance in the 1st Half of 2024/25 further highlights the success of its unique approach, with the company recording a net profit of LKR 215.7 million during the six months ended 30th September 2024; a significant increase from LKR 78.9 million in the corresponding period of the previous year.
Meanwhile, gross income rose 21.8% coupled with a 7.8% reduction in interest expenses, resulting in a 57.2% improvement in interest income, as total assets grew by 22.5% or LKR 3.3 billion, supported by a robust increase in deposits and borrowings. The company’s efficiency ratio also improved to 52.9% from 69.4% in the corresponding period in the year prior. To finance this exceptional growth, made possible by SDF’s commitment to equitable and sustainable development, the company secured both local and international funding, leading to a 17.4% increase in the deposit base and a 58.8% rise in borrowings.
Nilantha Jayanetti – CEO of Sarvodaya Development Finance commented saying, “As an impact-driven development finance company, our strategy remains focused on growth and sustainable development throughout FY 2024/25. With improving financial stability in Sri Lanka, following the IMF programme, SDF has set a target to enhance its value distribution to the village economy. Consequently, we reported exceptional growth in the first half of FY 2024/25 compared to the same period in the previous financial year. Furthermore, as a member of the GABV, we now look forward to broader collaboration towards bringing accessible financial services to grassroots communities.”
The GABV, established in 2009, is a global network of banks, credit unions, and microfinance institutions committed to using finance as a force for good. Its members work collaboratively to drive positive systemic change within financial systems, emphasising transparency and a focus on the real economy. Having joined this alliance, SDF is now part of a growing collective effort to reshape global banking practices, and deliver financial solutions that uplift individuals and strengthen underserved communities.
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.
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.
SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.
The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.
The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.
Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.
SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.
A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.
Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.
The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.
Buttler out of Oval decider as Lawrence earns ODI call-up
Showers will occur in the Western, Eastern, Uva and Sabaragamuwa provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts.
Nor’easter brings flooding as New York and New Jersey declare emergency 2 hours ago
Trump rejects Iran deal to reopen Strait of Hormuz in seven days
Govt plans to hire 121,000 state workers, redistribute tax revenue
Parliament clears 22A amid protests
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News5 days agoMastermind Naufer Moulavi among 15 found guilty
-
News7 days agoHatton youth protest against reported death sentence for Lankan in Saudi Arabia
-
News7 days agoMahaweli rises as heavy rain triggers flood, landslide fears
-
News6 days agoProtest against setting up of cement factory in highly populated area near BIA
-
Midweek Review5 days agoThileepan’s fast unto death: An authentic narrative that many missed
-
Latest News4 days agoShowers above 100 mm are likely at some places in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts
-
Editorial6 days agoTrouble beginning in earnest
-
Editorial5 days ago
Big Bad Bills