Business
Seylan Bank records Rs. 2,505 Mn PAT for nine months ended Sept. 30, 2022
Seylan Bank closed the nine months ended 30 September 2022 with a post-tax profit of Rs. 2,505 Million. In the backdrop of the volatile financial landscape experienced in Sri Lanka, described as the “worst since Independence”, the said post-tax profit has once again been seen as very commendable by financial analysts.
Net Interest income recorded an increase of 63.2% YOY from Rs. 17,068 Million to Rs 27,960 Million, for the 9 months ended 30th September. The Bank’s net fee based income increased by 38.22%, from Rs. 3,270 Million to Rs. 4,520 Million during nine months, mainly due to an increase in Trade Finance and Card Related Income.
Other income captions comprising net gains from trading activities, net gains from de-recognition of financial assets, net gains on foreign exchange transactions and other operating income increased by 37.13% over the previous year, from a net gain of Rs. 1,979 Million to a net gain of Rs. 2,715 Million during the nine months of 2022. The increase is mainly from net foreign exchange revaluation gains.
Total Expenses recorded an increase of 9.75 % during the nine months, from Rs. 10,036 Million in the the previous year to Rs. 11,015 Million in 2022. Personnel expenses increased by Rs. 530 Million mainly due to increase in the staff benefits based on the collective agreement. Other operating expenses and depreciation and amortisation expenses too increased by 10.39% due to increase in prices of purchases and services as a result of higher inflation and local currency depreciation. However, Bank will continue to take relevant measures to curtail costs with various cost initiatives.
The Bank recognised a total impairment charge of Rs. 18.8 Billion for the nine period in 2022 compared to Rs. 6.2 Billion reported in the corresponding period of last year, representing a 199.09% increase. The Bank increased the impairment provision to capture the impact on emerging global and local economic challenges and the credit risk profile of the customers.
The Bank reported a marginal growth of 2.66% in net Loans and advances to Rs. 453,730 Million during the period under review. Its overall deposit base increased from Rs. 488,653 Million in December 2021 to Rs. 524,439 Million during the nine months ended 30 September 2022, with a growth of 7.32%. The Bank’s CASA ratio (Current and Savings) stood at 30.25 %. Further the Bank’s asset base expanded by Rs. 50,223 Million to Rs. 657,800 Million.
Business
USA–Sri Lanka Chamber of Commerce plans New York campaign to promote Tourism and Business
Timing aligns with national policy discussions
By Sanath Nanayakkare
The USA–Sri Lanka Chamber of Commerce is exploring an innovative promotional initiative to showcase Sri Lanka’s tourism, cultural heritage, and commercial opportunities in the heart of New York City during the upcoming Christmas and holiday season.
The proposed campaign aims to bring Sri Lanka’s unique identity to one of the world’s most internationally recognized cities through a mobile digital billboard featuring high-quality photographs and videos highlighting the island’s natural beauty, rich heritage, and diverse commercial offerings. Designed to capitalize on New York City’s significant holiday-season foot traffic, the initiative will reach American consumers, international tourists, and potential business partners.
The digital showcase will feature pristine beaches, scenic mountains, waterfalls, tea plantations, wildlife, ancient cities, Buddhist heritage, traditional arts, authentic cuisine, and modern attractions, positioning the country as a premier international travel destination. An interactive QR code linking to comprehensive tourism information will also be incorporated, allowing viewers to directly explore travel opportunities.
Beyond destination promotion, the initiative provides Sri Lankan businesses with a vital platform to introduce their products and services to the American market. Enterprises representing Ceylon tea, spices, food products, gems and jewellery, apparel, handicrafts, wellness, hospitality, and tourism will have the opportunity to showcase their brands alongside the broader national campaign.
The Chamber notes that this effort will be particularly beneficial for small and medium-sized enterprises (SMEs) seeking greater international exposure, brand recognition, and commercial partnerships in the United States. By integrating tourism promotion with commercial visibility, the project aims to strengthen Sri Lanka’s international image while supporting trade, investment, and business development.
Operating under the central message of “Discover Sri Lanka. Experience Sri Lanka. Visit Sri Lanka,” the campaign presents the island as a destination defined by natural beauty, cultural richness, distinctive products, and entrepreneurial potential. More information on the initiative is accessible at www.usaslcc.org.
Tourism sector stakeholders have welcomed the move, noting that private-sector-led initiatives of this nature bypass cumbersome bureaucratic procurement procedures and complex tender processes typically associated with state-run promotional campaigns abroad.
