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Raymond Paranavitharne: ‘A lovely human’

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It was on October 20 that I received the sad news from Romesh that his dad Mr. Raymond Paranavitharne had passed away in Melbourne that morning after a brief illness.I was to say the least, very saddened at hearing this news. It took me sometime to comprehend what he told me. That I will not see Raymond Paranavitharne again.

This sad news brought back to me, a flood of pleasant memories of the man I knew and admired. Gentlemen of the calibre of Mr. Paranavitharne are fast diminishing in the present day world.I first came to know Mr. Paranavitharne in 1985 when we went on army training to Minneriya at the height of the LTTE war as a part of what became known as the Sri Lanka Rifle Corp.(SLRC) SLRC comprised of planters and senior regional administrators of the Janatha Estates Development Board (JEDB) and Sri Lanka State Plantations Corporation (SLSPC). Mr Paranavitharne was at that time regional chairman of the SLSPC Nuwaraeliya region, which comprised of several well-known estates and had been a senior planter himself, before being elevated as a senior administrator. 

We were the first batch of planters and administrators who were sent for this training which was the brainchild of the late General Ranjan Wijeratne to somewhat protect the estate regions. This batch of around 30 of us, ranged from those who were in their early 30’s like me to those in their 50’s like Mr. Paranavitharne. He was probably around 50 years of age like some of the other regional chairmen and directors. The group comprised of at least 5 senior chairmen, several regional directors and few estate superintendents (managers). Army training was tough and gruelling to say the least. Rank and position in the plantation world did not matter to them and all were treated equally. It was here that I first experienced the amazing characteristics of Mr. Paranavitharne.

When some of us were complaining and being remorseful of the army training, he took it in his stride, never complained, and did what was expected of him in the right spirit. The hallmark of a true leader.  I admired Mr. Paranavitharne’s spirit and his courage. It was much later that I realised that his strong character was due to the Godly spirit that he carried which I experienced more in later years.During our training period, some of us younger members enjoyed pulling pranks on a few seniors in the camp occasionally and they were not always amused. Mr. Paranavitharne stood up for us and sometimes joined in the fun too. It was during this period that I realised the respect that many had for this mild-mannered gentleman who up to that time I only knew as a senior regional chairman. From then on, I had the privilege of getting to know him and kept in touch, despite our vast difference in status. I was just a young estate manager and he a senior regional chairman and administrator.Thereafter he was elevated to the no 2 position at the SLSPC Central Board in Colombo. A very prestigious and important role at that time in the late 1980’s. 

I also got to know that he tried to recommend me to a senior administrator’s position at the head office during this period, which of course did not materialize despite his efforts. However, we kept in close touch, and exchanged many ideas and views about introducing new thinking to the plantation industry during this period. Unfortunately, due to an unfair decision as a result of Mr. Paranavitharne standing firm to his principles, he resigned from this position at the SLSPC around 1989 with courage and dignity. He then took up a very interesting role in a BOI venture until he migrated to Australia.His life is a great example to me. Several are the lessons I learnt from him. One was never to let success hit your head. Another was never to complain but to have the inner strength to cope with any situation. For this characteristic, I realised you needed to have that connection with your creator, which I know he had in full measure.

The other great quality I saw in him was how he accepted the high’s and the lows in life, all in the same kind of spirt.  These are qualities that education or money could never buy, however much we strive. This is definitely the grace of God on Mr. Paranavitharne’s life. He was a man who was not only highly respected but well-loved too. Wherever he worked, he always walked with his head held high, and earned the respect and confidence not only of his superiors, but also his peers and subordinates. While he held many prestigious positions, he held each position with pride and dignity. 

My wife and I have been blessed to keep in touch with him and his precious wife Dharshini even after they migrated. He always never failed to give us a call when he came to Sri Lanka and we would catch up on old times. We also had the privilege of being invited to their home in Melbourne in April 2019. Something that I cannot still get over is how he got up from his chair and made the cup of tea for my wife Lorinda and my sister in law, much to our embarrassment. That was the man I knew and will always respect. I last spoke to him over the phone around 3 months ago and had a long conversation and he reminded me once again that we must visit his home on our next visit to Melbourne. This was not to be, and it saddens me that we won’t be seeing this wonderful gentleman anymore.

