Business
Vintage Vignettes from the Life and Times of Upali Wijewardene
Extracts from the book titled ‘Vintage Vignettes’ by
Vinodh Wickremeratne, which provides some interesting recollections of the life and times of Philip Upali
Wijewardene, Founder and Chairman of the Upali
Group of Companies, the first multinational business in Sri Lanka.
PHILIP UPALI WIJEWARDENE (1938-1983).
GREATER COLOMBO ECONOMIC COMMISSION Chairman/DG UPALI WIJEWARDENE (UW) walked down from the GCEC building (PRINCE BUILDING) occasionally to have a CHAT with me during lunch breaks. (Spelled out MACRO ideas to make Sri Lanka a REGIONAL POWER), he suggested I JOIN the GCEC as a Coordinator, also after Being informed of my VARIED CAPABILITIES in Middle-Management and Mercantile ethics (he met me in Singapore and Kuala Lumpur), OFFERED ME A PLACEMENT (to assist and stand in for MR. PELIMUHANDIRAM) in the FAR EAST (Upali Malaysia Sdn Bhd) with flights in his LEAR JET.
DELTA FORCE chuck Norris, Lee Marvin
We toured Colombo ‘in style’ in His MERCEDES BENZ 280S numbered 6 SRI 7500 with a driver. He mentioned that he personally mixed the solution to perfect DELTA TOFFEES. He showed a very old house in the SEDAWATTE area and mentioned it as ‘Ancestral Helena Wijewardene’s house’.
GOING ROUND THE MULBERRY BUSH
He mentioned that Mulberry had been tried as an experiment in the DUTCH ERA in this area. Sedawatte had been so named for this reason.
UW was keen on visiting RAILWAY LOCOMOTIVE Sheds (ELS, HLS and RS), I gave the ‘FULL GEN’ which was recorded on a dictaphone.
He spoke about FATHERLESS LIFE (The LAKE HOUSE Uncle late D R Wijewardene and Uncle late Sarath Wijesinghe had helped), MGA Twin Cam, racing his mother’s OPEL KAPITAN, DRINKING parties in England, he said other than a Wine or a Sherry, never touched Alcohol though he BOUGHT
all of it, Mercantile history, Englebert and Tom Jones concerts, meeting John Lennon and Royston Ellis, DEGREE in ECONOMICS, University studies in England, Genealogy, Fashion, PILOT’S LICENCE, Tram cars and half an hour on Ceylon HORSE RACING, Shoesstring, budget student Iiving
in England, Air Ceylon and TWA Constellations to London taking nearly TWO DAYS, Lever Brothers, Jockeys, Trainers, YVONNE, colourful owners and names of HORSES.
UW grimaced when he saw TRADE UNION boards at every corner of the Railway yard.
When he saw some STEAM locomotives in the RUNNING SHED, he mentioned ‘there is a GOLD MINE sitting here, a VINTAGE TRAIN would be a super idea.’ Only who will have the GUTS to undertake such a project?
One noon UW inquired ‘Vinodh, have you got any Business appointments in the office? I said nothing till evening. He suggested
‘Let’s go to Fort Railway Station’.
At the station he instructed the Driver to meet at the Katunayaka Railway Station, ‘Let’s go 3rd Class’
UW mentioned he wants to EXPERIENCE WORKING CLASS difficulties, in the train he got chatting with GARMENT SERVANTS and mentioned that a new KALAPAYA would be established near Kamburupitiya and that Karnburupitiya will be developed like Malayasiya and Singapore.
At Katunayake we visited a few factories. UW recommended, better restrooms and a five minute AEOROBIC stretch classes after lunch before the next shift.
Also, that he would provide INDOOR BADMINTON facilities at his OWN COST.
LASZLO CARREIDAS’S TOY
UW took me to see his JET on the Airport tarmac, I had a look inside (quite Hot). He was about to arrange a FULL explanatory tour when I strategically cut in that I have to meet my parents at 6 pm in Thimbirigasyaya, he sent me in his Benz 280S, the Driver was instructed to
wait for him at the Fort Railway Station in four hours, as he wanted to WALK around more FTZ factories.
Driver mentioned that Boss goes to Matara by 3RD Class TRAIN and from there to Kamburupitiya by CTB BUS.
He goes by car only if he has several STOPS on the way.
THE FIRST OF MAY The Bee Gees
Boss wants to see Kamburupitiya like SINGAPORE. He is unhappy about BAD HABITS like lazy Trade Unionists working hard ONLY on MAY DAY.
