Connect with us

Business

HNB posts Rs 5.5 bn 1H Group PAT

Published

on

Bank PAT of Rs 4.5 bn

Total Deposits grow by Rs 55 bn

Supports over 80,000 COVID affected customers as a responsible   SIB

Maintains stability with CAR at 19% and LAR at 34%

HNB posted resilient financial results during the 1H 2020 amid the unprecedented disruptions of COVID-19 pandemic with Group PAT for 1H increasing by 6.8 % YoY to Rs 5.5 Bn while Bank level PAT declined by 7% YoY to Rs 4.5 Bn.

“Sri Lanka’s performance in managing the transmission of COVID-19 has been outstanding. The health impact has been largely contained and the economic impact of the pandemic will remain a challenge in the near term, given the depressed global conditions it has spawned. To address these economic challenges, the Government has taken bold steps to support the affected by relaxing Monetary Policy in an effective way to revive economic activity, and extending debt moratoriums to those affected – measures that may need further support from the Government given that the recovery will most likely be a protracted one across most sectors, both locally and globally. Consequently, the medium term economic recovery will be closely correlated with the pace at which the COVID 19 pandemic is managed globally.” HNB Chairman, Dinesh Weerakkody said.

As a consequence of the low interest rate regime, the prime lending rate (AWPLR) reduced by 130 bps from December 2019, compounded by low demand for credit. This in turn impacted 1H interest income which declined 8.8% YoY to Rs 53.8 Bn. Interest expenses also declined by 5.2% YoY to Rs 31.4 Bn leading to a drop in Net Interest Income (NII) by 13.3% YoY to Rs 22.4 Bn.

The restrictions on non-essential imports, overall decline in exports and marked drop in Card spends due to lifestyle changes resulting from the pandemic, drove Net Fee Income down by 22.2% YoY to Rs 3.5 Bn. However, a strong surge in demand for digital banking services enabled an increase in fees from digital channels.

Meanwhile, exchange rate movements during the year in tandem with a decline in swap volumes and premiums facilitated an exchange gain of Rs 1.5 Bn as opposed to a loss of Rs 577.2 Mn recorded during 1H 2019.

“With the outbreak of COVID-19, we had to move rapidly to reassess our priorities and restructure operations in alignment with the ‘new normal’. Accordingly, our key focus has been to support customers in need, while ensuring maximum health and safety measures for our Staff and Customers, as well as maintaining stability of the Bank and intensifying our pursuit of digital and technological transformation. As a responsible domestic systemically important bank (D-SIB) we have supported over 80,000 customers who were affected economically during the pandemic by way of moratoriums on loan repayments during the past few months. The Bank has also provided working capital financing under the CBSL relief schemes as well as through the Rs. 5Bn fund set up by HNB to assist affected SMEs.

During the lock-down period, we supported both customers as well as merchants to carry out transactions through our digital payment channels including SOLO, MoMo and IPG. We moved a further step forward by launching AppiGo in May 2020 to support businesses to rapidly set up their own e-commerce presence. Our breakthrough Payments App, HNB SOLO was enhanced with added features and this continues to be an ongoing process. In August, we also upgraded our core- banking system to the latest version of Finacle, enabling us to provide a far superior experience to our customers,” HNB MD/CEO Jonathan Alles said.

 



Business

AkzoNobel honours students of City School of Architecture at Colour Awards 2021-2022

Published

on

– Annual design competition celebrates young design talent for fourth year running

AkzoNobel Paints Lanka (Pvt) Ltd., in partnership with the City School of Architecture (CSA), honoured the winners of the Colour Awards 2021-2022 at the CSA Graduation & Awards Ceremony held recently at the BMICH.

A partnership initiated four years ago by the producer of Dulux paints in Sri Lanka, the annual competition hopes to raise the bar of design and innovation standards and encourage young creative talent as important future players in a fast-evolving industry.

Every year the prize invites first year students from the City School of Architecture to face a new colour and architecture-themed design challenge. After several mentoring sessions by the academic staff of CSA -namely Archt. Nela de Zoyza, Archt. Anurangi Mendis, and Archt. Shayan Kumaradas-, participants are then required to produce a final submission and present it to a high-profile selection committee.

This year, each submission was reviewed by a star-studded panel of industry specialists, including Mr. Romesh de Silva, Ms. Charmaine Mendis, Archt. Shevanthi Basnayake, Archt. Kosala Weerasekera, Archt. Rehan Thillakeratne, and Archt Nandika Denipitiya, together with the Managing Director of AkzoNobel Paints in Sri Lanka, Mr. Wasantha Heenatigala.

Following a rigorous judging process, the five most impressive submissions were chosen, with winners being conferred a generous cash reward, as well the prestige of having being recognized by the pioneers of the paint manufacturing industry in Sri Lanka and the world.

Speaking at this year’s ceremony, Upendra Gunawardhana, Head of Marketing of AkzoNobel Sri Lanka commented, “As a leading global paints and coating company, we are convinced that in helping develop and highlight emerging talent, we are also playing a crucial role in shaping the future of the industry. With the Colour Awards we hope to provide a platform through which university students can hone their design thinking skills on an industry level, while at the same time also consistently set benchmarks of innovation for the years to come.”

