Business
“People’s Bank ends 2023 with remarkable successes on multiple fronts”
People’s Bank announced the results for its year ended December 31, 2023 reporting total consolidated operating income and pre-tax profit of LKR 96.8 billion and LKR 19.3 billion, respectively.
A People’s Bank press release said: ‘Reflecting high interest costs on term deposit funding, due to the high interest rate environment which prevailed during 2022 and early 2023 – and significant interest concessions extended to the customers for the ultimate benefit of the country – saw consolidated net interest income slip to LKR 67.8 billion during the year from LKR 91.0 billion in the year prior. However, the last quarter of the year showed a forward movement on this front as its interest expense continues to normalize with the current interest rate environment. Consolidated net fees & commission income amounted to LKR 13.9 billion, reflecting a 11.0% growth over 2022 less extraordinary items during the said prior year.
“Despite inflation-pushed cost pressures, total consolidated operating expenses rose by only 5.5% to reach LKR 62.2 billion (2022 LKR 59.0 billion) ultimately reflecting stringent cost control and efficiency improvements which compared well with peers.
“Total consolidated customers’ deposits and rupee loans grew by 12.0% and 1.4%, respectively whilst it’s all currency net loans contracted by 4.0% reflecting both the appreciation of the rupee impact on its foreign currency loan book as well as measured growth by both the Bank and the Group in the first half of the year considering macro-economic circumstances. Total consolidated assets stood at LKR 3,208.2 billion at period end (end 2022: LKR 3,133.1 billion).
“The Bank’s Tier I and Total Capital Adequacy Ratios were 12.4% and 17.4%, respectively at December 31, 2023 (end 2022: 11.9% and 16.3%) whilst, on a consolidated basis, it was 13.7% and 18.2%, respectively (end 2022: 13.3% and 17.2%). The Bank’s solvency levels remain sound ultimately reflecting efforts made since the onset of Basel III on July 1, 2017. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently in process.
“Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Sujeewa Rajapakse, stated, among other things, that: ‘Considering the added burden shouldered as a State Bank – amidst the most challenging set of circumstances over the last four (4) years, I am very pleased with the Bank’s overall performance on both quantitative and, even more importantly, a qualitative front.
Taking on some of these challenges head-on, we have navigated the first phase of the Domestic Debt Optimization program with great success, converted our rupee liquidity stresses to now an all-time high excess, further augmented our regulatory capital amidst limiting circumstances and drive super normal growth across all our overall digital platforms – all of which whilst continuing to place national interest and serving our customers at the heart of all our decision making ahead of profitability.’
Business
SriLankan Airlines Enhances Australia Connectivity with 14 Weekly Flights
11 March 2026; Colombo – SriLankan Airlines is set to increase its weekly service between Colombo and Melbourne to 10 flights, effective from 2 August 2026, with the addition of three more scheduled flights in response to growing demand and evolving market dynamics. The expansion reinforces the airline’s commitment to strengthening its footprint in Australia, recently identified as one of the fastest-growing inbound tourism markets to Sri Lanka, driven by leisure travel and a rising volume of visits by family and friends.
The newly added flights will operate every Tuesday, Thursday and Sunday, departing Colombo as UL608 at 14:10 hrs and arriving in Melbourne at 04:30 hrs the following day. The return service, UL609, will depart Melbourne every Wednesday, Friday and Monday at 06:00 hrs, arriving in Colombo at 12:15 hrs the same day, offering convenient onward connections across the airline’s network. The schedule is designed to maximise time spent in Sri Lanka for leisure travellers while enhancing connectivity for passengers travelling onwards to India via Colombo.
In addition to the new frequencies, the airline will continue operating its daily service, UL604, departing Colombo at 00:20 hrs and arriving in Melbourne at 14:40 hrs, with the return service UL605 departing Melbourne at 16:10 hrs and arriving in Colombo at 22:25 hrs. These services provide seamless connectivity to key destinations across India and beyond.
This addition of flights will provide Sri Lankans with better options when choosing flights between the two countries and enable them to plan their travel more conveniently. The increased frequency will be especially beneficial for the Sri Lankan diaspora living in Australia, providing greater flexibility to visit family and friends while maintaining strong connections with their homeland.