Boss wants to give Air-Conditioned SEWING HALLS and delivery vans to some JVP people and start them off on business ventures.
BOSS is SURE to WIN any ELECTION.
The next morning UW called me to find out HOW to establish a SPECIAL Railway Station for the benefit of ZONE workers.
I adviced him on the process and the sequence.
(Later established are FTZ 1 and FTZ 2 Railway Sub-stations)
I went to Singapore by AIR LANKA’s Lockheed Tristar to be met by Michael Yeow and Patrick Tan of COLD STORAGE PTE, who introduced me to my Training supermarket.
A Messenger for UW met me at the Singapore supermarket to convey the message that: ‘the Upali and the Tao won meeh yu in the evening’, he said, ‘I will Taxicome at four thirty O’ clock la’.
I met UW After my Day ‘ s training at COLD STORAGE PTE. (Jelita. Holland Village). At the meeting (in the cigarette smoke filled room) was S. P. TAO of the Shing Kwan Group, since, in the near future I was thought to join them, Tao gave me A PIECE OF HIS MIND.
You must be like a shadow, we fall you fall la
YESTERDAY Lennon-McCartney.
Britain left Ceylon PlENTY, Railways, loadways, harbours, airports, Tea gardens, tramways, yet dancing on ONE place. LEE won to IMPROVE Singapore like the Colombo and Ceylon.
We were SHANTY TOWN, but see now, where WE are la.
(In 1962, my father remembered Singapore like OUR 5th CROSS STREET).
(Singapore came from Nowhere to SOMEWHERE, from Nothing to SOMETHING.)
‘Singapore have No land, no Population, only BRAINS, you have plenty land, plenty people, not climbing tree to pluck Mango but SIT and WAIT till MANGO FALL DOWN, also when hunting, not shooting but WAIT wait and wait for DEAD BIRD TO FALL.’
‘In your CENTRAL BUSINESS DISTRICT you have buildings AS FAT AS A PIZZA, correct way is to Go UP, I will be doing that with
OVERSEAS TRUST BANK of Hong Kong at ECHELON, next General Stike I PULL OUT la’.
‘We come from NOTHING TO SOMETHING’ .
Your womens only thinking Temple, kitchen and babies or Babies kitchen and Temple, CORRECT PLACES are Factories and the fields la.’
Tao said ‘Unions like NTUC own and operate Taxi services, Supermarkets, small Hotels and are part of the PRODUCTIVTY PROCESS.’
Then UW SPOKE HIS HEART OUT.
Mr. Wijewardene mentioned the UNIONS in Sri Lanka are like a BRICK at the END of the DIGESTIVE system and will propose to the Employers’ Federation to device a mechanism to ISSUE COMPANY SHARES to Unions, then they would be a part of PROSPERITY STREET unlike the POVERTY LINE bent on DESTRUCTIVITY rather than PRODUCTIVITY.
At the same time, widening the INVESTMENT LANDSCAPE.
UW was of the idea that PRISONS need to be ENLARGED to hold Trade Union parasites.
He said, he was ON A FLIGHT EVERY WEEK (at His OWN COST in his Lear jet) to GET INVESTMENTS to Lanka and that MATSUSHITA ELECTRIC was considering setting up a large factory employing THOUSANDS. Similarly, TOYO KOGYO was to manufacture components to assemble Front Wheel Drive MAZDA CARS, these moves could reduce UNEMPLOYMENT and Under employment, with Unions BUSY MAKING PROFITS and TAXATION in order, the MACRO REVENUE picture would improve UW mentioned that Ceylon has had an Economic SURPLUS in the Mid 1950s.
I cut in that’ Unions fight for NON WORKERS ‘ RIGHTS’.
OUR MATARA RESIDENCY VISITOR
Suddenly Mr. Wijewardene inquired, ‘Vinodh, WAS YOUR FATHER THE GA OF MATARA long years ago?’
I said ‘YES, I remember your visit,’
JAMES HADLEY CHASE
UW said ‘I remember, Asthma brother said to be resting upstairs, when my mother brought out an UNWANTED SUBJECT your mother CHASED you out! ‘
‘I also remember your grand father the FLOWER ROAD DOCTOR when my mother took me for Fever, very BIG Left Hand Drive LINCOLN and fashionable wife with a small AUSTIN.’
