Business
National Savings Bank surged its PBT by 192.4% during 1Q2024

National Savings Bank began 2024 with a growth momentum, achieving Rs. 3.4 Bn Profit After Tax (PAT) for the first quarter with an impressive increase of 221.8% over the same period last year. Followed by two years of financial hardships, the Bank has reverted its regular financial performance showing the balance sheet strength backed by 100% government guarantee and demonstrating the strong management skills and dedication of employees at all levels.
Downward trajectory in the market interest rates made a positive impact on NSB’s profit and loss statement by lowering cost of funds. The Bank reported a Net Interest Income of Rs. 14Bn for the first three months of the year, an upswing of 79% compared to the same period in 2023. Prevalent low interest rates in the financial market abridged the Bank’s Interest Expense by 18% to Rs. 39 Bn compared to reduction of Interest Income by 4.3% to Rs. 53 Bn which became the major contributor to increase in the Net Interest Income.
Fee and Commission Income increased by 35% which was mainly contributed by Fee and Commission by Cards and Service charges. Commission Income from Trade and Remittance also increased by 17% demonstrating the expansion of Remittance business during the period.
Net Gain from Trading and Net gains/(losses) on derecognition of financial assets through OCI also increased by 85% and 416% respectively mainly due to Trading income from Fixed Income Securities and Realized Gain from Treasury Bills and Treasury Bonds.
The Bank made an impairment charge of Rs. 270 Mn for the period concerned which is a reduction of 11.2% compared to the first quarter of 2023. The Impaired Loan (stage 3) Ratio and Impairment (stage 3) to Stage 3 loans stood at 2.42% and 52.93% respectively indicating the financial resilience and robust controlling mechanisms followed by the Bank. These strategic actions paved the path to increase the bottom line and highlighted the Bank’s dedication to maintaining stability in challenging economic environments.
Accordingly, the Bank reported an operating profit before taxes of Rs. 8.1Bn with a notable increase of 158. 4% despite the increase in operating expenses by 33.2% to Rs. 7.3Bn.
Taxes on financial services increased by 98% to Rs. 2.2 Bn which led to a Profit Before Tax of Rs. 5.8Bn which is a significant 192.4% YoY growth. Income Tax expense increased by 160% up to Rs. 2.5Bn for the three months period of the financial year 2024 resulting in a Profit after Tax of Rs. 3.4Bn with a 221.8% remarkable growth.
Total Assets of the Bank reported Rs. 1.68Tn at the end of first quarter of 2024 with a marginal decrease of 0.3% on account of reduction in the Loans and Advances portfolio. Total Deposits amounted to Rs. 1.5Tn with a marginal increase of 0.9%.
Commenting on the Bank’s performance, Chairperson Dr Harsha Cabral PC said “the resilience of our Bank has been a critical factor in navigating the challenges of the current economic landscape. Our ability to adapt and thrive amid market fluctuations speaks volumes about the strength and stability of our institution”.
General Manager /CEO, Ms Shashi Kandambi commented that “With all the obstacles and hardships faced during last two years, 2024 is a game changing year for National Savings Bank. Our strategic initiatives have yielded significant results, underscoring our commitment to excellence and sustainable growth. Our key operational indicators and performance ratios continued to be robust, demonstrating our strong financial health and operational efficiency. These positive results reinforce our position as a responsible corporate citizen, and we are confident in our ability to build on this momentum in the coming quarters”. She added that “we remain committed to delivering value to our customers, shareholders, and the community”.
Key Performance Indicators
In terms of profitability, liquidity, and capital ratios, the National Savings Bank is exceptionally well-positioned. The Bank reported a Net Interest Margin of 3.34% at the end of first three months of 2024. Return on Assets (ROA) and Return on Equity (ROE) stood at 1.39% and 16.31% respectively showcasing resilient performance. Regulatory Liquidity Coverage Ratio (Rupee), Liquidity Coverage Ratio (All Currency) and Net stable Funding Ratio stood well above the regulatory minimum requirement of 100% at 308.33%, 304.7% and 183.12% respectively. Tier I and Total Capital Adequacy ratios by the end of Q1 2024 stood at 21.074% and 23.372% far above the regulatory minimum levels of 8.5% and 12.5% respectively.
