Business
Cost efficiencies drive vibrant 9-month growth for ComBank

The Commercial Bank of Ceylon Group has achieved characteristically equitable growth for the nine months ending 30th September 2021, despite a slowing down in some key contributors in the third quarter of the year.
The Group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector bank – its subsidiaries and an associate, has reported a gross income of Rs 120.050 billion for the period, an improvement of 5.66% over the corresponding nine months of 2020, with the third quarter recording a growth of 4.34% in comparison with the 6.34% growth achieved for the first half of 2021.
Interest income, the biggest component of gross income, grew by 3.43% to Rs 96.227 billion, improving on the 3.20% growth achieved up to June 2021, and interest expenses continued to decline, albeit at a lower rate than in the first half of the year, the Group said. Consequently, interest expenses reduced by 13.42% to Rs 48.693 billion for the nine months, enabling the Group to post net interest income of Rs 47.533 billion, recording an increase of 29.18%.
Among the other principal contributors to gross income, fee and commission income grew by 32.21% to Rs 11.002 billion; net other operating income improved by 13.91% to Rs 7.808 billion assisted by higher exchange gains; net gains from de-recognition of financial assets contributed Rs 2.976 billion and net gains from trading amounted to Rs 2.037 billion, an increase of 171.95%. Net gains from de-recognition of financial assets witnessed a decline of 36.10% due to a reduction in profits from the sale of Treasury Bonds and Sovereign Bonds by Rs 1.417 billion, in comparison with the third quarter of last year, the Group said.
Total operating income at Rs 68.951 billion for the nine months, reflected a growth of 23.53% and the Group’s noteworthy achievement of restricting impairment charges to Rs 17.997 billion during the period under review, an increase of only 7.56% as compared with a 47.44% growth at the end of the first half of 2021, resulted in net operating income growing by 30.37% to Rs 50.954 billion. With the Group’s consistency in curtailing growth in operating expenses to 8.39% (8.42% for the first half of 2021), total operating expenses for the nine months increased by Rs 1.647 billion to Rs 21.280 billion.
Consequently, operating profit before VAT on financial services grew by a significant 52.55% to Rs 29.674 billion for the nine months, improving on the 41.09% growth recorded at the end of the first six months of the year.
Commercial Bank Chairman Justice K. Sripavan noted that these results demonstrate Commercial Bank’s strong ability to maintain healthy and balanced growth in core banking operations to mitigate the impacts of fluctuations in income from fee-based operations and other operating income. “Each quarter sees the Bank maintaining or improving on its key performance ratios to become even more financially stable and better-positioned to continue its mission as a systemically important bank,” he said.
The Bank’s Managing Director S. Renganathan elaborated that Commercial Bank continued to improve its CASA ratio, cost-income ratio, provisioning for impairment and provision cover in the period reviewed, disclosing that charges for impairment and other losses had in fact declined by a remarkable 41.87% in the third quarter. “These are excellent indicators of our unrelenting focus on banking fundamentals even as we continue to provide concessions to our customers in consideration of the difficult circumstances that prevail,” Renganathan said. “It is most noteworthy that in terms of profitability, the Group has also surpassed its 2020 full-year performance at the end of the third quarter of 2021 while improving its interest margins, return on assets and return on equity.”
The Group paid Rs 4.608 billion as value added tax on financial services for the nine months, which was up 50.55% in line with the growth in profits. As a result, profit before tax for the period amounted to Rs 25.067 billion, an improvement of 52.90%. Income tax increased by 15.92% to Rs 6.049 billion, the relatively lower rate attributable to the reduction in the income tax rate. Consequently, profit after tax for the nine months reviewed grew by 70.17% to Rs 19.017 billion. Notably, this is Rs 1.931 billion or 11.30% more than the Group’s net profit for the full year of 2020. Total taxes paid by the Group in respect of the nine months amounted to Rs 10.981 billion.
Taken separately, Commercial Bank of Ceylon PLC reported profit before tax of Rs 24.425 billion for the period, with a growth of 56.91% and profit after tax of Rs 18.606 billion, recording an improvement of 75.61%.
Total assets of the Group grew by Rs 200 billion or 11.35% over the nine months to reach Rs 1.962 trillion as at 30th September 2021.
Gross loans and advances increased by Rs 105.195 billion or 10.94% to Rs 1.067 trillion, recording a monthly average growth of Rs 11.688 billion over the nine months. The growth of the loan book over the preceding year was 12.36%.
Total deposits of the Group recorded an improvement of Rs 161.272 billion or 12.53% in the nine months reviewed at a monthly average of Rs 17.919 billion to reach Rs 1.448 trillion as at 30th September 2021. Deposit growth over the preceding 12 months was 18.51%.