We feel extremely blessed to have known him, as he was a great inspiration to us. Whenever we met him, he always made us feel so wanted. He had this amazing quality of recognizing and admiring others’ achievements, which is a characteristic of a great leader. His pride and joy, apart from his dear wife Dharshini who has stood tall and strong beside him all these long years, are his three precious children, Manique, Romesh and Samantha.However, in the recent past I found that his pride and joy had embraced his grandchildren too. I recall him telling us how he tries to find ways to entertain and amuse them. It is sad that his grandchildren may not know too much of who and what their Grandpa was. However,

I have no doubt that by now they would have seen and experienced his qualities of humility, patience and love. I cannot call him my friend as that’s not what he was to me. He was more than a friend. A lovely human being and a gentleman to the end. We will truly miss him. In conclusion I know for sure that his life truly reflects the words of the psalmist in psalm 37:23 which says, “The steps of a good man are ordered and established by the Lord and he delights in his ways.” That was his life’s journey.May his soul Rest in Peace in the arms of his creator whom he loved.

– Rohan Fernando



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HNB Assurance Group surpasses 20% growth mark for third consecutive year

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HNB Assurance Group recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium). The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry.

HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year. Reflecting on this achievement, Rose Cooray, Chairperson of HNBA and HNBGI, expressed her delight, stating, “To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders.

Both teams at HNBA and HNBGI performed an outstanding job, leaving no stone unturned, meticulously analyzing every challenge, and capitalizing on every opportunity. Our Group assets grew by LKR 10 Bn during the year, well exceeding a remarkable total of LKR 51.2 Bn. Further, investment income for the Group surged to LKR 7.2 Bn, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.”

“Consistency has been our main focus and certainly the cornerstone of our success”, said Lasitha Wimalaratne, CEO of HNB Assurance PLC. At HNB Assurance, our track record speaks for itself. Year after year, we’ve demonstrated and honoured our commitment to our stakeholders and most importantly to our policyholders.

“I am delighted to highlight that as a team we have effectively translated our promises into action. Our Profit After Tax (PAT) reached LKR 1.61 Bn, marking a commendable 9% increase from the previous year. Moreover, we surpassed the significant milestone of LKR 10 Bn in GWP, representing a growth of 23%, which is almost twice the industry growth rate,” he said.

Sithumina Jayasundara, CEO of HNB General Insurance said: “Despite economic uncertainties and high inflation rates, the team showcased remarkable proficiency in risk assessment and customer management. Moreover, we made LKR 4.3 Bn in claims, marking a 12% increase from the previous year, reaffirming our commitment to honouring the trust instilled in us by our valued customers.”

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CEAT fortifies brand presence in Sri Lanka with three new premium Shop-In-Shop outlets

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The opening of the SIS outlet at U&H Wheel Service (Above) and at Paramount Tyre Traders

The CEAT brand’s retail presence in Sri Lanka has been further strengthened with the opening of three more premium outlets in the country – two in Colombo city and one in Hanwella, the company announced last week.

The three new CEAT Shop-In-Shop (SIS) outlets are designed to drive brand identity and enhance customer experience at leading dealer outlets. They are located at U&H Wheel Service and Paramount Tyre Traders, both at Prince of Wales Avenue, Colombo 14; and at Sakura Tyre Centre, Hanwella, a news release said.

“Part of a three-year distribution channel expansion strategy by the country’s highest-selling tyre brand, the CEAT Shop-in-Shop concept entails demarcating a dedicated area for CEAT branded tyres within existing multi-brand dealer premises. CEAT furnishes the interior, customer lobby and reception areas of this private space to augment customer comfort.

“Additionally, CEAT Kelani Holdings invests in interior branding, signage, and innovative product display racks to emphasise the tyre offerings available with the channel partner. Besides enhancing the visibility and positioning of the brand, this model is also known to increase the channel partners’ revenue,” the company said.

Elaborating on the company’s commitment to investing in premium retail concepts even in challenging times, CEAT Kelani Chief Operating Officer Mr Shamal Gunawardene said: “When the going gets tough, it is even more important to look for wins for all stakeholders. These SIS outlets add value for our customers, boost sales for our dealers and raise the brand’s presence in the market, benefiting the Company and all its stakeholders. They also ensure that the quality of the retail operation keeps pace with, and does justice to, the brand’s growth and the continuous improvement of the products.”

He said these premium retail outlets are also designed to bring special focus on providing all tyre-related services for passenger cars and SUVs, for which CEAT Kelani manufacturers a range of high-performance radial tyres in Sri Lanka.