(NSB)
Business
Sublime W15 Hanthana Estate

By a correspondent
The Hanthana mountain range softly breathes, alive with the sound of silence. A pristine white bungalow sits facing these emerald-clad hills, its colonial crevices invoking the charm and nostalgia of a bygone era. A face from another time, kissed by the warm rays of the sun or caressed by the cool fingers of the mist. This is the resplendent Hanthana Estate by the W15 Collection, a place of beauty, a place of peace, where transcendent excellence is an apt description.
I took the early morning Ella Odessey train to Kandy, a comfortable journey that was accentuated by breathtaking vistas closer to Kandy. I was picked up at the station by the W15 driver and my personal butler for my stay. The first inkling of how my stay would pan out came when I was pleasantly surprised with the regular hotel welcome inside the Land Rover. The offer of a cool towel, the choice of a warm or cold beverage to ease fatigue, even before one steps into the foyer of a hotel, was an astute gesture towards ensuring customer delight.
W15 Hanthana Estate is a deliberately crafted blend of colonial charm (the bungalow being over 125 years old, lovingly and attentively restored to its present glory by renowned architect Chamika de Alwis) and modern opulence. The main bungalow unfolds like a tapestry of sepia and cream, weaving together six exclusive suites with four more situated a little beyond in the two storied stables, which boast an awe-inspiring view of the Uragala and Katusukonda mountains. I’m told that these mountain ranges have a certain significance to movie buffs who might recall that the famed “Indiana Jones and the Temple of Doom (1984) had certain shots filmed in the vicinity.
They offer numerous activities such as trekking in some of the most scenic hiking routes of the island, mountain biking, bird and butterfly watching, wildlife excursions (for the uninformed like myself, there are leopards, elusive yes but still roaming these jungles along with the more common sambar deer), nature sessions with the in-house naturalist or scenic walks and visits to nearby temples to interest you. Hanthana Estate also offers cookery lessons where you could pick your own vegetables from their herb and vegetable garden and have the pleasure of making your own lunch with the help of their chefs. One could also set off on an invigorating and informative drive through the tea plantations in their vintage Land Rover along with their naturalist who has a wealth of knowledge about the mountains, the flora and fauna, history and folklore. With kudos to the management for keeping history alive, Hanthana Estate also offers its guest a traditional, colonial inspired delectable high tea with finely cut finger sandwiches, flaky pastries, dainty fairy cakes and freshly baked scones with a pot of Ceylon tea. This high tea in a picnic form or cocktails as per guest preference, can also be enjoyed at a rock outcrop just a ten-minute jeep drive away from the bungalow which they call the ‘Rock Bar’, while the setting sun paints the skies in vivid hues.
This land initially belonged to Oodewella tea plantation, founded in 1880 which is one of the oldest tea estates in the country, considering that the tea cultivation in the country, established by James Taylor, dates back to 1867. Hanthana Group was created between 1985-1988 where Oodwella group was amalgamated with the Hanthana Estate. It would have seemed like a flashback when the great grandson of Gordon Pyper visited Hanthana Estate recently. The first Gordon Pyper had come to Sri Lanka in 1872 when Hanthana was a coffee plantation and following the coffee blight, planted tea in this beautiful estate. His son and grandson were superintendents at Hanthana and the current Gordon Pyper lived the first 11 years of his life in these environs. He affirms that its “wonderful to be back to the Hanthana of his childhood and W15 Hanthana Estate has given him wonderful memories to cherish always.”
It is an understatement to say that W15 Hanthana Estate caters to every whim and fancy of their discerning guest as they operate on an all-inclusive basis. Your personal butler is just a call away, your food is an exquisitely crafted story, your bed an epitome of comfort which entices you to linger, a shower is more of a response of sensual indulgence with irresistible Spa Ceylon products. Once you tear yourself away from your suite, the bungalow with its art, cosy chesterfield sofas and warm lighting and verdant hills that call you name – all this and more is what W15 promises. In my eyes, what makes Hanthana Estate special is not just beautiful surroundings and peace- I feel what makes this wonderous place feel like home, is the attention they pay to details such as the offer of a warm shawl when a guest involuntarily shivers, the evening turn down service where a hot water bottle is left beneath the duvet, the cushy slippers placed just right, and a myriad of little things that makes you smile or sigh contentedly.
I leave Hanthana Estate feeling a little lighter. All I can feel is that my soul is quieter and softer and more sublime.
