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Sampath Bank standing committed to ‘reinvigorating economy’

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Harsha Amarasekera, Chairman, Sampath Bank PLC (L)/ Ayodhya Iddawela Perera, Managing Director, Sampath Bank PLC (R)

Sampath Bank has continued its strong contribution to public financing, with an effective tax rate exceeding 56% for the period ending June 2023. These contributions, which include Income Tax, VAT on Financial Services, Social Security Contribution Levy, Crop Insurance Levy, and other indirect taxes, underscore the Bank’s role as a significant participant in Sri Lanka’s economic landscape, a Sampath Bank press release said.

The release adds: ‘Sampath Bank’s dedication extends beyond financial matters, as demonstrated by its impactful Corporate Social Responsibility (CSR) initiatives. The Bank’s flagship project “Weweta Jeewayak,” a tank restoration endeavor, and the “A Breath to the Ocean” initiative aimed at restoring the oceanic ecosystem, reflect the Bank’s commitment to sustainability, environmental preservation, and community well-being.

‘During the first half of 2023, Sampath Bank reported robust financial performance, with a profit before tax (PBT) of Rs 13.2 Bn and a profit after tax (PAT) of Rs 7.7 Bn, representing growth of 46.6% and 8.1% respectively compared to 1H 2022.

Key financial highlights for 1H 2023 compared to the same period in 2022 include:

Growth in Net Interest Income (NII) supported by higher AWPLR.

A 13.6% increase in net fee and commission income driven by trade-related operations.

A decline of exchange income due to LKR appreciation against USD.

A significant 74.4% decline in impairment provision on loans and investments.

Operating expenses increased by 19.1%.

A 104% increase in total tax expenses due to the upward revision in income tax rate and the introduction of SSCL.

The Group’s PBT and PAT for 1H 2023 were Rs 13.4 Bn and Rs 7.6 Bn respectively, reflecting growth of 39.3% and 3.6% respectively.

‘Sampath Bank’s capital adequacy ratios continued to improve, with CET 1, Tier 1, and total capital ratios standing at 13.89%, 13.89%, and 17.36% respectively as of June 30, 2023. This improvement is attributed to several factors, including a Tier 2 capital infusion, profit generation in 2023, and a decline in risk-weighted assets due to LKR appreciation.

‘In recognition of its exceptional performance, Sampath Bank was honored with the esteemed title of “Best Bank in Sri Lanka for 2023” at the Euromoney Awards ceremony held in Hong Kong. This prestigious award, the fifth time the Bank has received it, underscores Sampath Bank’s enduring excellence and positive impact on society.

‘Sampath Bank’s total assets increased by Rs 97 Bn (an annualized growth of 14.6%) from Rs 1.3 Tn as of December 31, 2022, to Rs 1.4 Tn as of June 30, 2023. Despite the LKR’s appreciation against the USD, the Bank’s total deposit book grew from Rs 1.1 Tn to Rs 1.14 Tn during the same period, demonstrating strong customer confidence.

‘Looking ahead, Sampath Bank remains committed to navigating challenges, contributing to the economy, supporting its customers, and positively impacting society through its sustainable initiatives. The Bank’s enduring resilience and commitment to excellence position it as a cornerstone of stability in the Sri Lankan financial landscape.’



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Dr RAD Jeewantha named most innovative dentist of the year

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Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

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IIHS Foundation in Biological Studies offers fast-track route to global health careers

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The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

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Seylan Bank Reports Strong Growth in Q1 2025 Financials

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Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.

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