Business
Seylan Bank records Rs. 1Bn PAT in 2021 Q1 despite Covid challenges
Financial Performance review for the 03 Months ended 31 March 2021
Seylan Bank made a steady start in 2021 by posting a Profit After Tax (PAT) of LKR 1Bn in Q1 2021 amidst macro-economic challenges brought in by the COVID-19 pandemic.
Statement of Financial Performances
Interest income recorded a decline due to the lower interest rates and moderate book growth but net interest margin showed a marginal increase over the corresponding period in 2020 due to lower financing costs.
Net Fee & Commission Income increased marginally to LKR 1.2Bn from LKR 1.0Bn, recording a YoY growth of 17.41% due to enhanced trade and guarantee volumes compared to the previous year.
The Total Operating Income growth of 22.25% predominantly driven by Net gains reported from de-recognition of financial assets which increased to LKR 185.2Mn from LKR 69.6Mn in 1Q 2020 and the other operating income increased by LKR 858.8Mn mainly due to increase in exchange income. On the flip side, trading activities reported a loss of LKR 611.4Mn mainly due to mark to market loss on derivatives which contracted the operating income YoY growth.
Bank recorded an impairment charge of LKR 2.2Bn during the period under review against LKR 1.1Bn reported in 1Q 2020 with a growth of 94.53% attributed to aggressive provisioning policy adopted.
Total Operating Expenses recorded LKR 3.4Bn in 1Q 2021 compared to LKR 3.3Bn in 1Q 2020. The Bank continued to focus on widening the roll-out of lean initiatives and automation across the Bank and rationalising expenditure on key controllable cost lines.
Overall, Bank recorded a Profit Before Tax (PBT) of LKR 1.4Bn against LKR 1.3Bn in 1Q 2020. Similarly, Profit After Tax (PAT) was recorded as LKR 1.0Bn against LKR 0.9Bn reported in 1Q 2020.
Statement of Financial Position
Bank achieved the LKR 562.7Bn Total Assets as of 31 March 2021, resulting 0.90% growth compared to the 31 December 2020.
Loans and advances portfolio of the Bank recorded a marginal growth of 1.51% to LKR 399.7Bn during the 1Q 2021 amidst of challenges faced. The growth in credit was driven primarily by Term Loans, and retail products such as Leasing, Pawning etc.
NPL ratio improved marginally to 6.39% against 6.43% reported as at last year end. Bank is continuously monitoring and strengthening the recovery process in order to bring under control and minimize the impact of the NPL.
The overall deposit base recorded a marginal growth of 1.28% to LKR 445.9Bn by 1Q 2021 compared to LKR 440.3Bn. Bank’s CASA ratio (Current and Savings) stood 34.52%.
Key financial ratios and indicators
Seylan Bank remained soundly capitalised, with the key capital adequacy ratios well above the regulatory minimum requirements and recorded 11.02% as the Bank’s Common Equity Tier 1 (CET 1) Capital Ratio/Total Tier 1 Capital Ratio and 13.59% as the Total Capital Ratio.
Bank maintained its liquidity position above the required minimum ratios, during the quarter under review. The Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit and the Foreign Banking Unit were maintained at 29.84% and 22.80% respectively as at end of first quarter 2021.
The Return on Equity (ROE) stood at 8.20% for the period under review, compared to 6.43% recorded in 2020. The Return (before tax) on Average Assets (ROAA) recorded as 1.00% in 1Q 2021.
Earnings per Share (EPS) in 2021 stood at LKR 1.88, a slight increase compared to the LKR 1.69 recorded in the comparative year, while net assets value per ordinary share recorded at LKR 91.92 (group LKR 95.23).
Successful and oversubscribed Debenture issue of LKR 6.0Bn endorsed and demonstrated the confidence placed in the Bank by the investors.
Business
Pan Asia Bank’s Rs. 5 b debenture issue oversubscribed
Pan Asia Banking Corporation PLC’s Senior Listed Rated Unsecured Redeemable Debenture issue of up to Rs. 5 billion was oversubscribed following its opening reflecting strong investor interest.
The debentures, with a par value of Rs. 100 each, will be listed on the Colombo Stock Exchange (CSE). The three-year debentures offer an interest rate of 12.75% interest payable annually, while the five-year debentures offer 13.50% interest payable annually.
The issue has been assigned a BBB+ (Stable) rating by Lanka Rating Agency.
The debenture issue was managed by the Investment Banking Unit of Commercial Bank of Ceylon PLC, with SSP Corporate Services (Private) Limited serving as the Registrar to the Issue.
The Bank said the strong investor response demonstrates continued confidence in Pan Asia Bank and its approach to creating long-term value for its stakeholders.
Pan Asia Bank, which positions itself as ‘The Truly Sri Lankan Bank’, continues to strengthen its role in supporting the financial requirements of individuals and businesses while contributing to the development of Sri Lanka’s economy.
