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Akbar Brothers extends partnership with Colombo University

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Leading tea exporter and conglomerate Akbar Brothers Group recently signed a MoU with the Alumni Association of the University of Colombo (UoC), extending its engagement with the UoC Partnership Programme for another year up to 2022, a news release from the Alumni Association said.

The University of Colombo Alumni Partnership Programme is an initiative of the Alumni Association of the University of Colombo which today represents all Alumni of the University of Colombo, to work closely with leading private and public sector organizations to provide opportunities for enhanced corporate sector involvement and support in the UoC’s activities. It said.

The Alumni Association was formed in 1982 at the initiative of the late Prof. Stanley Wijesundera who as Vice Chancellor at the time saw the need to gather the university’s alumni to be a strong stakeholder and support group for the university. The Vice Chancellor is the Ex-Officio Vice President of the Association.

It is expected that this Partnership Programme will provide further support to the Alumni Association to carry out its student development and welfare activities including mentoring, communication, soft skills and leadership programmes, career guidance, inspirational talks, member engagement and social activities that will be restructured to suit the post Covid-19 environment, the release said.

UoC Alumni President Rajeev Amarasuriya said he was extremely happy that for the second year running, and especially post Covid-19, Akbar Brothers which is today a leading corporate have decided to continue this partnership. He thanked the company’s management for the trust and confidence they have shown by continuing in this programme.

Imran Akbarally, Executive Director of Akbar Brothers Group speaking at the signing ceremony said that they were proud to renew the partnership with the Alumni Association of the University of Colombo as a Corporate Partner.

“This collaboration strengthens our strategic initiatives around quality in setting up the research and development process within our tea sector especially. Our Group has provided training opportunities and internship experience for the graduates of the University of Colombo which in turn furthers our motive of being a responsible corporate citizen in the development of our nation.”



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India Covid crisis hits work at its biggest ports as risk to trade grows

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(Bloomberg) — India’s devastating Covid-19 crisis is threatening operations at some of its biggest ports, raising concern the action could trigger shipping delays that reverberate through global supply chains.

Karaikal Port in southern India invoked force majeure until May 24 after operations were “severely affected” from the pandemic, according to a notice on its website. The terminal, which claims to be India’s biggest non-state port, handles coal, sugar and petroleum among other commodities. Gopalpur port in Odisha has also declared force majeure, according to IHS Markit.

The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.

India has 21.9 million tons of cargoes scheduled to arrive this month but with labor shortages and force majeure at some ports, many of the vessels could see discharge delays, according to IHS Markit associate director Pranay Shukla. That may have a knock-on effect on scheduled loadings at the exporting countries.

 

Cargo movement at Visakhapatnam Port, one of India’s major marine terminals, is also partly affected after the local traders’ body announced force majeure in the port area until May 19, according to G. Veeramohan, president of the Vizagapatam Chamber of Commerce and Industry.

State-run refiner Hindustan Petroleum Corp., which uses the Visakhapatnam port to import crude oil, is unaffected as it uses an offshore mooring facility for unloading tankers, Chairman Mukesh Kumar Surana said.

Large parts of India are under lockdown by provincial governments that are reeling from surging infections amid a shortage of vaccines and medical infrastructure such as hospital beds and oxygen. The stay-at-home orders are constraining the movement of people and materials to and from the country’s ports, even as Prime Minister Narendra Modi’s government resists a nationwide lockdown.

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Amãna Bank PBT up by 20% in Q1, records successful quarter in credit growth

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Amãna Bank continued to showcase strong resilience amidst economic challenges in Q1 2021, achieving a 20% YoY growth in Profit Before Tax. It is noteworthy that the 20% growth is achieved in comparison to a robust pre-Covid performance made in Q1 2020. Accordingly, PBT in Q1 2021 reached LKR 217.1 million compared to the LKR 180.2 million recorded in corresponding period. This quarter also saw the Bank recording its best ever quarterly achievement in Customer Advances, which significantly grew by 10% or LKR 6.1 billion in value.

Owing to its advance growth well supported by a healthy financing margin of 3.7%, the Bank’s Net Financing Income grew by 10% YoY to close the quarter at LKR 892.0 million. Net Operating Income after accounting for impairment closed at LKR 934.2 million. As an outcome of the Bank’s ongoing effort to contain costs, which resulted in a 7% reduction in Operating Expenses in comparison to Q1 2020, the Bank recorded an 18% YoY growth in Operating Profit before VAT on Financial Services to reach LKR 308.8 million. The Bank’s aggregate tax contribution of LKR 178.1 million for Q1 accounted for 58% of the Bank’s Operating Profit before all taxes.  Profit After Tax for the same period closed at LKR 130.6 million.

The Bank’s customer deposits grew by LKR 4.2 billion or 5% during the quarter to close at LKR 87.7 billion. The growth in customer deposits was achieved whilst maintaining a healthy CASA ratio of 45.7%. The Bank’s customer advances closed the quarter with a value of LKR 68.7 billion compared to 2020 ending position of LKR 62.6 billion. Having crossed the LKR 100 Billion milestone in Total Assets last December, the Bank went on to further grow its Total Assets by 6% to reach LKR 106.5 billion as of 31 March 2021.

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Sampath Bank partners with SDB Bank to offer greater operational efficiencies through cash management solutions

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Sampath Bank PLC recently entered into a strategic partnership with SDB Bank whereby customers of SDB can gain access to Sampath Bank’s branch network and cash/cheque deposit kiosks, enabling greater convenience and accessibility to new services, thereby driving greater financial inclusion. This partnership goes on to showcase how the convergence of a licenced specialized bank and a licenced commercial bank can create synergies, in line with the Central Bank of Sri Lanka and Government’s vision of consolidation within the banking industry.

The agreement, signed at the Sampath Bank Head Office in Colombo, seeks to develop a long-term partnership between both banks and their customers with Sampath Bank playing the role of a secondary participant to SDB Bank for SLIPS and CEFTS Settlements as the first phase of the Cash Management Solution (CMS). As a truly progressive financial institution, Sampath Bank has always sought to form key alliances that deliver value to Sri Lankans across the island and will seek to replicate this model across several industries and verticals. This forms the backbone of the Bank’s long-term vision for its Cash Management function, whereby optimization of processes will be driven, leading to gains to its bottom line.

The key merits of this partnership are that SDB Bank customers will now have access to Sampath Bank’s branch network comprising 228 branches including 13 Super Branches, 465 cash deposit kiosks, allowing them to carry out specific banking services such as cash/cheque depositing and loan repayments, among others. SDB Bank will benefit by being able to offer its customers an entirely new portfolio of modern banking products and services, thus creating greater customer satisfaction and loyalty, while Sampath Bank will be able to reach hitherto untapped customer markets, helping businesses and individuals in those areas to grow.

Speaking about the partnership Halin Hettigoda, Head of Deposit Mobilization, Sampath Bank PLC, said, “We are very proud to enter into this historic agreement with SDB Bank and congratulate them on the bold steps taken to create powerful operational synergies and an enhanced value proposition for their customers. Furthermore, the fact that they were so willing to partner with us, despite Sampath Bank being a larger operator, speaks volumes to the trust and confidence they have in us and the strength of our relationship.”

Thilak Piyadigama, CEO, SDB Bank, said, “This extension of our long-standing relationship with Sampath Bank will offer several benefits to our customers including centralization and improved management of payments and collections together with improving returns on liquidity. We are very excited about the potential of this innovative solution which will allow us to take that next step of delivering higher value services to all customer segments while streamlining our processes for the convenience of our employees.”

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