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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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SL youth eligible for employment in Korea, to get the opportunity shortly

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The Korean Ambassador to Sri Lanka Woonjin Jeong assured the Foreign Minister that the facilities required for the Sri Lankan youth who are eligible for employment in Korea to travel to Korea will be provided shortly. He was speaking at a discussion on the delays faced by young people who are eligible for jobs in Korea, chaired by the Foreign Minister Dinesh Gunawardena at the Foreign Ministry on 16 June, 2021. State Minister of Foreign Employment Promotion and Market Diversification Priyankara Jayaratne, Secretary to the State Minister of Foreign Employment Promotion and Market Diversification Suntharam Arumainayaham, Chairman Kamal Ratwatte, Director Nimal Thibbatumunuwa and Deputy General Manager Mangala Randeniya of the Foreign Employment Bureau were also participated in the discussion.

The Foreign Minister pointed out that those who have qualified for jobs in Korea have been expecting to leave for jobs in Korea for a long time; however it has been avoided day by day due to the COVID pandemic. The Minister also pointed out that they are under severe mental stress due to this.

The Korean Ambassador to Sri Lanka explained the position of the Korean Government and stated that it has been planned to provide employment opportunities in Korea to all those who are eligible for employment in Korea. He said there is a delay in providing those opportunities due to the COVID pandemic; however assured that he is focussed on sending them to Korea at the earliest available opportunity.

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Sterilizer device launched in Sri Lanka

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At a time when the Covid-19 epidemic is spreading around the world, you will no doubt be happy to hear that those invisible germs that collect in such a closed environment can now be destroyed by a small device called STERIONIZER introduced to Sri Lanka by ABC Trade & Investments.

This small device has made life easy for many as you can clean your home or any other place (specially closed environment) by plug-in the STERIONIZER.  

STERIONIZER system keeps air ducts, air heat exchangers and machinery clean and supplies sanitized air in enclosed areas and each ionizing device is completely maintenance free and connected to a data-bus for supervision and monitoring.

STERIONIZER is priced at Rs. 35,000. Phone 070 3 525 525 or 070 1 853 529 for more information.

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Indian assistance to implement solar power project

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It is expected to provide financial benefit to low-income households

 

Measures have been taken to increase the contribution by renewable energy sources to the national power grid by enhancing solar power generation as per the National Policy Framework.A key plan of the Government is to generate solar power by obtaining the contribution of state-owned buildings, places of worship and houses of the low-income families.

It is expected to provide financial benefit to low-income households and to curtail the expenses incurred by the state institutions for electricity, from the project. Steps will also be taken to provide facilities to store solar energy in batteries for the low-income families that are unable to access the national power grid.

The project also includes generating power by installing floating solar panels as a solution to land scarcity. Under the first phase of this, plans have been initiated to generate electricity required for the Parliament centering the Diyawanna Lake as a model project.The Government of India, one of the main stakeholders of Sri Lanka for this project, has entered into a bilateral loan agreement by agreeing to grant a Line of Credit amounting to US$ 100 million through the Export Import Bank of India.The agreement for the Line of Credit signed by the Sri Lankan Government and the Export Import Bank of India was exchanged between Finance Secretary S. R. Attygalle and Indian High Commissioner Gopal Baglay in the presence of President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat recently.

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