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NDB Wealth celebrates a wealth of seasonal joy

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This year expert financial planner NDB Wealth Management celebrates Avurudu 2021 by encouraging a wealth of seasonal joy for their valuable and loyal customers.

The Sinhala and Tamil new year heralds a season of joy, happiness and prosperity uniting families and friends to celebrate the age old traditions and rituals which have been a part of the country’s culture for generations. The Aluth Avurudha is a special time for financial renewal and strengthening signified by the tradition of “Ganu Denu”, the first financial transaction of the season. It’s that special designated time of the year to gear up for the new dawning ushering in prosperity and abundance. Managing wealth and saving for the future is that secure step towards prosperity, ensuring financial security for you and your family.

“This is the time of the year where you thoughtfully reflect upon the bygones and make definite decisions for your future success. Taking that positive step in the right direction, everyone aspires to be able to make the Avurudu season a memorable one for their family and themselves,” commented Ms. Vindhya Jayasekera, Vice President of NDB Wealth.

“Being able to indulge in all the festive celebrations, the gift buying, the caring and sharing with a new – found peace of mind is a dream come true for all of us. Financial security and prosperity have become a very integral part of life’s new journey. It’s imperative to be prepared to face the changes and challenges of the future,” Jayasekera elaborated further.

NDB Wealth offers well designed wealth plans that will help you prepare for your future by allowing you to benefit and maximise on your returns. The Money Plus Fund is an ideal wealth plan for new beginnings. It is a rewarding investment account which allows you to enjoy your monthly interest or even capital withdrawals – whenever the occasion calls. Money Plus will especially help you to plan ahead for future celebrations and festivities such as Avurudu as it works like a savings account. Currently, the Money Plus fund yields 5.50% per annum as at 25th March, 2021. With the income being credited daily, NDB Wealth Money Plus is proving to be the ideal account for busy individuals who have limited time to keep track of their ongoing finances.

It’s time you celebrate wisely and well. Visit www.ndbwealth.com or call on 0719 788 788 and speak to one of the relationship managers to enjoy a wealth of joy this season and in the seasons to follow. You can also visit their website to explore other investment opportunities, or even connect with NDB Wealth’s exemplary team of financial planners who can help you and your family to achieve full financial independence, with all the benefits entailed therein.

NDB Wealth is fully owned subsidiary of the NDB Bank, one of the fastest growing financial services conglomerates in Sri Lanka, with the strategic mission to be the leader in the financial services sector. From its inception, the group which includes NDB Bank, NDB Investment Banking, NDB Wealth, NDB Securities, and NDB Capital has been a catalyst in the development of the nation, strengthening and empowering entrepreneurs, corporates and individuals from all strata of the economy. The customers across all NDB Group companies have benefited from the extensive product and service offerings of the NDB Bank and its affiliates.

*Current yield is variable and subject to change. Past performance is not indicative of future performance. Investors are advised to read and understand the contents of the Exploratory Memorandum before investing. Among others, investors should consider the fees and charges involved

 



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OPPO releases new OPPO A54 in Sri Lanka

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OPPO, the leading global smart device brand, announces the launch of OPPO A54 in Sri Lanka.

A54’s attention to design and great usability is evident in both its exquisite appearance and how it helps to capture great looking shots. This starts with the Material of the Rear Cover, which uses metallic material for its 3D panel, but contributes to a stronger and less bendable structure but also a comfortable in-hand feel. As a result, A54 weighs about 192g and is 8.4mm thin. To align the overall look and feel of the phone, close attention is paid to the Middle Frame Process.

“A Series is designed to enhance or complement our users’ lifestyles and OPPO A54 achieves just this with a phone that manages to balance a high-end performance with contemporary design. Its large 5000mAh battery and 18W Fast Charge makes sure you’re fully powered to get you through your day. With A54, you’ll also have enough storage and memory to make sure that you’ll enjoy your entertainment without the frustrations of an underperforming smartphone,” said Bob Li, CEO, XINDA Lanka (OPPO Sri Lanka).

The Rear Cameras itself feature a 13MP Main Camera, 2MP Macro Camera for close range shots, and 2MP Bokehfor brilliant bokeh shots that blur the background and highlight the subject of the photo. A54 enhances shots in all environments with Dazzle Color, balancing the saturation and brightness. A54 also supports filming videos including SLO-MO at 720P at 90FPS with the rear camera, and up to 10 video Filters including Original, Gentle, Noon, Subtle and more.

