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HNB ranked among ‘Top 10 Most Admired Companies’ for the 4th consecutive year

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Chief Guest High Commissioner of India to Sri Lanka Gopal Baglay (far right) and Daily FT Editor in Chief Nisthar Cassim (far left) with HNB Executive Director and Chief Operating Officer Dilshan Rodrigo (second from left) as HNB CEO/MD Jonathan Alles (second from right) accepts the award from Guest of Honour Mayor of Colombo Rosy Senanayake at the ceremony.

Sri Lanka’s leading private sector bank HNB PLC, was ranked among the top 10 Most Admired Companies in Sri Lanka for the fourth consecutive year.

In a year that challenged even the strongest organisations, HNB was recognised, not just for its financial performance but also for the value created for shareholders, customers, employees, and the wider community. The Bank has proven its mettle with consistency, authority and sustainable growth, creating excellence in business performance which have inspired other organisations and entrepreneurs.

“We are delighted to be among Sri Lanka’s most admired companies as the respect of our peers and the general public is one of the strongest validations of our pioneering approach to banking. Over the past year, digital transformation was integral for business continuity and offered citizens a safe and convenient mode of completing transactions. The technologies that we have deployed will serve as the bedrock for a new decade of technologically empowered growth, adding greater value to our customers and stakeholders. We pledge to continue fueling this technological transformation to revive the national economy actively,” HNB Managing Director / CEO, Jonathan Alles said.

A collaborative effort by the Chartered Institute of Management Accountants (CIMA) and the International Chamber of Commerce Sri Lanka (ICCSL), the Most Admired Companies are selected under stringent evaluation based on globally accepted criteria. The initial round consisted of a financial evaluation by a team of CIMA members, after which the Top 20 organisations were chosen from a group of nearly 50.

For the second round, companies had to present to a panel of judges, each scoring independently on multiple attributes such as the ability to attract and retain talent, quality of products and services, innovativeness, effectiveness in doing business globally, role in community, environmental, social and corporate governance principles, as well as a track record of integrity and work against corruption in all its forms. An interactive session followed the presentation with the management team and judges to assess how the companies adopted the business practices.

Notably, a survey link was shared with the general public earlier this year to nominate the organisations they felt were the most admired in Sri Lanka. The nominees were invited for the competition, while the adverts ensured other organisations applied as well.

The recognition is the most recent in a string of accolades bestowed on HNB regarding its transformational approach to banking. Earlier this year, HNB achieved an important milestone in its transformation journey when it was ranked once again among the Top 1,000 World Banks by the prestigious UK-based The Banker Magazine for the fifth time in a row. The bank was also recognised as the ‘Best Retail Bank in Sri Lanka’ by the Asian Banker Magazine on eleven occasions and is ranked among the Top 3 Companies in Sri Lanka by Business Today Magazine.

With 254 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd.



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‘Revenue collecting PCs had only Rs. 40 billion for public service in 2021’

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Pasanda Yapa Abeywardena

By Sanath Nanayakkare

There wouldn’t be a better time for major political parties to discuss and arrive at a consensus for abolishing the revenue-collecting provincial council system which hasn’t done anything more than just distributing government-sponsored welfare goods to the people, Pasanda Yapa Abeywardena, chief organiser of Lankalokaya and former provincial councilor said at a press conference in Colombo on January 19.

Pasanda who enjoys familial relationships with political higher-ups in the country while being the current chairman of Sathosa said that the President of Sri Lanka can travel across the island by helicopter in just one and a half hours which is only the size of Virginia in the United States, but has so many layers of governance including executive presidency, parliament, provincial councils, district secretariats, local government institutions etc.

“It is a known fact that provincial councils are mere training centres for the offspring of senior politicians and there is a demand in the country for cost-effective small government. In such a context, all political parties should have a dialogue in the next six months to abolish provincial councils, and strengthen the local government bodies through district development councils administered by the central government. Such a mechanism would reduce administrative layers while expanding the effective understanding of policies made by the government. Then the decisions made by the cabinet of ministers will easily flow to the ground level and the implementation process will be more dynamic. The President also has expressed similar views in this regard, he said.

“In the year 2021, revenue of provincial councils amounted to Rs. 331 billion while total expenditure was Rs. 316 billion, out of which Rs. 279 billion was spent on the payroll without having to bear the costs of provincial councilors. All in all, the provincial councils had only about Rs. 40 billion to spend on public services,” he said.

“In fact, I know from experience that nothing meaningful could be achieved through provincial councils other than merely being an institution of the central government that distributes chairs, mammoties etc., given by the government where provincial councilors claim to be the benefactors.”

“Provincial councils came to its end of term in April 2019 and five years have lapsed since the defunct of the system. Nevertheless, there is no public outcry to restore the system. PC system has never contributed to making any laws of the country or has never initiated a good programme on its own. So, we urge the political parties to engage in a meaningful discussion in the next six months before the country goes to presidential and parliamentary elections.”