Among the services common to CEAT SIS outlets are an extensive range of CEAT tyres at attractive discounts, specialized tyre care and technical expertise, computerized wheel alignment, nitrogen and air pumps for tyre inflation, dedicated customer lounge facilities and easy payment plans for credit card purchases. Some of the outlets also offer a wide range of alloy wheels and car batteries.

The manufacturer of nearly half of Sri Lanka’s pneumatic tyre requirements, CEAT Sri Lanka is considered one of the most successful India – Sri Lanka joint ventures. The joint venture’s cumulative investment in Sri Lanka to date exceeds Rs 8 billion. The company’s manufacturing operations in Sri Lanka encompass tyres in the radial (passenger cars, vans and SUVs), commercial (nylon and radial), motorcycle, three-wheeler and agricultural vehicle segments.

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ComBank stays on growth trajectory in 2023 with notable Q4 performance

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Commercial Bank Chairman Prof. Ananda Jayawardane (left) and Managing Director/CEO Mr Sanath Manatunge

Accelerated lending sees loan book grow by Rs 56.8 billion in three months

Deposits surge by Rs 109.4 billion in final quarter

12-month gross income up 21.82% to Rs 341.6 billion

The Commercial Bank of Ceylon Group lent Rs 56.816 billion in the fourth quarter of 2023 at a monthly average of Rs 18.939 billion to end the year with a loan book of Rs 1.296 trillion, continuing its trend of strong lending growth in support of economic revival.

Robust deposit growth of Rs 109.408 billion was also witnessed in the three months ending December 31, 2023 at a monthly average of Rs 36.469 billion, demonstrating the Group’s strong deposit franchise and focus on financial intermediation in volatile macroeconomic conditions. Deposits grew by 8.60% YoY to Rs 2.148 trillion at the end of the review period.

The Group, comprising of Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, reported in a filing with the Colombo Stock Exchange (CSE) that total assets increased by Rs 156 billion or 6.24% YoY and by Rs 130 billion or 5.15% in the three months reviewed to reach Rs 2.656 trillion as at December 31, 2023.

Gross income improved by 21.82% YoY and by 33.44% in the final quarter to total Rs 341.566 billion for 2023, and interest income grew by 33.84% to Rs 297.646 billion, the Group said. With interest expenses increasing at a higher rate of 53.37% over the year to Rs 211.231 billion, net interest income grew by a marginal 2.07% to Rs 86.415 billion. This was however, a welcome reversal of the negative growth recorded at the end of the preceding quarter, and was made possible by net interest income of Rs 25.534 billion in the fourth quarter, an improvement of 16.85%.

“We have consistently reinforced our balance sheet strength throughout the year and reaffirmed our position as the leading private sector bank,” Commercial Bank Chairman Prof. Ananda Jayawardane commented. “Our solid performance stands as a testament to our resilience and enduring dedication to serving our customers and stakeholders with distinction. We look forward to building upon this foundation of success and charting new heights of prosperity in the future.”

Commercial Bank Managing Director/CEO Mr Sanath Manatunge noted that the Bank continued to demonstrate its unwavering strength and adaptability amidst a landscape of economic revival and reform. “As the country navigated through the aftermath of challenges flowing from the immediately preceding years, our focused strategy and commitment to stakeholder equity remained steadfast,” he said. “Embracing pivotal reforms and leveraging innovative approaches, we propelled forward, ensuring stability and sustainable value creation for all stakeholders. Our resilience and adaptability in the face of adversity is a testament to the dedication and resolve of the entire Commercial Bank team, whose unwavering commitment remains the cornerstone of our success.”

The Group posted an operating profit before taxes on financial services of Rs 38.885 billion for the full year, and Rs 10.193 billion for the fourth quarter, achieving improvements of 36.77% and 253.81% respectively, the latter due to the higher impairment provisions of the fourth quarter of the previous year.

The Group’s profit before income tax of Rs 33.927 billion for the 12 months recorded an improvement of 38.45%, in contrast to 13.56% at the end of the third quarter. With income tax for the 12 months increasing to Rs 12.027 billion, the Group reported a net profit of Rs 21.900 billion, a decline of 10.25% YoY.

Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs 31.880 billion for the 12 months, an improvement of 41.07% while profit after tax for the year reduced by 10.92% to Rs 20.461 billion.

The largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a strategically-located network of branches and over 950 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

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