Business
Ideal Finance targets more than doubling branch network

Ideal Finance Limited (IFL) has opened its 13th branch in Welimada, as part of the company’s massive expansion drive to more than double its branch network, by adding 15 new locations within the current financial year (FY 2021/22).
The new branch, which provides a range of services such as leasing, loans (including gold loans) and deposits, was opened by IFL at Welimada, given the area’s importance as a production hub for up-country vegetables and as the location of the Keppetipola Economic Centre, a key trading centre for many types of produce.
The Welimada branch opening will be followed by the opening of new branches at several key locations in September, as Ideal Finance ramps up its branch network on the back of several key recent developments. These include attracting new Foreign Direct Investment (FDI) from India’s Mahindra & Mahindra Financial Services Limited (MMFSL), an upgrading of IFL’s rating by Fitch and the company recording its best-ever financial performance in the last financial year (FY 2020/21).
With the latest investment, MMFSL is now Ideal Finance’s largest shareholder with a 58.2% stake, making Ideal Finance its second foreign subsidiary. MMFSL’s total investment in IFL amounts to LKR 2 billion. Earlier, in 2020, MMFSL secured a 38.2% stake in Ideal Finance, providing the latter the backing of a massive financial giant with over USD 11 billion assets under management, which far exceeds that of Sri Lanka’s entire banking industry.
Fitch Ratings also recently upgraded Ideal Finance’s rating to ‘AA-(lka)’ from ‘BB-(lka)’ and assigned a ‘stable outlook’, providing a further vote of confidence on the company’s stability and prospects.
Adding further positive momentum to these developments, Ideal Finance recorded its best-ever annual financial performance in the financial year ended 31st March 2021, emphatically overcoming a host of issues stemming from COVID-19. In this same period, the country’s Non-Bank Financial Institution (NBFI) sector recorded a notable decline, reporting a drop in profitability and a surge in Non-Performing Loans (NPLs).
However, going against the industry trend, Ideal Finance achieved a simultaneous increase in profitability and a reduction of its NPL ratio. Profit Before Tax (PBT) increased by 76% to LKR 288.4 million in the financial year ended 31st March 2021, on a year-on-year (YoY) basis. Profit After Tax (PAT) grew by 74% to LKR 183.8 million YoY. Gross NPL ratio improved to 3.3% for the financial year, from 5.2% in the previous year.
“Mahindra & Mahindra Financial Services demonstrating its confidence in Ideal Finance and in Sri Lanka with this investment is a timely vote of confidence on both the country’s economic prospects and in Ideal Finance’s stability and growth trajectory,” Nalin Welgama, Chairman, Ideal Group, said. “The company’s stellar performance in the midst of numerous challenges, in out-performing the industry in all key indicators, demonstrates that confidence in Ideal Finance was well-placed.”
“Prudent strategic changes delivered dividends, as evidenced by this performance,” Ideal Finance CEO, Duminda Weerasekare said. “However, it is perhaps even more commendable that in addition to short-term improvements, developments undertaken during this challenging period has laid the foundation for a high long-term growth trajectory – particularly with the launch of our new digitization strategy.”
“The expansion of our branch network will further strengthen Ideal Finance’s presence in key areas outside of the Western Province,” Ideal Finance Regional Manager, Nilanga Jayalath said. “This positions Ideal Finance well to support and benefit from the growth of sectors such as agriculture, as the country focuses on boosting domestic production.”
Ideal Finance Ltd. (IFL), a NBFI registered with Central Bank of Sri Lanka, commenced operations in March 2012 with a clear focus on the rural and semi-urban sectors. Its lending portfolio consists of gold loans, SME loans, personal loans, motor cars, three wheelers and commercial vehicles. IFL has developed a quality lending portfolio, while recording sustainable annual growth in profitability.
Business
Stealer malware leaked over 2 million bank cards

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.
Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.
Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.
On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.
“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.
In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.
The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.
Business
ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).
The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.
The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.
Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.
The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.
Business
UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.
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