Additionally, Sri Lankan students studying in Australia will find these enhanced services advantageous, as the expanded schedule accommodates academic calendars and holiday breaks, making it easier to travel home and return to their studies. Overall, improved connectivity supports both the expatriate community and students by offering more convenient and accessible travel options tailored to their needs.
The increased frequencies will further strengthen Colombo’s role as a regional hub, enabling Indian travellers to seamlessly connect via Sri Lanka to Melbourne, with convenient schedules and efficient onward connections. For more information and bookings, visit www.srilankan.com or follow us on our social media.
Business
Nestlé Lanka marks 120 years of nourishing Sri Lankan families and livelihoods
Nestlé Lanka Limited this year marks 120 years of operations in Sri Lanka, highlighting a century-long presence that has extended beyond food manufacturing to supporting farmers, communities, youth employment and environmental sustainability.
Established in 1906, the company has grown into one of Sri Lanka’s leading food and beverage manufacturers, today producing more than 90% of the products it sells locally. Over the decades, Nestlé Lanka has built a strong domestic footprint through local sourcing, long-term farmer partnerships and continued investment in manufacturing.
Through widely recognised brands such as Nestomalt, Milo and Maggi, the company has become a familiar presence in Sri Lankan households, offering products designed to meet local nutritional needs. Many of its products are fortified with micronutrients aimed at improving dietary intake, while brands such as Milo and Nestomalt have also supported youth sports and active lifestyles in the country.

Nestlé Lanka’s engagement with local agriculture has also played a role in strengthening rural livelihoods. The company works closely with dairy and coconut farmers, providing technical assistance, skills development and reliable market access as part of its responsible sourcing efforts.
The company has also expanded programmes aimed at improving youth employability. Through the “Nestlé Needs YOUth” initiative, young Sri Lankans are provided with access to training, learning and career opportunities. Partnerships with organisations such as BConnected have also helped promote inclusive employment opportunities for people with disabilities.
Sustainability has become an increasingly central focus of the company’s operations. Nestlé Lanka’s manufacturing facility in Kurunegala operates on 100% renewable electricity, while a biomass boiler commissioned in 2024 has helped reduce carbon emissions from manufacturing. The company aims to achieve net-zero carbon emissions by 2050.
Efforts to reduce environmental impact have also extended to packaging. Nestlé Lanka pioneered the shift from plastic to paper straws in aseptic beverage cartons in 2019 and supported the establishment of Sri Lanka’s first recycling plant for such cartons. The company aims to become fully plastic neutral by 2026.
Chairman and Managing Director Bernie Stefan said the milestone reflects the long-standing trust Sri Lankan consumers have placed in the company and the partnerships it has built across the country over generations.
By Sanath Nanayakkare
Business
Over a century of Business History goes to the National Archives
The Ceylon Chamber of Commerce has formally handed over its historical records to the National Archives Department of Sri Lanka, placing over a century of the nation’s commercial history into the care of the country’s official custodians of heritage.
The historical archive being handed over spans from the Chamber’s founding in 1839 to 1973, and includes correspondence, meeting minutes, reports, ledgers, and publications that chronicle the development of trade, enterprise, and industry in Sri Lanka. Together, these records provide a rare and detailed account of how the island’s economy evolved and how its business community helped shape national progress.
The Ceylon Chamber of Commerce was established on 25 March 1839 on the principle that the interests of commerce and trade are best advanced when merchants unite and cooperate in matters affecting the common good. At the time, Ceylon was among the earliest regions in Asia to establish a chamber of commerce, alongside counterparts in Bengal, Bombay, Madras, Canton, Penang, and Singapore.
From its earliest years, the Chamber played a central role in organising and guiding trade. It played a central role in establishing and growing the export economy built on commodities such as coffee, cinnamon, coconut oil, tea, and rubber, and hosted the island’s renowned tea and rubber auctions. It also developed rules and standards for trading practices, helping create an environment of trust and reliability that enabled Sri Lanka’s commerce to thrive.
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