Amãna Bank’s total assets cross Rs. 100 bn with over Rs. 1 bn operating profit
Amãna Bank crossed the LKR 100 billion mark in Total Assets as at YE2020, a milestone bearing evidence to its accelerated growth, which comes in a context where the Bank has completed only 9 years in banking operations.
In the face of the Covid-19 pandemic related challenges, the Bank has showcased strong resilience specially during the first 3 quarters of the year and has bounced back strongly in Q4 with a remarkable 51% growth in pre-tax profit recording LKR 372.1 million in comparison to LKR 246.2 million in Q4 2019. Post-tax profit for the same period stood at LKR 213.3 million. In comparison to Q3 2020, the Bank’s pre-tax and post-tax profits grew significantly by 168% and 167% respectively in Q4 2020. As a result of its resurgent Q4 performance, the Bank, for the 12 months of 2020, reported LKR 761.4 million as profit before tax and LKR 463.7 million as profit after tax. It is noteworthy that the profit after tax of 2020 is higher than the LKR 460.9 million reported in 2019.
Maintaining a healthy financing margin of 3.7%, the Bank’s Net Financing Income grew 9% YoY to close at LKR 3.45 billion, while achieving LKR 1.13 billion during Q4 alone, demonstrating a growth of 53% against Q4 2019. Despite import control having an adverse impact on trade related fee income, the Bank reported a Net Operating Income of LKR 3.72 billion for 2020. Having successfully curtailed operating expenses, as a result of the continued focus on cost containment, the Bank recorded an Operating Profit Before VAT, NBT and DRL of LKR 1.15 billion for 2020. The Bank’s aggregate tax contribution of LKR 691 million accounted for 60% of the Bank’s Operating Profit before all taxes.
Share investors worried over Wealth and Heritage tax
By Hiran H Senewiratne
CSE trading kicked off on a positive note yesterday but the momentum could not be sustained for long owing to investor worries that the government is planning domestic debt restructuring involving the imposition of a wealth and heritage tax on citizens, market sources said.
Amid those developments both indices moved downwards. The All -Share Price Index went down by 131 points and S and P SL-20 declined by 46.8 points. Turnover stood at Rs 3.4 billion with four crossings. Those crossings were reported in Agalawattte Plantations, which crossed 45.3 million shares to the tune of Rs 1.5 billion, its shares traded at Rs 35, CTC 420,000 shares crossed for Rs 269 million and its shares traded at Rs 640, Cargills 100,000 shares crossed to the tune of Rs 24.5 million; its shares traded at Rs 245 and Hayleys 300,000 shares crossed for Rs 24 million; its shares traded at Rs 80.
In the retail market top seven companies that mainly contributed to the turnover were, SLT Rs 234 million (two million shares traded), Hayleys RS 121 million (1.5 million shares traded), Lanka IOC Rs 106 million (115,000 shares traded), Softlogic Capital Rs 69 million (5.6 million shares traded), CTC Rs 65.3 million (101,000 shares traded), Sampath Bank RS 54.7 million (one million shares traded) and Commercial Bank RS 52.5 million (801,000 shares traded).During the day 164 million share volumes changed hands in 20000 transactions.
Brandix ‘RightToRead’ initiative gains momentum enriching Sri Lanka students and transforming learning
Inspired by the challenge to provide Sri Lankan children with better access to learning materials and the transformative power to read and comprehend English, Brandix launched the ‘RightToRead’ project in 2018 in collaboration with the Ministry of Education.
Accordingly, Brandix introduced the ‘ReadToMe’ English learning tool, created by English Helper – India, to improve reading and comprehension skills of Sri Lankan students. Last Monday, Julie Chung, the US Ambassador to Sri Lanka, visited Susamayawardhana Vidyalaya in Borella, to observe progress of the project and experience how children and educators in Sri Lanka engage with educational technology.
Brandix Lanka Limited, Director, Ajit Johnpillai, said: “Education is the most powerful tool to enrich communities and futures, and Brandix is committed to build a strong foundation for transformational learning for students across Sri Lanka. The progress we have made with RiteToRead over the past two years is promising, and the potential for change in the education sector harnessing such digital technologies is immeasurable. Brandix will continue its commitment to deliver Inspired Solutions for the people of Sri Lanka.”
Dialog TV Boosts Resilience and Capacity with Norsat Satellite Earth Station
Hytera, a leading global provider of professional communications technologies and solutions, is proud to announce the successful deployment of a new backup satellite station for Dialog TV, Sri Lanka’s No.1 satellite Pay TV service provider. The project was fulfilled in 2022 by Hytera and its subsidiary specialized in Satellite Communications (SatCom), Norsat International Inc. The new station enhances the resilience and capacity of Dialog TV’s existing system and ensures continuity of service in the event of damage due to natural disasters.
Dialog TV provides coverage over the entirety of Sri Lanka through the Intelsat 38 Ku-band satellite. As the business expanded, it opted for a backup solution to support its existing satellite station and to strengthen the network’s disaster tolerance.
Hytera and Norsat provided an end-to-end satellite earth station solution that includes the installation, integration, and setup of satellite antennas, a transmission and receiving system, a new network management system (NMS), and a carrier monitoring system (CMS). The NMS makes routine work easier and simpler for on-duty staff, as equipment status, parameter monitoring and configuration, and remote control of the devices can be viewed and accomplished via a single interface. The CMS monitors the carrier spectrum status of satellite signals in real-time and ensures stable signal transmission and receiving.
“We are excited to have been able to work with Dialog TV on this important project,” said Kevin Sun, Sales Director for Hytera South Asia, “Our ability to seamlessly integrate our new equipment and software with Dialog TV’s existing systems has helped to ensure a stable and reliable service for their millions of customers across Sri Lanka.”
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