Business
BOI invests Rs. 763 Mn in Horana Export Processing Zone: Next leap of Sustainable Best Practices

The newfound government is accelerating its efforts to attract Foreign Direct Investment (FDI) to the country by providing much-needed infrastructure to existing and new investors. The Horana Economic Processing Zone (HEPZ) is a center of attraction due to its location.
One key feature of the BOI zones is the provision of services that enable investors to operate their businesses smoothly, and investors always prefer the “turn-key nature” of these facilities. Electricity, water, and drainage systems; inbound illumination systems; and internal roads are the key attractions to the investors. These essential facilities enable investors to conduct commercial operations or constructions immediately after signsing of agreement with the BOI.
The constituency of the Horana EPZ consists of more manufacturing-led investors, and the wastewater treatment plant (CWWTP) is an integral part of the operation. Most importantly, the Horona EPZ’s long-term viability and compliance with the ESG framework of the organization make it even better at meeting the UN’s Sustainable Development Goals (Goal 15).
Hence, it was identified by the BOI that the capacity of the existing Common Wastewater Treatment Plant (CWWTP) needs to increase its capacity, which is used for the treatment of wastewater discharges from industries at HEPZ, and therefore, augmentation of CWWTP up to a capacity of 3000 m³ per day is essential to cater to the present influent volume of 1750 m³/day and forecasted additional volume of wastewater generated from the expansion of the existing projects and new projects to be established in vacant lands while uplifting the environmental sustainability of the zone and mitigating the health issues.
The BOI Capital Budget lists this project as a priority activity to reduce any possible environmental impacts and meet the CEA’s requirements for getting an Environmental Protection License (EPL) for the Horana Export Processing Zone.
The bids were invited through the National Competitive Bidding process, which had eleven (11) bidders that submitted the bids, and only four (04) applicants were eligible for the detailed evaluation. Bids were evaluated; at the evaluation stage, the Technical Evaluation Committee (TEC) determined the least substantially responsive bidder that had fulfilled the relevant qualifications and experience required for awarding the contract.
Hence, the Cabinet of Ministers, by decision dated 05/06/2023, has granted approval for the proposed enhancement of the common wastewater treatment plant (CWWTP) at Horana Export Processing Zone, utilizing BOI funds, after the competitive bidding process and technical evaluation are completed. On 9th December 2024, the Cabinet took the final decision and approved the contract award to Luminex PLC, located at No. 24, New Galle Road, Moratuwa.
The BOI always works with the Central Environmental Authority, takes necessary action to mitigate imminent adverse environmental and health issues, and follows instructions to maintain the treatment efficiency of the existing wastewater treatment plant at HEPZ. Because of this, the proposed addition should make the treatment system efficient and effective, Further, it will strengthen the existing Common Wastewater Treatment Plant (CWWTP) and fully meet the discharge effluent standards and CEA requirements. (BOI)
Business
Mr. Burger opens third outlet in Wattala, expanding its reach in Colombo’s suburbs

Mr. Burger, one of Sri Lanka’s emerging fast-food brands, has officially opened its third outlet in Wattala, marking another milestone in its steady expansion. Since launching in 2017, the brand has grown in popularity for its signature fusion-style burgers, now serving customers from three key locations: Bambalapitiya, Rajagiriya, and Wattala.
The new Wattala branch strengthens Mr. Burger’s presence in the Colombo suburbs, offering its full menu of customer favorites, including the Chicken Pounder, Dual Mode, and Monster Chicken burgers. Known for its focus on quality and affordability, the brand has built a loyal customer base by consistently delivering fresh, flavorful meals.
Open from 11 AM to 2 AM daily, Mr. Burger caters to both daytime and late-night diners. The company also operates its own delivery service alongside availability on Uber Eats and PickMe, ensuring convenience for customers across all three locations.
Speaking about the latest expansion, founder and CEO Ikram Salam highlighted the brand’s commitment to growth while maintaining its core values. “The Wattala opening is an exciting step for us. We’ve always focused on providing a great product with a strong customer-first approach, and this new outlet allows us to serve more customers while staying true to what makes Mr. Burger special.”
With its expansion into Wattala, Mr. Burger continues to strengthen its footprint in Sri Lanka’s fast-food industry, reinforcing its commitment to accessibility, quality, and customer satisfaction.
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