Business
Central Bank of Sri Lanka: Monetary Board appoints four new Assistant Governors
The Monetary Board, at its meeting held on 17th November 2021 has promoted K G P Sirikumara, D Kumaratunge, Mrs. U L Muthugala, and C P S Bandara to the post of Assistant Governor with effect from 17th November 2021.
K G P Sirikumara
He has served the Central Bank for more than 21 years in different capacities in the Departments of Legal and Compliance and Secretariat. He has served as a member in the National Payments Council, Financial Stability Committee, Non-financial Risk Management Committee, and in the Panel of Experts appointed under the Payment Devices Frauds Act, No.30 of 2006. He has also functioned as an observer in the Monetary Board Advisory Audit Committee and Board Risk Oversight Committee.
He has been instrumental in introducing numerous law reforms in the banking and financial sector, financial market infrastructures, capital markets and combating money laundering and terrorist financing. He has introduced strict governance standards within the Bank, and introduced resolution and enforcement measures to strengthen the financial sector.
Sirikumara holds Master of Laws Degrees from the Monash University, Australia and the University of Colombo. He also holds a Bachelor of Laws (LL.B.) degree from the University of Colombo. He is an Attorney -at- Law and a member of the International Compliance Association (ICA), United Kingdom. He possesses International Diplomas in Anti Money Laundering (Graduate) and in Compliance (Graduate).
D Kumaratunge
Kumaratunge has over 30 years of experience in the Central Bank and has worked in the Departments of Economic Research, Centre for Banking Studies, Information Technology, and Management Audit in different capacities before serving as the Director of Payments and Settlements Department from 2016.
He has represented CBSL in the Board of Directors of the Lanka Financial Services Bureau Limited (LFSBL) and in the Governing Council of the National Institute of Business Management. He has been a member of the Academic Council and in the Syllabus Review Panel of the Institute of Bankers of Sri Lanka and has also served in the Steering Committee to Monitor the use of Transit Card appointed by the Ministry of Transport, Workers’ Remittances Task Force, IT/BPO Sectoral Task Force appointed by the Presidential Task Force, Steering Committee on Digital Platform Policy Framework, Roadmap & Action Plan to create a uniform Digital Business Landscape by ICTA Agency of Sri Lanka, and of the Faculty Advisory Committee for the Centre for Banking Studies, CBSL.
Kumaratunge holds a Master of Science Degree in Information Technology from the University of Colombo, Master of Arts Degree and a Postgraduate Diploma in Economics from the University of Essex, United Kingdom and a Bachelor of Commerce Degree from the University of Peradeniya. He also has a Postgraduate Diploma in Information Technology obtained from the University of Colombo.
Mrs. U L Muthugala
Mrs. Muthugala has served the Central Bank for more than 30 years in the Departments of Secretariat, Finance, Bank Supervision, Public Debt, International Operations, Internal Audit, Financial System Stability, Supervision of Non-Bank Financial Institutions in different capacities.
She has functioned as the Chief Accountant as well as the Secretary of the CBSL. She also possesses expertise in core central banking areas of financial system stability, supervision and regulation
of financial institutions, debt and portfolio management and international finance, and foreign reserves management.
Mrs. Muthugala has further served as a member of several committees including Foreign Reserves Management Committee, Domestic Debt Management Committee, Internal Investment Committee, Committee on the International Sovereign Bond issue by the Government of Sri Lanka, Emergency Action T
She holds a Master of Business Administration Degree from the University of Colombo and is a Fellow member of the Chartered Institute of Management Accountants (CIMA), United Kingdom. She also possesses the ACI Dealing Certificate of the Financial Markets Association.
C P S Bandara
C P S Bandara has over 24 years of experience at the Central Bank in the areas of financial system stability, economic and price stability, corporate services, agency functions, business continuity planning, enterprise-wide risk management and strategic planning. He has served in the Departments of Risk Management, Policy Review and Monitoring, Payments and Settlements, Public Debt and Information Technology.
He has served as the Secretary to the Sovereign Ratings Committee, Member of the Steering Committee for international sovereign bond issuances by the Government of Sri Lanka,
Secretary to the Payments Reform Steering Committee, Assistant Secretary to the Board Risk Oversight Committee, Secretary to the Non-Financial Risk Management Committee, Member of the Employees’ Provident Fund Investment Oversight Committee and as an Observer of the Monetary Board Advisory Audit Committee, Business Continuity Planning Committee, International Reserves Investment Oversight Committee, Internal Investment Oversight Committee, and the Financial System Stability Committee. He also served as a member in many cabinet appointed committees established to improve the country’s financial market infrastructure by implementing national level projects.
He holds a Master of Science Degree in Information Technology from Charles Sturt University, Australia, a Bachelor of Technology Degree in Computer Science from Monash University, Australia and a Diploma in Central Banking. He is also a Member of the Computer Society of Sri Lanka.
Business
Dialog delivers strong growth, stronger national contribution in FY 2025
Dialog Axiata PLC announced, Friday 6th February 2026, its consolidated financial results (Reviewed) for the year ended 31st December 2025. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
Group Performance
The Group delivered a strong performance across Mobile, Fixed Line and Digital Pay Television businesses recording a positive Core Revenue growth of 16% Year to Date (“YTD”). Group Headline Revenue reached Rs179.6Bn, up 5% YTD, despite the continued strategic scaling down of low-margin international wholesale business. In Q4 2025, Revenue was recorded at Rs46.5Bn up 2% Quarter-on-Quarter (“QoQ”) and 2% Year-on-Year (“YoY”).
The Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) reached Rs86.0Bn up 30% YTD supported by Core Revenue performance and Cost Rescaling Initiatives. On a QoQ basis Group EBITDA demonstrated a modest growth to record at Rs23.0Bn up 2% QoQ with an EBITDA margin of 49.5% in line with the Revenue performance. Group EBITDA margin reached 47.9% for FY 2025, up 9.2pp.
Group Net Profit After Tax (“NPAT”) reached Rs20.8Bn for FY 2025, up 67% YTD mainly resulting from robust EBITDA growth, despite higher tax and net finance costs. Normalized for forex impact, NPAT growth was recorded at +>100% YTD to reach Rs22.1Bn. On a QoQ basis NPAT grew 3% to reach Rs5.9Bn resulting from strong EBITDA performance.
On the back of strong operational performance, the Group recorded Operating Free Cash Flow (“OFCF”)
of Rs49.3Bn for FY 2025 up >100% YTD.
Dividend Payment to Shareholders
In line with the dividend policy and financial performance of the Group and taking into account the forward investment requirements to serve the nation’s demand for Broadband and Digital services, the Board of Directors of Dialog Axiata PLC at its meeting held on 6th February 2026, resolved to propose for consideration by the Shareholders of the Company, a dividend to ordinary shareholders amounting to Rs1.50 per share. The said dividend, if approved by shareholders, would translate to a Dividend Yield of 5.0% based on share closing price for FY 2025. The dividend so proposed will be considered for approval by the shareholders at the Annual General Meeting (AGM) of the Company, the date pertaining to which would be notified in due course.
Company and Subsidiary Performance
At an entity level, Dialog Axiata PLC (the “Company”) continued to be the primary contributor to Group Revenue (76%) and Group EBITDA (74%). Aided by sustained growth in the Data segment and cost-rescaling initiatives, Company revenue was recorded at Rs135.8Bn for FY 2025, up 18% YTD, EBITDA rose 32% YTD to reach Rs63.6Bn. On a QoQ basis, Q4 2025 Revenue was recorded at Rs34.8Bn, down 1% QoQ due to a reclassification of Hubbing Revenue, while EBITDA decline 1% QoQ to record Rs17.0Bn, largely attributable to network restoration costs and donations made in relation to the Cyclone Ditwah relief efforts. Furthermore, NPAT was recorded at Rs15.6Bn for FY 2025, up 41% YTD. Normalised for forex impacts, the company NPAT was up +>100% YTD to reach Rs17.0Bn. On a QoQ basis, Company NPAT was recorded at Rs4.5Bn, down 6% QoQ.
Business
Ceylinco Life’s Pranama Scholarships reach 25-year milestone
Ceylinco Life has announced the launch of the 25th consecutive edition of its flagship Pranama Scholarships programme, marking a significant milestone in the company’s long-standing commitment to recognising and rewarding excellence among the children of its policyholders.
Under the 2026 programme, the life insurance market leader will present scholarships with a total cumulative value of Rs. 22.7 million, continuing a rewards initiative that has now been conducted without interruption for a quarter of a century. Since its inception, the Ceylinco Life Pranama Scholarships programme has benefitted 3,466 students across the country, representing a total investment of Rs. 240 million in nurturing academic achievement and outstanding performance in sports, arts and other extracurricular pursuits.
Business
Sri Lankans’ artistic genius glowingly manifests at Kala Pola ‘26
The artistic genius of Sri Lankans was amply manifest all over again at ‘Kala Pola ‘26’ which was held on February 8th at Ananda Coomaraswamy Mawatha Colombo 7; the usual, teeming and colourful venue for this annual grand exhibition and celebration of the work of local visual artists.
If there is one thing that has flourished memorably and resplendently in Sri Lanka over the centuries it is the artistic capability or genius of its people. It is something that all Sri Lankans could feel a sense of elation over because from the viewpoint of the arts, Sri Lanka is second to no other nation. With regard to the visual arts a veritable dazzling radiance of this inborn and persisting capability is seen at the annual open air ‘Kala Pola’.

A bird of Sri Lanka created from scraps of iron waste.
All capable visual artists, wherever they hail from in Sri Lanka, enjoy the opportunity of exhibiting their work at the ‘Kala Pola’ and this is a distinctive ‘positive’ of this annual event that draws numberless artists and viewers. There was an abundance of paintings, sketches and sculptures, for instance, and one work was as good as the other. Ample and equal space was afforded each artist. Its widely participatory and open nature enables one to describe the exhibition as exuding a profoundly democratic ethos.
Accordingly, this time around at ‘Kala Pola ‘26’ too Sri Lankans’ creative efforts were there to be viewed, studied and enjoyed in the customary carnival atmosphere where connoisseurs, local and foreign, met in a sprit of camaraderie and good cheer. Many thanks are owed once again to the George Keyt Foundation for the presentation of the event in association with the John Keells Group and the John Keells Foundation, not forgetting the Nations Trust Bank, which was the event’s Official Banking Partner. The exhibition was officially declared open by Chief Guest Marc-Andre Franche, UN Resident Coordinator in Sri Lanka.
By Lynn Ockersz
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