(Correction note: the LINCOLN had been my great grand father Bertram James Pieries’ car, since after an economic setback could not afford its 12 CYLINDER fuel consumption, left it with his son in law)
I updated that grandmother is now KIDNEY DISEASE affected and DEPEPENDENT on a Caregiver.
Then UW said to Mr. Tao, Vinodh is from TOP FAMILY, son of Mahee Wickremeratne. I am at this successful situation DUE TO HIS FATHER’S ADVICE.
TAO said ‘I meet him at CEYLINCO DEER BAR with the Gamini Minister la,
Now where he?
I said CEO/MD of CATERPILLAR Co.
Mr. Wijewardene announced that he will MANUFACTURE SOAP to teach LEVER BROTHERS a thing or two, and that he will recruit specialists from Levers and BCC towards this goal. Socialites would be engaged as Brand Ambassadors.
(Upali Group later made CRYSTAL, TINGLE and SIKURU brands for soaps and detergents.)
Also, would enter the domestic and regional AIRLINE sector with more aircraft, with operating stations in Malaysia, Singapore, Indonesia, Thailand, Male, Nepal and India.
Boeing 727, DC 9, MD80 and some TURBOPROPS have been looked to Lease or buy helicopters for CHOP HOP touring, with a total SRI LANKAN employee situation.
He mentioned to me that experienced people from Air Ceylon, the Air Force and Air Lanka would be recruited.
COME ON DOVER
Also, a THOROUGHBREDS horses project in Nuwara Eliya under GCEC conditions, with (Equestrian Vets, Trainers and Groomers.) to EXPORT Show jumper, Polo and RACING HORSES.
He mentioned that he will enter PARLIAMENT from Kamburupitiya and that he wants to build a TEAM OF PUBLICITY PEOPLE by way of Artists, Dramatists, Religious, Doctors, Sports personalities, etc.
Tao said ‘Unless you become PM or President, politics unprofitable business. Also NO GOOD for health.
Tao finally RESTED at age 105.
UW mentioned he would REACTIVATE some COLOMBO PLAN proposals (which he LEARNED ABOUT from my father), i.e EXPORT CANNERIES for Fish, Poultry, Meats, Fruit & Veg, also Beer.
When Tao said Buddhist country you will have problem, UW said ‘then better , CLOSE DOWN all factories, send Workers HOME’.
Export Component furniture factory.
Harnessing the SUN for energy.
Small scale OIL EXPLORATION.
DREAM DREAM DREAM Everly Brothers
That night at the YMCA, I dream my dreams of Jolly Old Ceylon being the Economic WONDER BOY of Asia.
UW let it be known that unfortunately Ronnie and PM have not been in agreement with him in recent times, though Lalith and Wickrema understood.
UW mention that Lalith wants to have an Investments Board in later years.
Making Sri Lanka the Production Hub if Asia to emerge with a favourable BOT (Balance of Trade).
UW mentioned that Kamburupitiya would be the most advanced area of Sri Lanka and was looking around for a flight passage to create an Airstrip capable of handling medium sized Passenger Aircraft.
KDA
Kamburupitiya Development Authority or the Kamburupitiya Corporation would be activated to achieve this. The small airport to be out-fitted for occasional regional Overseas flights with a Customs Unit, immigration & Emigration Unit and refueling arrangements.
MOTORBAHNS from Kamburupitiya to Matara and Galle, UW said Vinodh, since ground transport your speciality, sometime hire CGR Railtracks Engineer, TCEO or PWD and a Matara District Surveyor take leave from Appos, FLY IN MY CHOPPER to see whether 120 km/h railway lines and motorways could be laid to Kamburupitiya from Galle and Matara.
Continued Tomorrow
Business
NSB Group delivers Rs.22.5bn operating profit in 1H 2026 as lending and core income strengthen
National Savings Bank Group (NSB) recorded resilient core banking performance during the first six months of 2026, supported by stronger net interest income, a notable expansion in fee-based earnings and continued growth in loans and advances. The results demonstrate the Bank’s capacity to maintain business momentum while navigating cost pressures and volatility in market-related income.
The Bank reported total operating income of Rs. 45.8 billion for the period, an increase of 3.1% compared with Rs. 44.5 billion in the corresponding period of 2025. Net operating income increased by 2.3% to Rs. 49.1 billion from Rs. 48 billion reported a year ago, providing a stable foundation for the Bank’s operations and customer-focused growth agenda.
