Business
Unilever Sri Lanka, the Central Environmental Authority and the Marine Environment Protection Authority enter into a partnership for a sustainable future
As part of its broader sustainability agenda, Unilever Sri Lanka remains committed to collecting +100% of the equivalent plastic it sells into the domestic market. A key enabler of this will be a public-private partnership between Unilever the CEA and the MEPA to clean and step up the health of the Kelani River which provides drinking water to 4 million Sri Lankans. This was formalized through a MoU signed recently.
Ali Tariq, Chairman and CEO at Unilever Sri Lanka said, “In our efforts to create a circular economy for plastics, we are proud to confirm that over the last 2 years we have collected +100% of the equivalent plastic volume that we have sold through our products.
The Kelani River clean-up partnership will enable our commitment to continue to do so and support the national agenda of ‘Extended Producer Responsibility for plastic manufacturers’.
A clean Kelani River will not only provide safe drinking water but also foster a thriving environment for fishing and tourism, creating opportunities and improve living standards.”
Venura Fernando, Chairman of Central Environmental Authority further stated, “We find it promising to witness corporates such as Unilever stepping in to fulfill their ‘Extended Producer Responsibilities’ through enduring commitments and partnerships.
The collaboration with Unilever Sri Lanka on the Kelani River cleanup project exemplifies this effort. Public-Private Partnerships will play a crucial role in addressing environmental challenges, and we are optimistic that this initiative will effectively harness the combined expertise of both sectors for a sustainable future,”
This five-year project will encompass multiple activities, including cleaning programs along the river, the adjoining beaches and the seabed. These will be implemented in collaboration with local councils, and through community engagement and training to raise awareness amongst schoolchildren, residents and local authority workers, and the installation of floating barriers to prevent further pollution. The initiatives will focus on the mouth of the river to prioritise the health of the coastal ecosystems and marine life.
“MEPA is fully supportive of this project and recognizes the importance of protecting our precious marine environment said Asela Rekawa, Chairman of Marine Environment Protection Authority. “The Kelani River feeds directly into the ocean, and effective waste management practices are crucial to safeguard our marine resources.”
The project adds to Unilever Sri Lanka’s broader sustainability agenda. The latter extends to also addressing climate change, protecting nature, promoting responsible plastic use, and recognising the vital role healthy ecosystems play in supporting livelihoods.
National Development Bank PLC (hereinafter ‘the Bank’) announced its results for the financial year ended December 31, 2025 to the Colombo Stock Exchange recently. Full year results tabled by the Bank showcase a strong growth across all business lines with Net Banking Revenue increasing by a 45.2% on a comparable basis.
Like most other peers, the Bank’s 2024 financial performance was positively impacted following the successful conclusion of the ISB debt restructure with a one-off impact on interest income, fee income and net impairments amounting to LKR 1.4 billion, LKR 0.7 billion and LKR 9.4 billion, respectively for the said year.
Fund based income
Net interest income (NII), which accounts for close to 75.0% of Bank’s total operating income, grew by 6.5% on a normalised basis. Despite pressure on interest-earning assets arising from the lower interest rate environment, the Bank’s disciplined margin management helped stabilise Net Interest Margin (NIM) at 4.0% for the year. On a comparable basis, excluding one-off exceptional items, NIM stood at 4.2%, compared to 4.3% for both scenarios in 2024. By the end of the year, the Bank had close to LKR 29.3 billion in Loans and Deposits under a special arrangement with its customer(s) with a netting-off feature (end 2024: LKR 19.6 billion).
Non-fund based income
Net fee and commission income reached LKR 8.1 billion for the year – representing a growth of 14.3% from LKR 7.1 billion in 2024 excluding ISB restructuring related fees. Key growth drivers for the current year were trade finance, credit and lending, digital banking and credit and debit cards.