The timing aligns with recent national policy discussions regarding tourism promotion. Participating in a Fireside Chat at the inauguration of the Sri Lanka Economic and Investment Summit 2026, organized by the Ceylon Chamber of Commerce, President Anura Kumara Dissanayake emphasized that a proper procurement mechanism needs to be established before acquiring tourism promotional concepts, recommending a performance-based system where agencies are compensated according to verified growth in tourist arrivals.
Business
Seylan Bank partners Colombo Motor Show 2026 as official banking and leasing partner
For 10th consecutive year
Seylan Bank PLC, the Bank with a Heart, has reaffirmed its commitment to supporting Sri Lanka’s automotive industry by partnering with the 20th edition of the Colombo Motor Show 2026 as the Official Banking & Leasing Partner for the 10th consecutive year. This makes Seylan Bank the longest-standing partner of the Colombo Motor Show, further reflecting its longstanding association with one of Sri Lanka’s most prominent automotive exhibitions. The four-day exhibition is scheduled to take place from 20th to 23rd November 2026 at the Bandaranaike Memorial International Conference Hall (BMICH), marking the first time the Colombo Motor Show will be held as a four-day event.
As one of Sri Lanka’s leading international motor and motor accessories exhibitions, the Colombo Motor Show will bring together vehicle enthusiasts, prospective buyers, industry professionals and automotive service providers. The 2026 edition is expected to feature over 200 trade stalls covering motor vehicles, accessories, spare parts, lubricants, tyres, batteries, leasing facilities and other motor-related services.
Through its continued partnership, Seylan Bank will showcase a comprehensive range of financial solutions designed to support customers in meeting their personal and business needs, with a particular focus on Seylan Leasing facilities. Visitors to the exhibition will have the opportunity to receive on-the-spot leasing evaluations and expert guidance from Seylan Leasing Specialists, helping them explore vehicle financing options conveniently during the event.
Business
WCIC sharpens focus on scaling women-owned businesses
The Women’s Chamber of Industry and Commerce (WCIC) is sharpening its focus on helping women entrepreneurs move beyond business creation towards sustainable growth, as it expands its membership, partnerships and advocacy footprint.
WCIC Chairperson Gayani de Alwis, concluding her second tenure, highlighted the Chamber’s efforts had increasingly centered on creating pathways for women to translate entrepreneurial ambition into viable enterprises and, importantly, build those businesses for the longer term.
“Ultimately, our impact is not measured by the number of programmes we conducted, but by the women whose businesses grew, whose voices became stronger, whose horizons expanded and whose contribution to the economy became greater,” she said addressing the WCIC 41st Annual General Meeting (AGM) held on 22 September for which the Chief Guest was Canadian High Commissioner to Sri Lanka and the Maldives Isabelle Martin.
The focus has included a special initiative for female university students with an entrepreneurial mindset, regional chapter initiatives in the Northern Province, capacity-building programmes and the inaugural ‘Beyond Ramp Up’ workshop.
The Chairperson said these initiatives were designed to move women “from aspiration to enterprise, and from enterprise to sustainable growth”, signaling a broader focus on strengthening the progression of women entrepreneurs beyond the initial stages of business formation.
WCIC recorded a 20 percent increase in membership during the period with membership crossing 460 and expanded its ecosystem through a series of strategic partnerships.
Internally, WCIC moved to strengthen its governance framework, revising its Articles of Association to ensure regulatory compliance and introducing a Code of Conduct and Board self-assessment. Clearer organisational roles, job descriptions and performance targets were also introduced as part of efforts to strengthen accountability and professionalise its operations.
Reflecting on her tenure, the Chairperson said the period had been about building a stronger, more connected and professionally governed organisation, while converting its wider ambitions into tangible opportunities for women in business.
-
Latest News6 days agoNissanka’s return headlines Sri Lanka’s Test squad against Pakistan
-
News5 days agoSri Lanka, India caught in US-Iran ship crisis
-
Latest News6 days agoImran Khan’s PTI braces to fight federal takeover of Khyber Pakhtunkhwa
-
Latest News5 days agoKusal Mendis’ unbeaten 87 hands Sri Lanka consolation win
-
Latest News5 days agoMissiles intercepted near Riyadh after Saudi coalition hits Yemen fuel depot
-
News6 days agoMahinda and Shiranthi hospitalised
-
News6 days agoPresidential pardons: Govt. studying Justice Thurairaja’s recommendations – Minister
-
News2 days agoAsgiri Mahanayake calls for immediate release of Gnanasara Thera