Net interest income rose by 5.5% year-on-year to Rs. 44.2 billion, compared with Rs. 41.9 billion in the first half of 2025. This improvement was supported by a 4.7% reduction in interest expenses to Rs. 54.5 billion, despite a marginal moderation in interest income to Rs. 98.6 billion. The result reflects disciplined balance-sheet management and the Bank’s continued focus on maintaining a sustainable funding and asset mix.
The Bank also achieved substantial growth in fee-based earnings. Net fee and commission income increased by 37.0% to Rs. 1.40 billion, from Rs. 1.02 billion a year earlier. The increase underlines the growing contribution from transaction-led services and the Bank’s ongoing efforts to broaden non-interest revenue through customer-centric and digitally enabled banking solutions.
Profit before Tax (PBT) amounted to Rs. 22.6 billion, compared with Rs. 24.1 billion in the first half of 2025, while profit after tax stood at Rs. 13.4 billion, compared with Rs. 14.7 billion. The moderation in profitability principally reflected higher operating costs and the lower contribution from trading and derecognition gains. Personnel expenses increased to Rs. 13.8 billion from Rs. 11.5 billion, while other operating expenses rose to Rs. 4.3 billion from Rs. 4.1 billion.
Despite these pressures, the Bank preserved a substantial earnings base and continued to invest in the people, systems and service capabilities required to improve operational resilience and the customer experience. Income tax for the period amounted to Rs. 9.14 billion, while VAT and the Social Security Contribution Levy on financial services together exceeded Rs. 7.29 billion. In addition, the Bank declared a dividend of Rs. 7.4 billion to the Government as its sole shareholder. Accordingly, NSB’s total contribution to the Government through dividends, taxes and levies amounted to Rs. 23.8 billion, underscoring the Bank’s significant contribution to public finances and national development.
Commenting on the results, National Savings Bank Chairman Dr. Harsha Cabral PC said: “The first-half results reflect the resilience of NSB’s core business model and the enduring confidence placed in the Bank by generations of Sri Lankans. Our priority remains the prudent stewardship of public savings while supporting productive economic activity, financial inclusion and sustainable national development.”
NSB’s total assets increased by 2.1% during the first six months of the year to Rs. 1.87 trillion, from Rs. 1.83 trillion at end-December 2025. Loans and advances recorded a strong 9.1% expansion to Rs. 601.01 billion from Rs. 550.83 billion, demonstrating the Bank’s continued support for the financing needs of individuals, households and eligible institutional customers within its mandate.
Deposits, the principal source of funding for NSB, increased by 1.5% to Rs. 1.63 trillion from Rs. 1.61 trillion. The sustained growth in the deposit base reflects continued public confidence in the Bank and provides a stable platform for its savings-led business model. The Bank’s financial position remained sound, with total shareholders’ equity increasing by 4.1% to Rs. 123.91 billion from Rs. 119.05 billion. Retained earnings rose by 12.4% to Rs. 52.34 billion, further strengthening the Bank’s capacity to support future growth and absorb potential shocks.
Acting General Manager/CEO of National Savings Bank, Mr. Rohana Bandara Weerakoon, said: “Our focus is on translating the Bank’s trusted savings franchise into sustainable customer value. The growth achieved in lending, fee income and shareholder’s equity is encouraging. We will continue to strengthen digital access, service quality, cost discipline and risk management while delivering on NSB’s national mandate.”
The Bank’s profitability indicators continued to reflect the strength of its core banking activities, although higher operating expenses moderated overall returns. The net interest margin improved to 4.81% from 4.74% at the end of 2025, demonstrating an improvement in the Bank’s core interest spread. Return on assets before tax remained broadly stable at 2.46%, compared with 2.48%, while return on equity stood at 22.30%, compared with 25.08% at the end of 2025.
Asset quality improved during the first half of 2026. The net Stage 3 loans ratio declined to 2.05% from 2.52% at the end of 2025, indicating a reduction in net impaired credit exposures relative to the loan portfolio. At the same time, the Stage 3 impairment coverage ratio strengthened to 59.77% from 58.54%, reflecting improved impairment coverage against Stage 3 loans.
NSB maintained capital buffers comfortably above the applicable regulatory minimum requirements. The Tier 1 capital ratio stood at 19.72%, compared with the regulatory minimum of 8.5%, while the total capital ratio stood at 21.1%, well above the minimum requirement of 12.5%. These ratios demonstrate the Bank’s capacity to absorb potential risks while supporting continued business growth.