In other key indicators, the Bank’s basic and diluted earnings per share improved by 54.72% from Rs 10.07 to Rs 15.58, while its net assets value per share increased to Rs 137.00 from Rs 134.67 as at end 2020.
The CASA ratio improved to an impressive 47.05%, an industry benchmark, from 42.72% at the end of 2020 and 41.97% at the end of the third quarter of 2020, while the Bank’s Cost to Income Ratio (CIR) before VAT on Financial Services improved to 30.73% at the end of the period under review from 33.95% at the end of 2020 and 38.51% at the end of 2019. The cost to income ratio inclusive of VAT on financial services improved to 37.55% from 39.96% at end 2020 and 49.41% at the end of 2019.
The Bank’s Tier 1 Capital Adequacy Ratio (CAR) stood at 12.182% as at 30th September 2021, and its Total Capital Ratio at 16.128%, both comfortably above the revised minimum requirements of 9% and 13% respectively imposed by the regulator consequent to the COVID-19 pandemic.
The Bank’s gross non-performing loans (NPL) ratio improved to 4.94% from 5.11% at end 2020 and 5.20% a year previously, while its net NPL ratio improved to 1.83% from 2.18% as at 31st December 2020 and 3.04% as at 30th September 2020. As a result, provision cover based on existing Central Bank of Sri Lanka (CBSL) regulatory requirements improved to 63.03% at the end of the reviewed nine months, from 57.42% at end 2020 and 41.47% a year previously. The Bank’s impaired loan (stage 3) ratio and impairment (stage 3) to stage 3 loans ratio as at 30th September 2021 stood at 6.83% and 31.92% respectively, compared to 6.78% and 30.87% respectively, at the end of 2020.
The Bank’s interest margin also improved to 3.37% from 3.17% for the year 2020, and 3.17% for the first nine months of the previous year. Return on assets (before taxes) and return on equity stood at 1.78% and 15.51% respectively for the nine months ending 30th September 2021 compared to 1.51% and 11.28% for 2020 and 1.37% and 10.28% at the end of the third quarter of 2020.
Sri Lanka’s first fully carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Business
In an era of unprecedented change, HR leaders call for a radically agile workforce

In a world grappling with what many now call a “polycrisis”—a convergence of economic instability, geopolitical tension, and relentless technological disruption—the old paradigms of workforce management are no longer simply outdated; they are liabilities. For businesses in Sri Lanka and across the globe, survival and growth now depend on a new, more dynamic asset: a workforce that can pivot, adapt, and innovate on the fly.
This urgent imperative was the central theme at the National HR Conference 2025, hosted by CIPM Sri Lanka on June 3rd at the Monarch Imperial. The event convened a panel of distinguished industry leaders, academics, and HR practitioners to grapple with a critical question: How do we build a workforce that is not just prepared for the future, but can actively shape it? The discussion that unfolded was not one of incremental adjustments, but a call for a fundamental reimagining of how we hire, train, manage, and lead people.
The panel, expertly moderated by Janaka Kumarasinghe, featured insights from Mayura Malagala, Chetana Liyanage, Pavithra Kailasapathy, and Rajitha Kariyawasam. Together, they mapped out the profound challenges and actionable strategies for cultivating the future-ready, agile workforce essential for navigating the complex, uncertain decades ahead.
Defining the ‘Future-Ready’ Workforce in an Age of Uncertainty
Moderator Janaka Kumarasinghe initiated the dialogue by posing a question that cuts to the heart of modern strategy: in a future that is largely unknowable, what does “readiness” truly mean?
Pavithra Kailasapathy of the University of Kalam’s Department of Human Resources offered a foundational definition, urging a move away from static planning. “When we talk about a future-ready workforce, we must first humbly accept that we cannot predict what the future holds,” she stated. “The only certainty is uncertainty itself. Crises and disruptions are no longer black swan events; they are becoming the regular rhythm of the global landscape. Therefore, organizations—and indeed, the nation—need a workforce that is inherently adaptable, flexible, and psychologically equipped for swift decision-making amidst constant change.”
She delved deeper, stressing that this capability goes far beyond a simple list of technical proficiencies. “It’s not just about skills; it’s about possessing a growth mindset—the core belief that abilities and intelligence can be developed through dedication and hard work. This contrasts sharply with a fixed mindset, which assumes talent is innate and unchangeable.”
In practice, an employee with a growth mindset sees a challenge as an opportunity to learn, whereas one with a fixed mindset sees it as a threat that might expose their limitations.
