Seylan Bank 3Q 2021 Profit After Tax recorded at Rs. 3.2 billion
Seylan Bank PLC announced a Profit After Tax (PAT) of Rs. 3.2 Billion in the nine months ending September 30, 2021 reflecting a 45% increase over the corresponding period last year. The Bank’s Net Interest Income grew by 14.76% to LKR 17,068 Mn during the period under review, announcing a robust growth as the industry overcomes the prolonged impact of the pandemic.
The Bank reported a credit growth of 8.75 % increasing the advances from Rs. 394 Bn to Rs. 428 Bn. This is mainly due to increase in term loans, revolving import loans, pawning and leases which was partly set off by decrease in refinance loans and export bills etc. Further, the Bank’s asset base expanded by Rs 26,047 Mn to Rs 583,755 Mn.
Seylan Bank’s deposit base grew from Rs. 440 Bn to Rs. 451 Bn during the nine months ended 30th September 2021. The overall Current Account Savings Account (CASA) balances increased by 7.45% during the period under review and the CASA ratio stood at 34.61 %.
Seylan recorded a noteworthy growth of 24.89 % in net fees and commission income for the period under review. The growth was mainly attributed to fee income from guarantees and trade finance activities. Net gains from de-recognition of financial assets, net gains on foreign exchange transactions and other operating income, came together to deliver a net gain of Rs. 1,979 Mn in 3Q 2021 mainly as a result of upward movement in exchange income despite the loss in Mark to Market on Derivatives Financial Instruments and drop in net capital gains on treasury bills and bonds.
Total expenses in the period increased by 5.42% to Rs. 10,036 Mn, as the Bank focused on embracing digital technology and process re-engineering, to achieve leaner and efficient processes while keeping the cost under control. Meanwhile both interest income and interest expenses declined year-on-year, reflecting the reduced interest rate environment, with the latter posting a larger decline at 29.62% aided by the growth in Current Account Savings Account (CASA) balances.
Seylan Bank recorded 10.56 % as Total Tier 1 Capital Ratio and 13.87 % as the Total Capital Ratio. The Gross NPA (Net of IIS) Ratio stood at 6.42 % as at 30th September 2021.The Bank’s Earning per Share (EPS) improved to Rs. 6.00 from Rs 4.16 in Q3 2020. The Bank recorded a Return (Profit Before Tax) on Average Assets (ROAA) of 1.04 % and Return on Equity (ROE) of 8.61%. The Bank’s Net Assets Value per share as at 30th September 2021 was Rs. 94.74 (Group Rs. 98.17).
Women led LPO services firm Velox Partners enters new office space in Colombo
Velox Partners, a tech-based legal process outsourcing (LPO) firm, expanded its presence into Colombo to augment its existing law firm. Velox commenced operations in January 2020 prior to the onset of the pandemic. Today, it has expanded its services across numerous verticals Commercial law, Litigation, Conveyancing and Company Secretarial Services, with Legal Process Outsourcing (LPO) Services being the core. It is geared as a fully-fledged legal service provider servicing clients across United Kingdom, Australia, Singapore and Southeast Asia.
Velox is female-led with over 90% being women comprising versatile and experienced lawyers. Their expertise bridges multiple disciplines of law with a local and global clientele. The two powerhouses leading the firm are its founding partners Lihini Fernando and Dakshika Perera whose collective experience spans over three decades.
Velox Partners saw Covid-19 restrictions and remote working as an opportunity to position the firm as a tech-based entity and launched its LPO arm. Providing back office legal services to law firms across continents was seen as a viable business model that is both functional and lucrative. Furthermore, the partners of Velox realized the potential of positioning Sri Lanka as a LPO Hub, where the LPO sector enables foreign remittance to the island nation to rebuild its economy. This also provided an opportunity particularly as LPO services can be offered remotely, without a physical office presence.