“Over the years AkzoNobel has played a significant role in supporting the educational growth and creative development of our students through its Colour Awards,” said Archt. Professor Lal Balasuriya, Head of School of the City School of Architecture. “Here, young design aspirants are given the chance to test the limits of both, their creative ingenuity and industry acumen, and we’re sincerely grateful to AkzoNobel for this transformative opportunity.”

Continue Reading

Business

Emirates and Dilmah Tea celebrate 30 years of partnership

Published

on

Dubai, UAE, May 2022 – Emirates and Dilmah Tea have enjoyed a longstanding partnership of brewing the finest teas on board and in Emirates’ airport lounges around the world for the past 30 years. To mark the milestone on International Tea Day, all Emirates’ passengers received a special tea box when they flew from Dubai a few days ago.

 In addition, First Class passengers on flights to the UK were treated to a food pairing, while passengers in the Emirates’ Onboard Lounge were offered Dilmah Tea infused mocktails. The special tea pack for all passengers who flew on Saturday contained three different flavours: Ceylon Breakfast, an Emirates exclusive Turmeric Coconut and Vanilla tea, and the popular Earl Grey with Honey.

 In First Class, Emirates offered the Brilliant Breakfast, one of the many gourmet teas created by passionate Tea Maker and Dilmah founder, Merrill J. Fernando. This was paired with the afternoon tea service on board.

 Moroccan Mint Green tea was exquisitely paired alongside Labneh – a tangy and creamy yoghurt – with roast vegetables for vegetarians. While Dilmah’s Sench Green Extra Special tea – renowned for its delicate taste with herbal finish with a touch of sweetness –  was served with sushi, particularly seafood.

 “Emirates focuses on dishes that emphasise fresh ingredients of the highest quality. We pay special attention to every detail and the quality of the tea we offer our customers is no different. The fact that we have served Dilmah Tea for 30 years across all our cabins is proof of its quality and our satisfaction with the perfect cup of tea.

“We have an exceptional partnership with Dilmah and we have grown in tandem for the last 30 years. Over 9.6 million tea bags are used each year across our fleet with more than 10 tea varieties on offer, including an exclusive Emirates Signature Tea served in First Class,” said Thomas Ney, DSVP, Service Delivery at Emirates.

 Dilhan C. Fernando, son of Dilmah Founder and CEO of the family company explained: “For 30 years we have grown a tea inspired collaboration with Emirates, offering customers a uniquely Emirates experience in tea. To celebrate the Pearl Anniversary of our partnership in tea, we made a tea that is as rare as it is magnificent. A seasonal tea with extraordinary finesse, handpicked from tea bushes prepared for months and crafted into a numbered limited-edition tea.

“Our co-operation with Emirates truly presents the luxury in fine tea, and – in our tea mocktails and food pairings – contemporary, tea inspired hospitality. For the last 30 years we have created these unique moments for Emirates customers either on the ground, in its lounges around the world, or at 40,000 feet and this year is no different. We are excited to have the special 30-year blend on board Emirates’ fleet.”

A world-class partnership

Millions of world class cups of tea have been poured for Emirates’ customers since the airline’s partnership with Dilmah began in 1992.

The airline brings the finest products on board through long standing partnerships worldwide, including support for local suppliers and artisans. Emirates takes the Dilmah brand to more than 130 destinations on six continents.

 The teas offered on Emirates are chosen by popularity amongst customers, catering to different preferences like minty or citrus infusions as well as by looking at tea drinking trends. With an increasing focus on wellness amongst customers, the airline recently introduced a new tea in its airport lounges – Turmeric, coconut and vanilla featuring antioxidant properties.

 On board, the most popular tea in Economy Class is the Dilmah Ceylon Black Tea while passengers in First and Business Class favour Moroccan Mint and Breakfast Tea. Emirates serves a selection of six teas in Business Class and its airport lounges, and a further six teas in First Class.

Continue Reading

Business

Wing Commander (Retd.) D. Pradeep S. Kannangara elected president, Industrial Security Foundation

Published

on

The Industrial Security Foundation (ISF) which acts as the sole organization in Sri Lanka to represent the Private Security industry having incorporated by an Act passed in the Parliament, Act No. 51 of 1999, elected Wing Commander (Retd.) Pradeep Kannangara as its President for the years 2022/2023 at its 30th annual General Meeting which was held at the PIM Auditorium in Borella. Wing Commander Pradeep Kannangara was appointed President while 14 other members were appointed to the Executive Committee, strengthening the ISF in order to drive and uplift the standards of the private security industry in Sri Lanka.

He has served on the ExCo consecutively since 2012 under four different presidents where he held the positions of Senior Vice President during the last three consecutive years. He has also been a committed member of the ISF and was awarded prestigious coveted FISF title due to his many valuable contributions to the organization and the Private Security Industry in Sri Lanka in 2012.

Wing Commander Kannangara’s journey into private security began after a successful career in the Sri Lanka Air Force for over 24 years where he served in many capacities finally being the Officer Commanding of the Special Air Borne Force. A recipient of the Ranasura Padakkama (RSP) Gallantry award for his bravery, sacrifices and service to the nation by the President of the Socialist Republic of Sri Lanka in 1990. He holds a Master’s in business management from the Edith Cowan University, Perth, Australia too and serves as a Board Director in AB Securitas (Private) Limited in Sri Lanka and AB Securitas Bangladesh Limited.

Continue Reading

Trending