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‘Siyapatha Finance persistently grows into Q1, standing firm amidst the challenging environment’

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(L to R) Sumith Cumaranatunga, Chairman, Siyapatha Finance PLC and Ananda Seneviratne Managing Director, Siyapatha Finance PLC

Siyapatha Finance stands confident despite economic setbacks, reporting an outstanding performance during the first quarter of 2022 with favourable returns and increased revenue.The Company recorded a Profit Before Tax (PBT) of Rs.608.0 Million in 1Q 2022 compared to Rs.395.9 Million in 1Q 2021, a growth of 53.6%. Resilient performance and improved credit quality helped strengthen the Company’s performance in the 1Q of 2022.

Efficient and professional initiatives by the Company also witnessed an improvement in the Cost to Income ratio to 34.06% during 1Q 2022 from 34.45% recorded in 1Q of 2021.Effectiveness of the credit recoveries process is amply reflected in the improved NPL ratio of its key lending product “Leasing” which stood at 9.31% at the end of March 2022, in comparison with 12.06% at the end of 31 December 2021. The Company has also been meticulously monitoring overdue facilities with a view to identifying customers who face genuine difficulties.

Siyapatha Finance’s total assets grew by 6.7% to reach Rs.45.6 Billion at the end of 31 March 2022, an increase from Rs. 42.7 Billion at the end of December 2021. In spite of the prevailing challenging economic environment, the net loans and advances grew by 5.5%, reaching a notable Rs.38.7 Billion.The deposit base of the Company was maintained at a steady level of Rs. 16.6 Billion thus reflecting the trust and confidence inspired by the Company among fund managers, retail depositors and the corporate sector that continue to invest substantially in fixed deposits.Annualized return on average assets (ROA) after tax also increased to 3.81% in 1Q 2022 from 2.59% in December 2021, while Annualized return on average equity (ROE) after tax increased to 26.07% in 1Q 2022 from 19.16% in December 2021.

The capital adequacy ratios were reported well above the regulatory minimum requirements and recording 14.10% as the Tier I capital ratio and 20.43% as the total capital ratio as at 31 March 2022.Siyapatha Finance’s strong undisputed position was further reinforced by the rating of ‘A (lka)’; Outlook Stable, affirmed by Fitch Ratings Lanka Ltd.

“These outstanding results achieved in the first quarter gives us the confidence to endure in performance going forward. We are grateful for the unwavering trust and support of our customers, investors and other stakeholders throughout this challenging period and will continue to deliver on our promises to our customers, community and shareholders as we grow from strength to strength,” stated Mr. Sumith Cumaranatunga, Chairman, Siyapatha Finance.Siyapatha Finance also marked a significant milestone in its journey with the construction of the new Corporate Headquarters in Colombo in order to facilitate the operations from a more centralized geographical setting. This state-of-the-art eighteen level building interlaced with modern technology will operate as the main hub aiming to enhance the overall Siyapatha experience for all stakeholders.



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Cabinet approves submission of the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament

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The Cabinet of Ministers has approved the proposal forwarded by the President in his office as the Minister of Finance, Planning and Economic Development to submit the Report on the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament.

As per section 80 (3) of the Central Bank of Sri Lanka Act No. 16 of 2023, the Minister in – charge of the subject of Finance shall submit a report on the economic situation which prevailed within the particular financial year, within four months after completion of each financial year. Accordingly, the report in relation to the financial review of the Central Bank of Sri Lanka for the year 2024 has been submitted to the President. The report has envisaged macro economic trends of Sri Lanka, situation of the financial system, as well as the major developments and a review of the policies of Central Bank of Sri Lanka.

[DGI]

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Gigalingua Lanka opens its doors to new opportunities for Sri Lankan nurses in Germany

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Dignitaries gracing the launch of Gigalingua Lanka.

Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.

In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.

Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.

Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.

The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).

Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”

At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)

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Browns unveils new expansion strategy

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Sanakan Thamotharampillai, Director/CEO Brown & Company PLC addresses the gathering.

In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.

The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.

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