Credit and operating costs
Credit costs for the year amounted to LKR 5.7 billion, reflecting a substantial reduction of 57.1% compared to LKR 13.2 billion in 2024, a testament to the Bank’s strong credit underwriting practices and focused efforts on collections and recoveries. The Bank’s success on account of the latter is best reflected in notably improved stage 2 and 3 loan stock which stood at 7.9% and 10.8% respectively at end 2025 as compared with 16.6% and 14.0% at end 2024. Stage 3 provision coverage also saw further improvement to 59.1% from 54.5% during 2024 showcasing the Bank’s prudent management of credit risk.
Operating expenses closed at LKR 19.0 billion for the year, marking a 13.1% YoY increase. This increase was primarily driven by routine staff-related increments and necessary market realignments, along with higher investments in IT infrastructure and business development undertaken during the year.(NDB)
PMF Finance PLC has announced the appointment of Ms. Nishani Perera as a Non-Executive Independent Director, further strengthening the Company’s strategic oversight, governance framework, and board-level expertise as it continues to advance its transformation and long-term growth agenda.
Ms. Perera is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and brings over 19 years of experience across audit, assurance, advisory, risk management, and corporate governance. She currently serves as Partner – Audit & Assurance at Moore Aiyar and as Director of Moore Consulting (Pvt) Ltd.
Over the course of her career, Ms. Perera has gained substantial exposure to listed companies, banks, finance companies, and other regulated entities. Her areas of expertise include financial reporting under SLFRS/LKAS, audit and risk oversight, regulatory compliance, and the implementation of quality management standards. She has worked closely with Boards of Directors and Audit Committees on matters relating to financial reporting integrity, internal control frameworks, enterprise risk governance, and adherence to evolving regulatory requirements.
Ms. Perera holds a Master of Laws (LL.M.) from Cardiff Metropolitan University in the United Kingdom and a Bachelor of Science in Business Administration (Special) from the University of Sri Jayewardenepura. She is also an Associate Member of ACCA and CMA Sri Lanka, and a Fellow Member of AAT Sri Lanka.
Business
Capital Alliance deepens capital market presence with third Closed-End Fund Listing at the CSE
The units of the “CAL Three Year Closed End Fund” were officially listed on the Colombo Stock Exchange (CSE) recently. Accordingly, a total of 841,263,375 units of the ‘CAL Three Year Closed End Fund’ were listed by Capital Alliance Investments Ltd (CALI), a member of the Capital Alliance Ltd Group (CAL Group). The listing was commemorated by way of a special bell ringing ceremony on the CSE trading floor.
CSE CEO Rajeeva Bandaranaike speaking at the occasion remarked upon the rising demand for Unit Trusts: “When you look at funds, particularly unit trusts in today’s active capital market, we see a lot of domestic interest in the market with more investors entering. Funds, not only fixed income funds but also growth and balanced funds, can be the ideal vehicle through which new investors can enter the market. We see this interest reflected in the success of CAL’s Three Year Closed End Fund. More people are seeking to invest their money through professional fund managers.”
Markram, bowlers lead South Africa’s rout of West Indies
Samra, Airee headline Associates’ team of the tournament
Maharoof expects ‘some hard decisions’ after Sri Lanka’s T20 World Cup exit
Matthews’ century leads West Indies to six-wicket victory
Cuba says it shot dead four people on US-registered speedboat
’Reimagining International Relations from a Global South Perspective’ offers a timely and rigorous contribution, providing key insights into policy, diplomacy, and global governance – PM
‘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
-
Features5 days agoWhy does the state threaten Its people with yet another anti-terror law?
-
Features5 days agoReconciliation, Mood of the Nation and the NPP Government
-
Features5 days agoVictor Melder turns 90: Railwayman and bibliophile extraordinary
-
Features4 days agoLOVEABLE BUT LETHAL: When four-legged stars remind us of a silent killer
-
Features5 days agoVictor, the Friend of the Foreign Press
-
Latest News6 days agoNew Zealand meet familiar opponents Pakistan at spin-friendly Premadasa
-
Latest News6 days agoTariffs ruling is major blow to Trump’s second-term agenda
-
Latest News6 days agoECB push back at Pakistan ‘shadow-ban’ reports ahead of Hundred auction