Business
Nations Trust Bank reports record financial performance, further strengthening capital adequacy and stability

Nations Trust Bank PLC (NTB) continued its steady performance to close the financial year ending December 2022 with an Operating Income of LKR 38.8Bn, reflecting a solid growth of 67% year-on-year (YoY). Carefully navigating the challenging socio-economic environment, the Bank posted a Profit Before Tax of LKR 13.4Bn, a notable growth of 29% and Profit After Tax of LKR 7.2Bn, an increase of 8%, YoY, thereby reporting a record year for the Bank.
Commenting on the results, Hemantha Gunetilleke, Director & Chief Executive Officer of Nations Trust Bank said “We have delivered a strong full year result, building on the trend demonstrated through 2022 with a PBT of LKR 13.4Bn and a PAT of LKR 7.2Bn. These results underpin the fundamental strengths of the Bank’s Liquidity, Capital Adequacy and Risk Management Framework. These strengths along with a focus on digital innovation, teamwork and adherence to prudent banking practices, ensured that we were able to consistently provide banking service excellence to our customers despite the challenging external environment”.
Interest rate movement and margin expansion during the year resulted in strong Revenue growth of 67%. Operating Expenses were carefully managed throughout the year resulting in Total Operating Expenses increasing by only 27% YoY despite the high inflationary environment.
Gains in Operating Income were negated to some extent by the sharp rise in Impairments. The Bank’s impairment provisions relating to loans, advances and sovereign bonds, rose 270% YoY. Provisions were impacted by negative flows from moratorium loans and the overall deterioration in credit quality across most loan portfolios due to the weak economic environment. The Bank’s exposure to foreign currency denominated security instruments issued by the Government of Sri Lanka were relatively low at 2.6% of the total assets. Appropriate impairment provisions were made by the Bank on these instruments in line with the industry, considering current economic conditions.
The Bank’s overall tax expense grew by 68% during the reporting period due to higher profits, increased corporate tax rates, VAT on Financial Services and the effect of tax reversals recorded in 2021.
“We are confident that the Bank’s strong capital base and healthy liquidity buffers have positioned it well to support our customers to build back from the economic downturn. The Bank is poised to build for the future through further investments in world-class digital banking infrastructure that will help fulfil the future banking needs of our customers,” added Gunetilleke.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through an island wide network of 96 branches. The bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.
Business
SL High Commission in London hosts business promotion dialogue

Sujeeva Nivunhella reporting from London
In a bid to support Sri Lankan small and medium-sized enterprise (SME) entrepreneurs in the UK, the High Commission of Sri Lanka in London, in collaboration with NLC Consultants-UK, hosted the inaugural Sri Lanka Business Promotion Dialogue recently.
The event, designed to assist startup businesses led by Lankan entrepreneurs, aimed to foster business growth, enhance international market access for Sri Lankan-origin products in the UK, and expand employment opportunities for Lankans living in Britain.
Delivering the opening remarks at the dialogue, Minister (Commercial) of the High Commission Somasena Mahadiulwewa emphasized the significance of the event series. He underscored the initiative’s long-term goal of establishing a dedicated SME Entrepreneurs’ Hub at the High Commission, in line with the vision of the new Sri Lankan government and guidance from the country’s Foreign Affairs and other relevant ministries.
As part of the event’s knowledge-sharing sessions, Ranganath Abeykoonge, a Chartered Accountant and Managing Director of Sonic Builders in London, shared insights on his journey to business success. Drawing from his experiences, including working at major UK companies like TK Maxx, Abeykoonge encouraged young Lankan entrepreneurs to capitalize on business opportunities in the UK while also creating jobs for their fellow nationals.
Thilak Dharmarathne, a past member of the Sri Lanka AAT Council and Director of NLC Consultants-UK, delivered an address highlighting strategies for business growth and market penetration.
A panel discussion, chaired by Mahadiulwewa, addressed key concerns faced by Lankan business owners in the UK. Panellists included Nayana Kularathne, a Chartered Accountant, who provided guidance on tax and accounting matters; Heshan Mathugamage, a Sri Lankan lawyer and Director of NLC Consultants-UK, who addressed company startup queries; Mohamed Sameen, a UK solicitor, who covered legal business processes; and Kosala Perera, an HR consultant, who discussed employment policies in the UK.
Mahadiulwewa also shared details of the UK’s Developing Countries Trading Scheme (DCTS), a duty-free opportunity announced by UK authorities in June 2023, which Sri Lankan exporters can leverage to access the UK market. Additionally, he outlined regulations concerning product labeling, food, and other product standards, offering valuable insights to aspiring exporters.
During the Q&A session, Mahadiulwewa presented a list of existing and potential export items from Sri Lanka to the UK, along with investment and tourism opportunities available in Sri Lanka.
The interactive event saw participation from 30 Lankan entrepreneurs, with discussions conducted in Sinhala, Tamil, and English. The next Sri Lanka Business Promotion Dialogue is scheduled to take place in Manchester in April 2025, promising to extend support to more Lankan entrepreneurs across the UK.
Business
Tourism Malaysia launches sales mission to strengthen ties with Lankan market

Tourism Malaysia is excited to announce the launch of its Sales Mission in Colombo, aimed at revitalizing its presence and strengthening its relationship with the Sri Lankan tourism market. This initiative follows a remarkable 122% increase in Sri Lankan tourists to Malaysia, with 58,015 visitors in 2024 compared to just 26,058 in 2019, prior to the pandemic.
The mission emphasizes Malaysia’s potential as a key travel destination for Sri Lankans, highlighted by 30 weekly flights from Colombo, offering a seat capacity of 4,990. Hishamuddin Mustafa, Director of Tourism Malaysia Chennai (South India & Sri Lanka), stated, “We are here to reconnect with local industry players, express our gratitude for their support, and explore new opportunities for collaboration. The participation of 45 Malaysian sellers in this mission further demonstrates our commitment to strengthening Malaysia’s presence in the Sri Lankan market.”
With Visit Malaysia Year 2026 on the horizon, the goal is to attract 100,000 Sri Lankan travelers.
Business
Platform Daddy wins Best Strategic Digital Marketing Brand of the Year Award

Platform Daddy Pvt. Ltd has been awarded as the Best Strategic Digital Marketing Brand of the Year at the Pinnacle Sri Lanka Awards 2024. The award ceremony was held at Taj Samudra Hotel in Colombo, and company’s Chief Executive Officer, Nirmal Danansooriya received the award from former Speaker of Parliament, Sri Lankabhimanya, Karu Jayasuriya.
Beyond business, Platform Daddy remains committed to social impact. The Platform Buddy Foundation provides care, shelter, and medical support for street dogs, while the Platform Tree Foundation focuses on urban greening and environmental sustainability, with 5% of company earnings dedicated to these causes. The company has previously been honoured at several local and international award ceremonies such as the Asia Miracle Awards, the Iconic Awards, and the People’s Excellency Awards, said a release.
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