“Agility,” Kailasapathy concluded, “is the fusion of this learning ability with the adaptability to apply that knowledge in novel, often high-pressure, situations. It’s about learning, unlearning, and relearning as a continuous cycle.”
Navigating Exponential Change and Geopolitical Shockwaves
The conversation then shifted to the powerful external forces compelling this evolution. Rajitha Kariyawasam, a multidisciplinary executive with deep experience in global manufacturing and business, painted a stark picture of the operating environment.
“This isn’t ordinary, linear change; it’s dramatic, exponential transformation,” he warned. “The rate of change is vast and accelerating, primarily driven by a new wave of technology. We are seeing robotics, AI, and automation not just augmenting human work, but fundamentally redefining entire job categories.” He explained that this isn’t a distant future; AI is already handling complex analytics and diagnostics, while automation is reshaping supply chains. “The agility we have today, which might feel advanced, could very well be obsolete by tomorrow.”
Beyond technology, Kariyawasam highlighted the immense impact of geopolitical volatility. “Strategic plans can be shattered overnight by a single policy decision made thousands of miles away,” he noted. “When a major economic power, like the US, suddenly announces a 44% tariff, it can decimate a company’s core export market in an instant. A company’s ability to survive such a shock depends entirely on its agility.”
How can an organization respond? “It requires a collaborative, ecosystem-wide approach,” he argued. “You need to rapidly explore new markets, reskill your sales and logistics teams, re-engineer products to meet new price points, and potentially adopt new technologies to reduce costs. This is not a challenge for one department; it involves the entire workforce, suppliers, industry bodies, and even government support.”
He pointed to China’s remarkable economic transformation as a powerful, large-scale precedent. “Look at how Chinese companies and institutions fostered a national culture of agility. They invested massively in upskilling their workforce, from factory floors to research labs. They embraced cutting-edge technologies fearlessly and built an infrastructure that could pivot to meet global demand. They turned potential weaknesses into the very drivers of change, a lesson for any company looking to build a forward-thinking, adaptable organization.”
From Theory to Practice: Cultivating an Agile Culture
Understanding the need for agility is one thing; building it is another. Chetana Liyanage provided a practical framework, arguing that all HR practices must be intentionally re-engineered around three core pillars:
Instilling a Growth Mindset: This must be the cultural bedrock. It means leaders must actively model learning, celebrate “intelligent failures” as learning opportunities, and create an environment of psychological safety where employees feel secure enough to voice new ideas and experiment without fear of blame.
Developing Essential Skills and Competencies: The focus must be twofold. While technical skills remain vital, so-called “power skills”—critical thinking, creative problem-solving, communication, and collaboration—are what enable agility. These are the skills that allow technical knowledge to be applied effectively in new contexts.
Strengthening Enabling Systems: An agile culture cannot survive in a rigid, bureaucratic structure. “We cannot foster agility within traditional hierarchies,” Liyanage asserted. “We need to move toward a skills-based approach, empowering cross-functional teams to swarm on problems and opportunities. It’s about creating a ‘gig economy’ within our companies, where talent is deployed fluidly based on project needs, not static job descriptions.”
This requires a radical overhaul of legacy systems. Annual performance reviews become obsolete, replaced by continuous, real-time feedback conversations. Training evolves from monolithic, top-down programs to personalized “micro-learning.”
Business
ESOFT establishes ESU Colombo in Sri Lanka’s commercial capital

ESU enhances focus on the Colombo region with the official launch of ESU Colombo, building on its island-wide academic presence and reinforcing ESOFT’s vision to deliver world-class education to students in Sri Lanka’s commercial capital.
The Colombo launch follows ESOFT’s growing success in academic innovation across the island and reflects its evolution from a pioneering IT training centre to a multi-disciplinary degree. ESU Colombo has been established to serve students who seek excellence, convenience, and future-ready credentials without leaving the country’s commercial capital.
“ESU Colombo is more than just a campus, it is a hub for intellectual empowerment and a launchpad for global careers,” stated Dr. Dayan Rajapakse, Chairman and Group Managing Director of ESOFT Metro Campus and ESOFT Uni. He further added, “ESU is about redefining what’s possible for Sri Lankan youth, especially those who want the highest standards of education without having to leave their city or their country. ESU goes beyond classroom learning as our ultimate aim is to nurture a growing community of locally-educated professionals with a global vision for Sri Lanka.”
