DFCC Bank, one of the premier commercial Banks in Sri Lanka is proud to announce the launch of the ‘DFCC Aloka’, a financial proposition exclusive for women, with the prime goal of enabling women to achieve their aspirations through innovative financial, non-financial solutions, and value additions that provide a holistic approach in the economic empowerment and development of a woman.
The DFCC Aloka savings account can be opened with an initial deposit of Rs. 1,000/-. It is packed with a range of special features from higher interest rates of up to 4.25% per annum, several identified lifetime benefits, and tailor-made support for businesses. Account holders can also obtain a special debit card with the joining and annual fees waived, free withdrawals from any DFCC or LankaPay ATM, free digital banking services and access to a home banking service via MTeller. As part of the preferential business support options provided to DFCC Aloka account holders, special consultations tailored for setting-up and managing MSME’s and extensive entrepreneurial support will also be on offer along with exclusive loan schemes.
DFCC Aloka account holders will also experience further benefits in the form of personal and housing loans at preferential interest rates, special rebates on loan processing fees, access to pawning facilities at preferential interest rates, eligibility for a brand-new credit card with joining and first year annual fees waived, and access to 6-month 0% Easy Payment Plans for credit card transactions above Rs. 25,000/-. Account holders will also receive free life insurance cover, up to 10 times their average savings balance (up to a maximum of Rs. 1 million) and receive free digital health solutions via Doc990 for themselves and 3 family members. To top it off, account holders will also be entitled to a range of milestone-related rewards to mark special occasions throughout their time with DFCC Bank, such as childbirth, the 21st birthday of the account holder, graduations, weddings and 25th wedding anniversary.
All Sri Lankan women aged 18 or above can visit the nearest DFCC Bank branch to open their own DFCC Aloka savings account. The account is supported by a ‘24×7’ dedicated hotline to ensure preferential service and customer convenience.
Commenting on the initiative, DFCC Bank CEO, Lakshman Silva, stated, “DFCC Bank has always felt the need to recognize the role a female plays in driving her home, the economy and the nation, and through the ‘DFCC Aloka’ savings account, we hope to empower women to achieve all their personal and business goals. As an equal-opportunity provider that has always been cognizant of the importance of creating social value for all its stakeholders, DFCC Bank’s ‘Aloka’ account is the next step in the Bank’s long-term journey as a leader in sustainability, paving the path to securing economic and social resilience for all.”
Global CEO Forum fetes one of most influential SL entrepreneurs
In tribute to the late Merril J. Fernando, the esteemed Founder of Dilmah Tea, the Global Brand Creator 2023 Award was bestowed at the Global CEO Forum held recently in Sri Lanka. This prestigious accolade was presented to Kirmali Fernando (the daughter-in-law of late Merril J. Fernando) by the Governor of the Central Bank Dr. Nandalal Weerasinghe, Kataro Katsuki, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Janaka Abeysinghe, CEO -SLT MOBITEL, Dr. DMA Kulasuriya, Director General-NIBM, Ahamed Ikram, Director-Emerald International , Dilanga Karunaratna- Director Otto Bathware and Anura Siriwardena, Chairman-Global CEO Forum.
Coca-Cola Sri Lanka extends its ‘Adopt A Beach’ program for a third year
Coca-Cola Sri Lanka Ltd. proudly continues its mission to safeguard Sri Lanka’s shorelines by extending the ‘Adopt A Beach’ initiative for a triumphant third year. This exciting announcement aligns with the celebration of International Coastal Cleanup Day on September 16, 2023, emphasizing the paramount significance of coastal preservation.
Commemorating the partnership with an exclusive beach cleanup and an enlightening session at Crow Island Beach, the day’s proceedings were honored by the presence of the Governor of the Western Province and Marshal of the Sri Lanka Air Force, Roshan Goonetileke and key government stakeholders representing the Ministry of Local Government, Colombo Municipal Council, Environmental Police Division, Coastal Conservation Department, Waste Management Authority and the Crow Island Beach Management Society.
Additionally, underlining the vital role that the youth of our nation play in forging cleaner and safer coastal regions, particularly through the realms of media and volunteerism, the occasion also brought together young talents from the media sector and a dedicated team of volunteers from the Clean Ocean Force, Clean Ocean Force Youth Club of the Ocean’s University, Clean Ocean Force Youth Club in Negombo, Rotaract Club Colombo Regent, Shri Vimukthi Youth Association, youth from International Schools and Adfactors Public Relations Lanka.
PLC’s profits surge 80.9% in Q1, amidst challenging environment
People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.
PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.
Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.
Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.
In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.
Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.
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