National Development Bank PLC (NDB) announced a record-breaking profit for the financial year 2024, marking a significant milestone in the Bank’s growth trajectory. All key performance indicators (KPIs) and shareholder metrics showed substantial improvements, reflecting the Bank’s resilience and commitment to delivering value.

NDB’s Director/ Chief Executive Officer Kelum Edirisinghe commented on the performance. “We are proud of our performance in FY 2024, which demonstrates our financial strength and our ability to adapt in a reviving and evolving economic landscape.

“Our FY 2024 results were driven by a focused strategy that improved operational efficiency and enhanced customer engagements. As highlighted in prior press communications, we centered our efforts on three key pillars: driving transactions, enhancing portfolio quality and increasing net interest margins. Our efforts came in to fruition with the Bank delivering healthy growth in the respective areas which translated to enhanced profitability.

“For the period under review the Bank reported a pre-tax profit of Rs. 24.3 Bn up 141% over 2023 inclusive of the one-off gain of Rs. 12.8 Bn stemming from the ISB restructure. Excluding this gain, our pre-tax profit from the underlying business grew 31% year on year, affirming the resilience of our business model.

“As we reflect on the year gone by, it is clear that 2024 has been a year of tremendous collaboration, where all our key stakeholders – our shareholders, employees, customers, business partners, – have made significant contribution to our shared value journey. I remain deeply thankful to each one of them for their unwavering support and dedication.

“As we look to the future, NDB remains committed to driving sustainable growth, aligned with national priorities whilst empowering all our stakeholders to unlock lasting prosperity. Our focus on environmental, social, and governance (ESG) principles continues to be at the heart of our efforts, ensuring we make a positive impact on the wider ecosystem”, he concluded.

NDB recorded a post-tax profit of Rs. 9.0 Bn for the financial year ended 31 December 2024, a 68% increase over the prior year 2023 (YoY). Group profit attributable to shareholders was Rs. 9.8 Bn, again an impressive growth of 70% YoY. Profit before tax at Bank and Group level were Rs. 24.3 Bn and 25.7 Bn respectively, making them the highest-ever profitability figures the Bank and the Group have posted in its 45 years plus history.

(NDB)

Hutch collaborated with the Faculty of Computing at the University of Sri Jayewardenepura to conduct an exclusive knowledge-sharing session for third-year undergraduate students. The event, held at the university, was part of Future Connect, an innovative initiative aimed at preparing the next generation for the technologies of tomorrow. By bridging the gap between academic learning and real-world applications, the event highlighted Hutch’s unwavering commitment to empowering young minds with the skills and insights needed to thrive in an ever-evolving digital landscape. With a focus on emerging trends and future technologies, Future Connect ensures that students stay future-ready and equipped to become the tech leaders of tomorrow…

The session covered key topics in telecommunications, starting with data communication and networking, including network traffic analysis, troubleshooting, and optimizing for real-time applications. Legal and ethical aspects of data transmission and strategies for assessing network performance were also discussed. The focus then shifted to enterprise resource planning (ERP) systems and their role in customer management, supply chain, HR, and billing. The day concluded with a session on soft skills, including CV writing, interview preparation, and career development.

Prof. Prasad M. Jayaweera, Dean of the Faculty of Computing, University of Sri Jayewardenepura, emphasized the importance of such collaborations, stating, “We are delighted to collaborate with Hutch in this knowledge-sharing initiative, which bridges academia and industry. This session not only enriches our students’ understanding of real-world applications but also inspires them to innovate and excel in the evolving field of technology. Partnerships like these are instrumental in shaping the future of computing professionals in Sri Lanka.”

Saumitra Gupta, CEO of Hutch Sri Lanka, shared his thoughts on the initiative, saying, “At Hutch, we believe in empowering the next generation with the tools and insights they need to thrive in a digital-first world. Collaborating with the University of Sri Jayewardenepura allows us to share our industry expertise, fostering innovation and nurturing talent that will drive Sri Lanka’s technological advancements. We are proud to support the development of future leaders in technology.”

This initiative highlights Hutch’s steadfast dedication to technological advancement and education, reaffirming its position as a leader in knowledge-sharing and innovation in Sri Lanka.

HUTCH Sri Lanka, a subsidiary of CK Hutchison Holdings (CKHH), is a major player in the Sri Lankan telecom industry. CKHH, a Hong Kong-based Fortune 500 conglomerate, operates in over 50 countries across six sectors, including Telecommunications, and reported revenues nearing USD 60 billion in 2023.

Entering the Sri Lankan market in 1997, HUTCH has grown significantly, launching GSM services in 2004, 3G in 2011, and 4G in 2018. The 2019 acquisition of Etisalat Sri Lanka further strengthened its market presence, enabling it to serve customers on both 078 and 072 prefixes. Currently, HUTCH’s 4G network covers 95% of Sri Lanka’s population, and the company is 5G-ready to support the nation’s digital aspirations.

With affordable, reliable connectivity, HUTCH serves as a key driver in Sri Lanka’s telecommunications growth, expanding access to communication, business efficiency, and entertainment across even the most remote regions.

The British Council has announced the recipients of the 2024 Connections Through Culture (CTC) Grant Programme, with three Sri Lankan projects awarded grants for the first time since the programme’s inception.

Initially founded as a platform for fostering vibrant collaborations between artists in the United Kingdom and the East Asia-Pacific, this year’s grant cycle, however, marked an exciting milestone as the programme expanded to include South Asia, welcoming grantees from Sri Lanka and Bangladesh alongside those from Australia, New Zealand, China, Indonesia, Thailand, Malaysia, Myanmar, the Philippines, and Vietnam.

The British Council’s CTC Grant Programme stands as a testament to the organisation’s commitment to cultivating international artistic connections and promoting the exchange of ideas and creativity. The programme supports 84 innovative projects this year, three of which are collaborations between participants from the United Kingdom and Sri Lanka, cultivating stronger cultural partnerships in the Asia-Pacific that transcend borders; fostering dialogue, innovation, and mutual understanding.