ESU Colombo offers a diverse portfolio of internationally accredited and recognised undergraduate and postgraduate programmes across six faculties which focus on Computing, Business & Law, Life Sciences, Art & Design, Engineering, Education, Languages, and Sociology. As ESOFT is globally affiliated with Kingston University London and London Metropolitan University, the students gain access to dual degrees, international transfer pathways, and exposure to global academic networks.
Business
Putting SL’s culinary talent together for the ‘Oympics of Gastronomy’

Sri Lanka’s rising ambition to position itself as a global culinary and tourism hub received a resounding boost this week with the upcoming Bocuse d’Or Sri Lanka finals, slated for July 27, 2025. With participation from 48 of the island’s most talented chefs, the competition is more than a showcase of skill—it is a platform to transform Sri Lanka’s global image through food, tourism, and innovation.
Bocuse d’Or, dubbed the “Olympics of Gastronomy,” is regarded globally as the pinnacle of culinary competition. For Sri Lanka, this isn’t just about medals—it’s about elevating local talent, ingredients, and culture onto the world stage. The winners of the national finals will represent the island at the Asia-Pacific regionals in 2026, with a coveted pathway to the global grand final in Lyon, France in 2027.
“This competition is not just about chefs, said Chef Rohan Fernandopulle, president of Bocuse d’Or Sri Lanka. “It’s about putting our country on the plate.”
According to Chef Alan Palmer, event coordinator and a long-standing mentor in the Sri Lankan culinary circuit, Bocuse d’Or is an unmatched opportunity.
“This is the seventh time we’re conducting the national selection. We’ve had the honour of sending Sri Lankan chefs to Lyon twice already. This is about identifying and nurturing talent that can compete with the best in the world.”
He emphasised the event’s integrity and structure. “The same standards, ingredients, and timing used in Lyon are being followed here. Four international judges, icons in the culinary world, and four local judges will ensure fairness and excellence. It’s world-class in every sense.”
Adding diplomatic weight to the occasion, French ambassador to Sri Lanka, Remi Lambert, described the competition as a vital channel to promote Sri Lanka’s soft power.
“Bocuse d’Or is more than a contest—it’s a cultural ambassador. In France, cuisine is a living heritage passed from generation to generation. Sri Lanka has that same richness. The world wants to taste your story.”
He likened Lyon, the final host city, to a perfect plate—”a convergence of rivers, regions, and cultures”—and encouraged Sri Lankan chefs to “transmit the story of your mountains, plains, lakes, and spices through your food.”
Lambert also stressed the values embedded in the competition—authenticity, sustainability, and storytelling.
“Paul Bocuse believed in raising people up—young talent, sustainable techniques, respect for ingredients. These are values that matter today more than ever and Sri Lanka is well-positioned to express them.”
As principal sponsor, Dilmah Ceylon Tea is using the platform to advocate for pride in local ingredients. Speaking on behalf of the company, Suren Athukorale, Head of International Food Service, called on chefs to elevate what is authentically Sri Lankan.
“You are the storytellers of our heritage. You take ingredients and turn them into emotion,” he said. “And what ingredient is more deeply Sri Lankan than tea?”
Athukorale recalled how in 2006, the prestigious Institut Paul Bocuse in Lyon dedicated an entire tea room to understanding Ceylon Tea—a move initiated by Dilmah.
“Now we ask our chefs to go further—not just to cook with tea and cinnamon, but to celebrate them. Let’s remind the world that our ingredients are not commodities. They are culture.”
Bernie Stefan, Managing Director of Nestlé Lanka, echoed a similar sentiment of national development through food. Nestlé, through its Professional division, is a key partner of the event.
“This competition aligns perfectly with three of Nestlé’s core values, he said. “Developing young talent, supporting local culinary expertise and proudly showcasing Sri Lankan cuisine.”
Sri Lanka Tourism Development Authority (SLTDA) chairman Bhuddhika Hewawasam described Bocuse d’Or as part of a national movement toward culinary tourism.
“For too long, we’ve been known for putting our country on the plate for the wrong reasons. Now, for once, chefs are doing it for the right ones, he said. “Sri Lanka’s food diversity—whether Jaffna crab curry or southern ambul thiyal—is a goldmine for tourism.”
He emphasized that attracting tourists is not only about numbers, but about value.
“If we develop local talent and retain them in the industry, we don’t just build better hotels—we retain wealth. We create a tourism economy where local chefs earn global respect.”
Hewawasam also highlighted the participation of female chefs in this year’s contest as a welcome step toward gender balance in hospitality and tourism.
As the clock ticks toward July 27, all eyes are on the stoves at William Angliss Institute, Malabe, where the national final will unfold and the awards ceremony will be held at Cinnamon Life.
By Ifham Nizam
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