Velox has serviced clients in over 14 jurisdictions worldwide providing solutions on the ethos, ‘Beyond Legal’. Velox believes in combining business efficiency and tech enabled processes to differentiate itself from the conventional law firms.
Lawyers at Velox are solution providers guided by industry expertise. The team comprises professionals based in Australia, the United States of America, Singapore, and Sri Lanka which enables them to draw cross country perspectives in providing services. Velox is now poised to use their multiple years of experience across continents to provide smart legal solutions.
Estonian TV crew gets a taste of Sri Lanka for the first time
Sri Lanka Tourism, under its Scandinavian market promotions hosted a Media FAM with 4 Media personnel from Kanal2 TV from Estonia. The tour started off on February 28 and ended on March 8. The purpose of hosting this tour was to receive more high-end tourist arrivals from Estonia, as well as the other Scandinavian markets including Lithuania and Latvia.
Subsequently, this tour was hosted in collaboration with the Sri Lanka embassy in Sweden which contributed to make this tour a success. The FAM Tour covered all the main tourist attractions in Sri Lanka, including wild life, Ayurveda, Boutique hotels, and also cultural attractions.
All these attractions were filmed and the destination will be promoted on air via Kanal2 TV, through the TV show ‘’ Kaugele Siit’’ (far from here). The first episode of this programme is scheduled to be telecast for 45 minutes. This travel programme has 420,000 followers as their audience. Kanal2 TV was also the official Media partner for the Winter Olympics 2018, a Sri Lanka Tourism press release said.
The release adds: ‘The visitors were quite impressed with the 8-day tour which they had, enjoying every moment of their tour. They were equally mesmerized with the warm hospitality which they received from the Sri Lankans, which they are mostly renowned for. They enjoyed the traditional Sri Lankan cuisine, and the variety of dishes which they tasted. Nevertheless, they had the opportunity of exploring every attraction of the paradise island to convey the message to their fellow Estonians, that Sri Lanka is a unique travel destination which has everything in store for the enthusiastic traveler.
‘They also had a cooking demonstration by courtesy of Siddhalepa Ayurveda Resorts & Spas Wadduwa, and also a Yoga treat at the same venue. Visiting the Turtle Hatchery at Kosgoda , the Elephant orphanage at Pinnawala, going through a safari at Eco park was also another amazing experience which they had during their stay.’
The Academy of International Business signs Memorandum of Understanding with the University of the Pacific
Academy of International Business Sri Lanka (AIB) held its second graduation at the Bandaranaike Memorial International Conference Hall with over fifty graduates successfully passing out. At the recent graduation, the business academy signed its MOU with the University of the Pacific.
The signing of the MOU is a major milestone for the business academy. The courses offered are DBA, MBA, and BBA top-up programs through AIB. Prof Liam, Rector – of the University of Pacific, expressed confidence that the program delivered by AIB will be very beneficial.
The event was graced by passed graduates, teachers, and lecturers, the ceremony was hosted by the chief guest and the regional director of ABE(UK) Dr Praveen Mahendran. “The ABE(UK) is one of the long-standing professional awarding bodies from the UK and AIB is proud to be associated with ABE and approved by the awarding body.
Hard work, competency and capability are the values that produce results, through the AIB and its programs these are achievable. Every student is encouraged to show their full potential”.
The distinguished guests were the Vice President of the BNI Pioneer Chapter, Dilan Fonseka. He emphasized, the importance of students gaining experience in entrepreneurial skills and business development by enrolling at BNI. AIB is a member of BNI, which creates multiple opportunities.
About the Academy of International Business: AIB is recognized for its management programs, digital marketing, marketing, and English language programs such as IELTS, and PTE. It’s widely popular among students in search of pursuing business and management courses.The Director of AIB Sri Lanka, Chrishankar Janathanan, expressed the institute’s commitment to providing the best quality education. It’s not only a center that is simply cornered to the education sector but also has focused its efforts on recruitment services and digital agency services.
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