Business
AB Securitas together with Amana Bank introduces Brown Label SSD Concept in Sri Lanka
The AB Cash Management services entity which is under AB Securitas (Pvt), the leader in Total Loss Prevention Solutions Provider in the country, recently introduced Total SSD Management in Sri Lanka. This newest add-on to the products and services is the novelty concept of “Brown Label SSD. The project is operated under AB Cash Management to cater to multiple aspects and demands in Commercial and Industrial Security in Sri Lanka. The signing of the agreement for this new venture took place at Amana Bank with the participation of the Managing Directors of both organizations.
As a continuous service development, AB Securitas launched this new service together with the total solution where they look into the hardware management and service, electronic security, AC facility, and Security Guard Services. This new system at the banks includes having one single point of contact, lack of capital expenditure (CAPEX) for banks as they charge a monthly service charge, no maintenance or staff cost, it’s hassle-free, and with this, banks can focus on giving their full attention to the core business as AB Securitas takes care of the non-core activities. The first system was launched with Amana Bank in Thoppur, Trincomalee.
Amana Bank is the first and only licensed commercial bank in Sri Lanka to conduct all its operations under the principles of the non-interest Islamic banking model. It offers the full spectrum of retail banking, SME banking, corporate banking, treasury, – and trade finance services.
Commenting on the partnership, Amana Bank’s Managing Director/CEO Mohamed Azmeer said, “Amana Bank is honored to collaborate with AB Cash Management Services and AB Securitas to operate our Self Banking Centers and remote ATM sites under the Brown Label Self Services Devices concept, which will ensure our customer’s an efficient service in these locations. This partnership will also enable us to accelerate the expansion of our Self Banking Centre network to remote locations in the country, thereby taking our unique people-friendly banking concept to the masses.”
Also sharing his views Amana Bank’s Chief Operating Officer Imtiaz Iqbal said, “This partnership with AB Cash Management Services and AB Securitas will facilitate us to be more agile in providing our customers repetitive service while also leveraging on the strength and process efficiency of our collaborating partners.”
The Senior Manager of ATM Management Services of AB Securitas, Mr. Sanjaya Fernando, also commented. “We have been providing a service for 11 years and serving 10 banks. Under this new concept, we hope to help develop the access required for customers around the island. We also look forward to offering this solution to all banks to revolutionize the ATM Management industry so our users can have a better service experience.”
During the signing ceremony, – the Director/CEO of AB Securitas, Ret. Wing Commander D Pradeep S Kannangara stated. “We are delighted and honored to inaugurate this monumental project with Amana Bank. AB Securitas has thrived in the industry as the total loss prevention solution service provider, being active throughout the pandemic as well. We look forward to continuously developing this concept and hope to take it to several more banks around Sri Lanka.”
ATM Management Service has covered all ATM-related services including replenishments, calls out, and first-line maintenance. The Replenishment Services include cash replenishments, clear cards, clear cash, clear deposits, journal roll replacement, ribbon replacement, cash reconciliation, maintaining consumables of ATM/CDM, and closing and re-activating ATMs. Brown Label ATMs are those Automated Teller Machines where hardware and lease of the ATM machine are owned by AB Securitas, but the cash management and the connectivity to banking networks are provided by a sponsor bank whose brand is used on the ATM.
Under this new concept, AB Securitas provides the total end-to-end solution from the ATM and CDM machines to Cash Collections (CIT), Replenishments and Reconciliation, Real-Time Monitoring of Machine Behavior and Forecasting, Currency Processing and Storage, RTGS, Central Bank Deposits/Withdrawals, Static Security and Cleaning, CCTV Systems, Middleware, and Quick Response (QRT). On the OpEx module, from the customer’s point of view, they can reduce the cost significantly while experiencing a hassle-free One-Stop Service Delivery.
AB Securitas provides its cash transport and ATM management services to all premier banks in Sri Lanka for over a decade. As a member of international professional organizations like ATMIA (ATM Industry Association) and CR ( Currency Research ) – ICCOS, AB Securitas participates in several trade seminars annually. AB Securitas organize and fully sponsor the only local “cash seminar “to share the modern security methodology and devices used by the world’s leading cash and ATM management companies with its clientele consisting of all banks, financial institutions, etc.
Business
‘NSB achieves outstanding profit in 2024, showcasing resilience and strategic growth amid economic changes’
The National Savings Bank (NSB) has once again solidified its position as a pillar of financial stability showcasing a year of remarkable resilience and strategic agility, unveiling its audited financial results for the year ended December 31, 2024. Against the backdrop of economic uncertainties, NSB reported a remarkable 126% increase in Profit After Tax (PAT), soaring to Rs. 16.29 billion from Rs. 7.22 billion in 2023. This phenomenal growth underscores the Bank’s unwavering commitment to financial prudence, operational efficiency, and shareholder value enhancement.
Reflecting on the Bank’s outstanding performance in 2024, Chairman of NSB, Dr Harsha Cabral PC, stated, “NSB’s financial success in 2024 underscores the strength of our strategic vision, disciplined execution, and unwavering dedication to our customers and stakeholders. Despite a challenging macroeconomic environment, we have demonstrated resilience, achieving record profitability while maintaining a strong balance sheet and a stable risk profile. Our commitment to sustainable growth, prudent governance, and financial inclusivity continues to drive our long-term success. As we look ahead, we will further strengthen our role as a key pillar of Sri Lanka’s financial sector, ensuring that we create lasting value for the nation and its people.”