Business
SLIIT International and Liverpool John Moores University inaugurate dedicated international learning facility
The Sri Lanka Institute of Information Technology (SLIIT) and Liverpool John Moores University (LJMU), United Kingdom, recently inaugurated SLIIT International in Collaboration with LJMU, a dedicated international learning facility located at No. 17, Dickmans Road, Colombo 04, marking a significant milestone in a partnership spanning more than a decade and reinforcing their commitment to providing Sri Lankan students with access to internationally recognised UK higher education qualifications.
The Grand Opening Ceremony was attended by Andrew Patrick, British High Commissioner to Sri Lanka, who graced the occasion as Chief Guest, alongside senior representatives from SLIIT, Liverpool John Moores University, the British Council, academia, industry and other stakeholders, marking the next chapter of the longstanding SLIIT–LJMU collaboration. The new facility is particularly significant as Sri Lanka’s first academic facility dedicated exclusively to the delivery of LJMU degree programmes, reflecting the strength, maturity and long-term commitment of the partnership.
Over the past decade, the SLIIT–LJMU partnership has established a growing network of more than 1,500 alumni, while providing Sri Lankan students with opportunities to gain internationally recognised UK qualifications locally. The new dedicated facility has been designed to provide a world-class learning environment exclusively for LJMU programmes, supporting future programme expansion, strengthening the student experience and creating opportunities for deeper academic collaboration, innovation, research and student engagement.
Commenting on the milestone, Prof. Lalith Gamage – Vice-Chancellor, Managing Director and Chief Executive Officer, SLIIT, stated, “The launch of SLIIT International in Collaboration with Liverpool John Moores University represents an important new chapter in our longstanding partnership with Liverpool John Moores University. Our vision is to provide Sri Lankan students with a world-class education and student experience right here in Sri Lanka, while equipping them with the global outlook, critical thinking, professional capabilities and career readiness required to succeed in an increasingly interconnected world. This dedicated facility strengthens the student experience while providing a strong foundation for the continued growth of our collaboration with LJMU.”
Prof. Timothy Nichol, Pro-Vice-Chancellor, Faculty of Society and Culture, Liverpool John Moores University, said, “The opening of Sri Lanka’s first facility dedicated exclusively to LJMU degree programmes represents a significant milestone for the University and our partnership with SLIIT. It reflects the strength of our collaboration and our shared commitment to delivering a high-quality LJMU educational experience in Sri Lanka. The new facility also creates exciting opportunities for deeper academic collaboration, innovation, research and student engagement as we look towards the next phase of our partnership.”
A key highlight of the Grand Opening Ceremony was the panel discussion titled “Beyond Borders: The Role of British Higher Education in Developing Globally Competitive Graduates.” The discussion examined the growth of international educational opportunities in Sri Lanka, the future expansion of UK degree programmes, maintaining the quality and integrity of UK qualifications, developing future-ready graduates with global competencies, and the role of international higher education in strengthening graduate employability. The panel brought together Prof. Lalith Gamage; Prof. Timothy Nichol; Mr. Sajeewa Meepage, Representative of the British Council; and Dr. Harsha Cabral, Board Member of SLIIT.
The panelists further emphasized on emerging trends in areas including law, business, psychology and artificial intelligence, as well as the contribution of UK higher education to Sri Lanka through internationally recognised qualifications that uphold global academic standards.
The discussion explored the history and future of the SLIIT–LJMU partnership, the strategic significance of the new SLIIT International facility, academic quality, graduate employability and the long-term growth of LJMU programmes in Sri Lanka.
The ceremony also featured a special address by Andrew Patrick, British High Commissioner to Sri Lanka, followed by an address by Mrs. Clare Sears, Country Director, British Council Sri Lanka. The evening also included the ceremonial exchange of the partnership document between SLIIT International and Liverpool John Moores University, symbolising the continued commitment of both institutions to strengthening their collaboration and expanding international educational opportunities for Sri Lankan students.
Business
Dijital Team and WinSYS City University launch two-year partnership
Dijital Team has signed a two-year partnership with Winsys City University, strengthening the skills and capabilities of its team members to support Managed Service Providers and IT service providers while elevating tech talent to immediate industry-readiness. With a Memorandum of Understanding (MOU) signed recently, the partnership was formally launched on 9 September 2026 at Dijital Team’s office premises, Colombo.
Combining Dijital Teams’ international employer network and understanding of the capability requirements of MSPs and IT service providers across Australia, New Zealand and the United Kingdom with Winsys City University’s training heritage of 21 years, the joint programmes create legitimate classroom-to-international-career pathways, offering structured learning and certification avenues that support deeper capability across cloud, cybersecurity, automation, AI and emerging technologies.
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