He pointed out that the abolition of the PC system would help reduce the tax burden on the people, and that decision has to be taken well before PC elections are held.

Pasanda added that neither the people in the North of Sri Lanka or the government of India are interested in provincial councils anymore though the system was introduced by then government as a means of power decentralisation in Sri Lanka.”

“India is keen to have an equitable solution to the ethnic issue in Sri Lanka. However, I have reliable information that India doesn’t see provincial councils in the North and East would be an enabler in that quest. So, the abolition of provincial councils won’t trigger any geopolitical tensions with India,” he said.

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HNB Assurance Group surpasses 20% growth mark for the third consecutive year

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HNB Assurance Group recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium). The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry.

HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year. Reflecting on this achievement, Ms. Rose Cooray, Chairperson of HNBA and HNBGI, expressed her delight, stating, “To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders. Both teams at HNBA and HNBGI performed an outstanding job, leaving no stone unturned, meticulously analyzing every challenge, and capitalizing on every opportunity. This approach to business was imperative, particularly in the aftermath of COVID-19 and the subsequent economic and social upheaval, where we as a nation encountered numerous challenges in diverse forms. In addition to our consistent growth of GWP, over the past three years, we as a group have so much to celebrate. Our Group assets grew by LKR 10 Bn during the year, well exceeding a remarkable total of LKR 51.2 Bn. Further, investment income for the Group surged to LKR 7.2 Bn, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.”

Honoring claims plays a vital role in maintaining the trust for any insurance company, “I am proud to note that the HNB Assurance Group honored claims of LKR 6.6 Bn, showcasing a growth of 19% compared to the previous year, aptly demonstrating our position as a reliable partner during our policyholder’s time of need.” explained Ms. Cooray.

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Sri Lanka College of Endocrinologists partners with Morison to address the rising challenge of diabetes

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The team members from the Sri Lanka College of Endocrinologists and Morison Ltd, present at the MoU signing

The Sri Lanka College of Endocrinologists (SLCE), the leading authority at the forefront of diabetes management and education in Sri Lanka, has announced a collaborative partnership with Morison Ltd, a pioneer in the Sri Lankan pharmaceutical manufacturing industry, to launch a certificate training program for primary healthcare professionals on diabetes management.

Sri Lanka faces a growing epidemic in diabetes, with an estimated prevalence of one in five Sri Lankans living with diabetes. Primary healthcare doctors are often the first point of contact for patients with diabetes, hence equipping them with specialized knowledge and skills is crucial for early diagnosis, effective management, and preventing complications. The Memorandum of Understanding (MoU) signed between SLCE and Morison on 13th February 2024, reflects a shared commitment to bridge this gap in diabetes expertise and establish primary care as the first line of defence.

The course content developed and delivered by the SLCE, features an evidence-based curriculum, combining theoretical knowledge with practical applications, ensuring participants receive up-to-date knowledge that adheres to the latest Clinical Practice Guidelines and international standards. The program aims to empower primary healthcare professionals to deliver comprehensive diabetes care in their daily practice, including therapeutics, lifestyle counselling, and complication prevention, ultimately leading to improved patient outcomes and reduced burden on the healthcare system. The course, spanning four months, is now open for registrations for the first intake, and the collaboration aims to conduct two such programs per annum.

Dedicated to advancing endocrinology and diabetes care in Sri Lanka, the SLCE spearheads numerous initiatives to educate healthcare professionals on best practices in diabetes management. Dr. Niranjala Meegoda Widanege, President of the Sri Lanka College of Endocrinologists stated, “Equipping our primary healthcare doctors with specialized diabetes knowledge and skills is essential to tackle the growing epidemic effectively. This training program marks a significant step forward in ensuring accessible and quality diabetes care for all Sri Lankans.”

Dinesh Athapaththu, Managing Director, Morison Ltd commenting on the partnership added, “We are pleased to collaborate with the SLCE to bring this meaningful initiative to life. With a patient-centric approach across our value chain, we believe our latest efforts with the SLCE reflects our commitment to deliver a refreshing difference at a time it is most needed by the nation.”

Staying true to their purpose of “Making Premium Healthcare Affordable”, Morison strives to play a major role in the fight against diabetes by bringing the latest therapies closer to the nation with an offering that stands distinctively different with the best of quality and price.

Morison is a truly Sri Lankan pharmaceutical manufacturing company, with a rich legacy of over 60 years of industrial expertise. Their new state-of-the-art manufacturing facility in Homagama, is the largest investment to date in the local pharma manufacturing industry. Being the country’s largest pharma manufacturing facility for general tablets and liquids, it is also the first such facility in Sri Lanka to comply to European Union Good Manufacturing Practices (EU GMP) specifications.

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