Business
HSBC Sri Lanka recognised as the Best Consumer Digital Bank by Global Finance

HSBC has been recognised as the Best Consumer Digital Bank in Sri Lanka for 2021 by Global Finance at the World’s Best Consumer Digital Banks Awards in Asia-Pacific. While this is the bank’s fourth award win for this year, this also marks the 13th time that HSBC Sri Lanka has been named the Best Consumer Digital Bank, since 2006.
HSBC Sri Lanka is also the only market in Asia Pacific to win the prestigious award this year.
According to Global Finance, the global health crisis accelerated the need for digital and contact-free solutions by banks in helping create safe and efficient banking services for customers. HSBC Sri Lanka was quick to react in supporting customers in providing seamless digital bank offerings in an increasingly demanding environment, while ensuring customers have a secure banking service with a full spectrum of client-centric banking services.
Through its wealth of digital capabilities and offerings, HSBC allowed customers to adopt a mobile-first approach, and provide them with faster, easier and more secure banking services 24/7. The bank introduced a virtual on boarding capability for account opening, loans and credit cards supported by Adobe Live Sign, eKYC and virtual PINs to provide a seamless on boarding experience for customers. HSBC also offers credit card activation through SMS and an e2e virtual registration process for online banking, offering a virtual banking experience.
In Sri Lanka more than 90% of its personal customers now use digital channels including mobile banking, e-wallets, real-time cash deposit machines and other digital services.
Nadeesha Senaratne, Country Head of Wealth & Personal Banking said, “We are truly honoured to be named the Best Consumer Digital Bank in Sri Lanka for 2021 by Global Finance in recognition of our digital capabilities, and delivering important everyday services and features that customers need and expect. As a leading international bank, we are putting the power of our bank in every customer’s pocket, with easier and more secure digital banking. We want to take the hassle out of everyday banking, and enable customers to easily manage their money online, from opening a new account in a few clicks, to making real time payments and accessing credit.”
Senaratne added: “We’re also blending the power of technology with the expertise of our people and empowering our frontline teams with the latest data and insights tools, to be better-equipped to check customer satisfaction in the moment, to understand, and respond to their evolving needs and give customers excellent service.”
Winners were selected by a world-class panel of judges and entries were judged based on the strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings and evidence of tangible benefits gained from digital initiatives.
Earlier this year, HSBC Sri Lanka was also named International Bank of the Year by Asiamoney and Finance Asia respectively, and International Retail Bank of the Year by Asian Banking & Finance.
Business
NSB Chairman hands over annual report to President

Dr. Harsha Cabral, Chairman of the National Savings Bank, formally presented the bank’s annual report for the year 2022 to Minister of Finance, Economic Stabilization & National Policies President Ranil Wickremesinghe at the Presidential Secretariat on Thursday (01).
The report, titled “Strengthening Our Strength,” provides an integrated overview of the bank’s performance within the economic framework and its engagements with the social and environmental sectors.
Business
The Central Bank of Sri Lanka relaxes its Monetary Policy stance

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 31 May 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 250 basis points to 13.00 per cent and 14.00 per cent, respectively.
The Board arrived at this decision with a view to easing monetary conditions in line with the faster than expected slowing of inflation, gradual dissipation of inflationary pressures and further anchoring of inflation expectations. The commencing of such monetary easing is expected to provide an impetus for the economy to rebound from the historic contraction of activity witnessed in 2022, while easing pressures in the financial markets.
Business
‘Damro-revived Agalawatte Plantations in impressive start to 2023’

* Q1 Revenue grows 49.7% to Rs 1.489 billion
* Pre-tax profit up 44.6% to Rs 417.2 million
* Major investments in replanting of rubber and tea to continue in 2023
Agalawatte Plantations PLC (APL) has reported impressive revenue and profit growth in the first quarter of 2023, consolidating on the remarkable turnaround achieved subsequent to the acquisition of a majority stake in the Company by the Damro Group.
Revenue grew by 49.7% to Rs 1.489 billion for the three months ending 31st March 2023, with revenue from tea doubling to Rs 796.2 million over the first quarter of 2022, and revenue from oil palm up 57.5% to Rs 305.1 million. Rubber contributed Rs 216.9 million to the Company’s top line in the quarter reviewed.
Stable tea prices and an increased oil palm crop enabled APL to post pre-tax profit of Rs 417.2 million for the three months, reflecting growth of 44.6%. Total assets grew by 21.2% since end 2022 to Rs 6.448 billion as at 31st March 2023, and the Company’s net assets value per share improved by 23.5% to Rs 26.09.
Nalaka Gunathilake, Managing Director / CEO of Agalawatte Plantations described the growth achieved in the first quarter of 2023 as extremely encouraging in the context of the Company’s achievement of net profit of Rs 1.76 billion for the year ended 31st December 2022, the highest profit in its history.
Once debt-ridden and at risk of liquidation, Agalawatte Plantations became part of the Damro Group in 2017 when the latter acquired the majority stake in the Company and infused Rs 3.2 billion for the payment of unsettled dues and statutory obligations. Timely investments in replanting, factory modernisation, redefining strategic focus and leadership transformed the Company into the strong corporate it is today, Gunathilake said. Good management practices together with agricultural inputs and professional human resources management policies too played pivotal role in this turnaround.
APL produces around 2 million kgs of latex annually and the company has facilities to manufacture Latex Crepe, Ribbed Smoked Sheets (RSS) and Centrifuged latex depending on the demand in the market. The Company’s tea production is around 2 million kgs per year and this volume is expected to increase with the availability of chemical fertilizer and agrochemicals in the country. APL also produces more than 11 million kgs of oil palm crop annually, generating substantial returns for the Company.
With the Company’s acquisition by Damro Group a strategic management decision was taken to prioritise replanting across all estates under APL management. An extent of over 2,600 acres of aged and uneconomical rubber land has since been replanted with high yielding clones to ensure company’s productivity and sustainability in the years ahead.
The Company disclosed that a further extent of over 1,000 acres is to be replanted in 2023 and land preparation and preliminary work in these areas has already commenced. In order to support the company’s ambitious rubber replanting programme, Agalawatte Plantations has its own network of rubber nurseries and has established 400,000 seedlings in six regional nurseries to supply healthy and vigorous plants.
Between 2017-2022, an extent of over 263 acres of tea has also been replanted and the preliminary work on another 150 acres has been commenced in 2023. Five tea nurseries with 900,000 plants will supply the requirement of high yielding vigorous tea plants for the replanting programme.
APL said it is gearing up for a new phase of growth in the tea plantations by obtaining system and quality management certifications. The company has obtained the Rain Forest Alliance (RA) certification for its upcountry tea estates while all tea manufacturing facilities have obtained the ISO 22000 Food Safety Management System certification.
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