The Bank also maintained a strong liquidity and stable funding position. The all-currency liquidity coverage ratio stood at 311.88%, substantially above the statutory minimum of 100%, reflecting the availability of sufficient high-quality liquid assets to meet short-term liquidity requirements. The net stable funding ratio stood at 196.17%, also comfortably above the regulatory minimum of 100%, demonstrating the stability of the Bank’s longer-term funding profile.
Business
Petrol price reduction boosts ASPI
By Hiran H. Senewiratne
CSE data indicated yesterday that the benchmark All Share Price Index moved up 0.11 percent mainly due to the petrol price reduction among some categories of fuel, market analysts opined.
Despite the lingering tensions in West Asia the market performed well.
The ASPI was up 22.93 points at 21,338.84, while the more liquid S&P SL20 was up 0.22 percent, or 13.03 points, at 6,018.37.
Market turnover was Rs 1.014 billion. Capital goods led turnover with Rs 300.64 million. During the day two crossings took place. Those crossings were reported in Access Engineering 1 million shares crossed to the tune of Rs 75 million and its shares traded at Rs 75 and Sierra Cables 850,000 shares crossed for Rs 31 million; its shares traded at Rs 36.70.
In the retail market, companies that mainly contributed to the turnover were; Sierra Cables Rs 77 million (2 million shares traded), Brown’s Investments Rs 68 million (13.3 million shares traded), CCS Rs 60 million (494,000 shares traded), Citizens Development Bank Rs 30 million (866,000 shares traded), Overseas Realty Rs 27 million (513,000 shares traded), Sampath Bank Rs 26 million (185,000 shares traded) and Commercial Credit and Finance Rs 24 million (217,000 shares traded). During the day 51 million share volumes changed hands in 15669 transactions.
Positive contributors to the ASPI were; Browns Investments (up 8.16 percent at Rs 5.30 ), Carson Cumberbatch (up 4.13 percent at Rs 749.50 ), Windforce (up 4.63 percent at Rs 40.70 ), JKH (up 0.51 percent at Rs 19.90 ) and DFCC Bank (up 0.99 percent at Rs 128.00 ).
Vallibel One (down 2.64 percent at Rs 88.50 ), Melstacorp (down 0.52 percent at Rs 190.00 ), and Hatton National Bank (down 0.33 percent at Rs 380.25 ) were top negative contributors.
Ceylon Land & Equity announced a proposed first and final scrip dividend of Rs 0.043 per ordinary share for the financial year ended March 31, 2026, subject to shareholder approval at its Annual General Meeting on September 23, 2026.
The dividend involves capitalizing Rs 39.61 million to issue 4,553,230 new ordinary shares at a consideration of Rs 8.70 per share, in the proportion of 1 new share for every 202.33 existing shares.
Shares of Ceylon Land & Equity closed down 1.16 percent at Rs 8.50.
Maharaja Foods announced a final scrip dividend of Rs 0.10 per ordinary share for the financial year ended March 31.
Following a 15 percent withholding tax deduction, the net dividend entitlement of Rs 0.085 per share will be satisfied by issuing 730,468 new ordinary shares at a consideration of Rs 16.00 per share, in the proportion of 1 new share for every 188.2354873861 existing shares held.
Shares of Maharaja Foods were trading up 0.61 percent at Rs16.50.
Yesterday the rupee was quoted at Rs 327.68/75 to the US dollar in the spot market, stronger from Rs 327.98/328.04 Friday, while bond yields were broadly steady, dealers said.
The telegraphic transfer rate for the dollar was 323.50 buying, 332.50 selling; the euro was 372.5779 buying, 386.3587 selling; and the pound was 437.1858 buying, 451.2942 selling.
Business
A huge welcoming ‘Yes’ to Ai-CHA
Ai-CHA, the Indonesian origin, ice cream and bubble tea brand is establishing itself as an irresistible, super-cooling refreshment among consumers in the bustling coastal town of Negombo, besides proving a big hit among other Sri Lankan urban populations as well. The numbers visiting the initial Ai-CHA ice cream parlour in Negombo is solid evidence that the ice cream brand is proving a crowd-puller of the first magnitude.
Ai-CHA Ice cream and bubble tea is already present in over 2000 locations world wide and has made striking inroads into global consumer palettes. Referred to as ‘a popular international soft-serve ice cream and bubble tea brand’, these ideal thirst quenches are made of high quality ingredients such as, milk, milk powder, cream, sugar and water. The prices are purse-easy and affordable.

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