Core Drivers of Profitability: Strength in Core Banking Operations A pivotal driver of this exceptional performance was the remarkable 146% surge in net interest income, soaring to Rs. 72.78 billion from Rs. 29.57 billion in 2023. This growth was achieved despite a 10% year-on-year decline in interest income, primarily stemming from an accommodative monetary policy stance that resulted in subdued yields on loans and government securities. However, the substantial 34% reduction in interest expenses to Rs. 130.97 billion outpaced the decline in income, propelling a significant expansion in net interest income.
“By recalibrating our deposit strategies and capitalizing on favourable rate environments, we have significantly strengthened our interest margins,” remarked the General Manager/CEO, Ms. Shashi Kandambi. “The Bank’s ability to optimize its asset-liability mix and enhance operational efficiencies has been instrumental in achieving this milestone, reaffirming its commitment to sustainable growth and value creation”, Ms Kandambi further asserted. (NSB)
4TH GLOBAL MINISTERIAL CONFERENCE ON ROAD SAFETY
The 4th Global Ministerial Conference on Road Safety was held from 19th February to 20th February, 2025, in the Kingdom of Morocco, in the beautiful city of Marrakesh.
Morocco is a remarkable country with kind and friendly people, making it one of the most attractive destinations in the world. Marrakesh, in particular, is renowned for its rich cultural heritage and stunning landscapes.
The conference was organized by the Kingdom of Morocco with the support of the World Health Organization (WHO). It provided an opportunity to host satellite events related to improving global road safety and advancing initiatives to achieve global targets.
The event was well attended, with approximately 1,500 delegates, including ministers from various countries, senior officials from United Nations agencies, and representatives from civil society, academia, and the private sector.
Key Discussions at the Conference
The conference served as a platform to accelerate actions aimed at improving road safety through the implementation of the Global Plan for the Decade of Action for Road Safety 2021–2030. The following topics were discussed:
Child Health Initiative Manifesto 2030
Protecting Young Lives – A Global Status Report on Child & Adolescent Road Safety
Perspectives on Meeting Challenge 2030 – What Has Worked, What Hasn’t, and What’s Next?
Supporting the Global Road Safety Agenda and Engaging with the Private Sector
Ensuring the Highest Levels of Safety Across Organizational Value Chains
FIA Road Safety Roadmap
At the conference, it was highly commended that the FIA Foundation has made significant progress in addressing global road traffic injuries in multiple ways. However, it was acknowledged that more work is needed to achieve the set road safety targets. Continuous efforts at the global, national, and city levels have been made to reduce deaths and injuries by implementing effective strategies such as safer vehicles, improved road design, speed limit management, standardized motorcycle helmets, and the adoption of new technologies.
Despite FIA’s efforts to reduce global road fatalities, the rise in population and motorization has led to an increase in road accidents. More than a million people lose their lives each year, while 10’s of millions suffer life-changing injuries.
The conference highlighted specific causes of the increase in accidents, including poorly designed highways, freeways, and road networks, which lead to unnecessary deaths and injuries. Other contributing factors include motorists failing to follow road signs and speed limits and the poor quality of safety helmets.
However, in Sri Lanka according to Statistics of Police Department, 30,000 accidents occur during each year. 2,500 accidents per month, 85 accidents daily and 8 fatal accidents per day.
Ensuring safer vehicles for all drivers and passengers is a fundamental right, regardless of where they live. The conference noted that some regions still sell cars that fail to meet United Nations safety standards. Notably, the Government of India launched the ‘SAFER CARS FOR INDIA’ campaign in 2023 to address this issue.
It is crucial for Sri Lanka to address the unsafe modification of vehicles and the installation of hazardous motor accessories, as recent accidents have shown that many passenger deaths and injuries occurred due to such modifications.
Furthermore, making rear seatbelt use mandatory for all passengers in cars and buses is essential to improving road safety by bringing Amendment to Motor Traffic Act is very important by Ministry of Transport
In Sri Lanka, Automobile Association of Ceylon represents following Committees and Agencies:
National Council for Road Safety
Safer & Cleaner Roads headed by Presidential Secretariat
Standing Committee on Traffic, Highways and Transportation of Colombo Municipal Council
Appointment to High – Level Committee to provide Directions to Address Road Safety Challenges in Sri Lanka.
Automobile Sector Industry Skills Council
Public Utility Commission of Sri Lanka
Moving Forward
If Sri Lanka adopts Globally recommended Road Safety measures, Sri Lanka should be able to achieve the Global Road Safety Goals by 2030.
The Automobile Association of Ceylon will facilitate and assist the Government of Sri Lanka in achieving these targets and road safety goals by 2030.
By: Prasanna De Zoysa
Sectional Chairman
(Road Safety, Buildings & Environmental)
Automobile Association of Ceylon
In celebration of Women’s Month, LOLC Life Assurance is proud to introduce a special initiative that offers greater protection and meaningful rewards for women. Throughout March 2025, females who purchase a critical illness policy with a minimum sum assured of Rs. 1 million will receive an additional 50% cover of up to a maximum of Rs. 1 million at no extra cost, exclusively for female-specific critical illnesses, including, breast cancer, womb cancer, and cervical cancer. This complimentary cover will remain valid throughout the policy period. Furthermore, if the policyholder is male and has included his spouse under the policy, she will also be eligible for this special benefit without any changes to the coverage.
As part of this initiative, LOLC Life Assurance is also rewarding mothers. All policyholders who give birth during March 2025 will receive a cash reward of Rs. 25,000 provided their policies were obtained on or before 31st December, 2024 and remain active at the time of delivery.
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