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Pan Asia Bank records best-ever Q1 results in challenging times – Profit After Tax soars by 81% to post Rs. 750 mn.

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Pan Asia Banking Corporation PLC reported the best-ever first quarter financial results during the quarter ended 31st March 2021 to report a Pre-Tax Profit of Rs. 986 Mn and a Post-Tax Profit of Rs. 750 Mn after recording impressive growth rates of 51% and 81% respectively, demonstrating the resilience amidst challenging macro economic conditions. The Bank’s performance was characterised by strength and resilience, despite the heightened uncertainty due to the impact of the COVID-19 pandemic.

Against the backdrop of the COVID-19 impact on the Sri Lankan economy, the Bank’s Operating Profits before VAT on Financial Services reached Rs. 1,197 Mn with an increase of 47%, reflecting excellence in core banking performance and the success of cost containment measures evidenced by improvement in all key matrices which now rank among the industry bests. This feat was achieved even after setting aside provisions for probable loan losses amounting to Rs. 638 Mn. The Bank increased the provision buffers for probable deterioration in credit quality through management overlays, experience adjustments and adjustments for the exposures in the elevated risk industries during the quarter. As a result, total impairment charges for the quarter increased by 21% on YoY basis.

The Bank’s Net Interest Income for the period witnessed an increase of 17% due to significant reduction in financial cost of funds at a rate faster than the drop in interest yields of interest bearing assets. Consequently, the Bank’s Net Interest Margin for the quarter improved to 5.07% from 4.41% reported three months ago. In the meantime, the Bank’s Net Fee and Commission Income recorded a growth of 28% with the rebound in demand for credit due to revival of economic activity amidst the low interest rate regime. The volatility in foreign exchange rates enabled the Bank to increase its Foreign Exchange Income substantially as reflected in Other Operating Income.

The Bank is committed to revenue maximisation and cost management despite sector vulnerabilities that prevailed since last year. The Bank’s Cost-to-Income Ratio improved from 45.66% to 38.08% within a three months period owing to the excellence in core banking performance which is reflected in the noteworthy overall growth in key revenue lines and various strategies and measures taken to contain overhead costs. In fact, the Bank managed to bring down its Other Operating Expenses by 9% in 2021 Q1 compared to 2020 Q1. Meanwhile, increased allocations for performance bonuses, development of human capital and staff welfare led to an increase in personnel costs during the reporting period compared to 2020 Q1.

The Bank’s Post-Tax Profits for the reporting quarter also gained to an extent due to application of lower corporate income tax rate of 24% for tax provisioning in accordance with the guideline issued by CA Sri Lanka on 23rd April 2021.

The Bank continues to report solid Key Profitability Indicators which rank among the highest in the industry. The Bank’s Pre-Tax Return on Assets also improved to 2.24% from 1.70%. Further, the Bank reported a stunning Return on Equity (ROE) of 19.27% during the quarter under review which stands among the industry best. The ROE is the most important performance indicator to gauge the attractiveness of the Banking sector and Pan Asia Bank during its last few years has consistently remained an outlier in the industry.

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SLIIT nurtures school children at ‘Soft Skills + 2021’

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The SLIIT Business School (SBS) organised ‘Soft Skills+ 2021’ concluded on an extremely successful note recently helping students engage, cooperate and thrive in building their talents towards personal development and career progression.

SLIIT Soft Skills+ event is an annual flagship CSR Project of the SLIIT Business School organized with the primary objective of developing secondary school students’ soft skills in positive thinking, creativity, analytical thinking, leadership skills, problem-solving skills, communication skills, and teamwork.

Over the years, the programme has garnered much popularity among schools and participants. Due to its tremendous success achieved in previous programmes, Soft Skills+ 2021 followed an upgraded structure. For the first time in the Soft Skills+ programme history, the event was held via online platforms, including a Soft Skills-based online quiz and an online workshop for students and teachers.

During the Grand Finale, Prof. Samantha Thelijjagoda, Dean of SLIIT Business School welcomed the participants and distinguished guests. Prof. Lalith Gamage, Vice Chancellor, SLIIT also addressed the gathering.

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