Business
Seylan Bank profit momentum continues into Q1 2023
Seylan Bank began the new fiscal year on a strong note, with Q1 2023 recording a Profit Before Tax (PBT) of LKR 1.7 Bn compared to LKR 1.5 Bn in 1Q 2022 demonstrating a robust growth of 17.26%. Supporting the bottom line, Profit After Tax (PAT) was LKR 1.135 Bn in 1Q 2023, a 7.69% increase over the corresponding 2022 period. Contributing significantly to the Bank’s profit momentum was a surge in Net Interest Income (NII) by 67.98% for the period under review.
Growth in the Bank’s topline for Q1 2023 was propelled by notable increases in operating income of LKR 13.3 Bn, a 47.26% growth during the period under review compared to LKR 9.1 Bn in the corresponding period of 2022, driven mainly by growth in Net Interest Income, Net Fee Income etc. The bank recorded a substantial increase in interest income, amounting to LKR 28.9 Bn, reflecting a 116.87% growth compared to Q1 2022.
Additionally, Net Fee and Commission Income posted a notable growth of 23.34% to LKR 1.8 Bn from LKR 1.4 Bn in Q1 2022, mainly due to increase in Loans and Advances related Fees, commission income on Debit & Credit Cards and Other Financial Services etc.
The Bank’s total assets as at 31 March 2023 was LKR 671 Bn. While loans and advances was LKR 424 Bn, a contraction mainly due to the impact from local currency appreciation, deposits reflected a marginal growth to LKR 550 Bn. The contraction of assets and liabilities was partly due to local currency appreciation, which led to a decrease in the value of foreign currency assets and liabilities.
Total Operating Expenses recorded an increase of 23.39% from LKR 3.6 Bn in the 1Q of the previous year to LKR 4.4 Bn during the period under review, mainly due to the impact of price increases due to higher inflation and local currency depreciation. The Bank’s personnel expenses increased by 13.08 % to LKR 2.2 Bn in 1Q 2023 compared to LKR 1.98 Bn in 1Q 2022 as a result of the salary revision based on the collective agreement and other adjustments provided to compensate rising cost of living expenses. Additionally, establishment expenses increased by 36% to LKR 2.2 Bn during the period under review.
Business
Private taxi operators at BIA call for speedy rental relief as tourist arrivals dwindle
Private taxi operators at Bandaranaike International Airport are calling for urgent rental relief, stating that they are struggling to sustain operations after paying nearly Rs. 19 million in monthly rental fees amid a sharp decline in tourist arrivals during the off-season.
The operators said tourist arrivals have dropped by nearly 80%, severely affecting their income and making it difficult to continue meeting high operational costs.
“Only a small number of tourists are now arriving at the airport, and a majority of them are being taken by metered taxi operators, who pay only around Rs. 700 per ride as fees to Airport and Aviation Services, an operator said.
According to the operators, the six long-standing private taxi service providers at the airport each pay monthly rentals ranging from approximately Rs. 2.9 million to Rs. 4 million. In addition, they are required to maintain a minimum a fleet of six vehicles along with dedicated airport staff.
“What we are requesting is a temporary reduction in monthly rental payments for around three to four months until tourist arrivals improve and the industry returns to normal, they said.
The operators noted that they have been operating at the airport for more than two decades, providing transport services to both local and international travelers, while metered taxi services entered the airport transport sector only about two years ago.
They also alleged that metered taxi operators have been granted more favourable operating conditions and questioned the process through which those operators were allowed to operate at the airport.
Operators argue that the present financial burden has become unsustainable, given the sharp drop in business volumes and what they describe as an uneven competitive environment within the airport transport system.
“What we are requesting is a 50% reduction in monthly rental fees for a period of at least three months, they said.
They also raised concerns about the quality and condition of some vehicles operated by metered taxi providers.
“Passengers are often unaware of the condition of some of these vehicles until they enter them, which can compromise safety standards, one operator claimed.
In contrast, the private airport taxi operators say they maintain newer vehicles and employ experienced, professionally trained drivers to ensure higher standards of passenger safety and service quality.
The operators warned that failure to address the issue could have wider economic and social consequences. The six service providers collectively employ around 250 staff, and continued financial pressure may lead to job losses and a reduction in organised airport transport services.
By Hiran H Senewiratne
Business
Refurbished AAC Call Box declared open
The operation of Automobile Association of Ceylon(AAC) Call Boxes, in the past had provided yeoman service to many motorists including during the era of British planters. AAC services for members are a motoring security when they travel.
The Call Box in Nuwara Eliya was recently refurbished to provide a better and improved service to the Members in the area and the touring public. Now from this Call Box the motorists could get Road Side Assistance, Valuation Reports, Technical Advice and also issuance of International Driving Permits.

The refurbished Call Box at Nuwara Eliya was declared open by Dhammika Attygalle, President of the Association in the presence of S V Ganesh – Vice President, several Executive Committee members, Puthrasigamani, Life Member of the Association, Eng. C S Samarasekera of RDA- Nuwara Eliya, Devapriya Hettiarachchi, Secretary (AAC) and Eng. C L Liyanasuriya – Chief Engineer(AAC).
The services from the Nuwara Eliya Call Box are available from 8.00am to 5.00pm.
Call Technical Officer Sampath Madagama on 0767315696.
Business
Ceylon Chamber of Commerce to host Sri Lanka Climate Summit 2026
From Risk to Opportunity: Mainstreaming Climate Action into Sri Lanka’s Growth Story
As climate rules tighten globally and investor expectations shift from commitment to compliance, climate action is now directly tied to trade, competitiveness, and access to finance. Against this backdrop, The Ceylon Chamber of Commerce will host the second edition of the Sri Lanka Climate Summit on 9 June 2026 at the Taj Samudra Hotel, convening policymakers, industry leaders, financiers, and technical experts to focus on pathways for integrating climate action into Sri Lanka’s growth story.
Held as a biennial platform, the Summit returns this year under the theme “From Risk to Opportunity: Mainstreaming Climate Action into Sri Lanka’s Growth Story.” While the inaugural edition in 2024 focused on building awareness and advocacy, the 2026 Summit shifts the conversation toward implementation, technical readiness, and compliance as climate-related obligations begin to directly influence access to markets, finance, and investment.
Rather than treating sustainability as a standalone agenda, this year’s discussions will explore how climate considerations are becoming embedded across core areas of business and economic decision-making, from infrastructure and trade to finance, governance, digitalisation, agriculture, and supply chains.
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