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COVID-19 to accelerate supply chain shifts in fragmented trade system: Moody’s

August 12, 2020, 1:03 am
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The coronavirus pandemic will likely accelerate fundamental shifts in trade relationships globally and particularly in Asia, Moody’s Investors Service has said. Ensuring supply security by enhancing the strength of supply chains will become an overarching objective of governments and companies, overtaking cost and efficiency considerations, it said in a sector in-depth report. Asian countries ex-China will stand to benefit from diversification away from China provided that these countries have sound economic fundamentals, reliable infrastructure, sufficient human capital stock and low geopolitical and supply security risk. Nonetheless, any supply chain shifts will occur in a multi-year process, particularly as China will retain a number of advantages over other economies. Moody’s said supply chains will likely become more robust, fragmented and regionally focused. Supply chains in many sectors will become shorter and less-just-in time, leading to a more fragmented global trade system with a greater range of suppliers for similar products and increased regionalisation of production. Companies will use both diversification and localisation strategies to build robust supply chains. Diversification will aim to reduce reliance on any single supplier, whether a single producer or a group of producers from the same country, while localisation will aim to relocate production closer to home markets. The level of supply security, the degree of reliance on a single supplier, the economic fundamentals of the new production base and geopolitical considerations will shape supply chain strategies and the choice of location, said Moody’s. The extent of supply chain shifts will vary by sector depending on the overarching consideration of the security of supply. The largest shifts will be in industries with the greatest strategic significance, such as pharmaceuticals. Significantly, credit implications for Asian export economies and producers will vary. Some Asian markets ex-China will stand to benefit from supply chain shifts, particularly as companies look to diversify their sources of supply. However, localisation of production that moves productive capacity out of the region to the United States or the European Union will have negative effects for Asian producers, notably those in strategic sectors. Free trade agreements could help mitigate some of these effects by offering producers preferential access to advanced markets, said Moody’s.

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New Land Rover Defender – An icon reimagined for the 21st century unveiled by Access Motors

August 12, 2020, 1:17 am
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Across seven decades of pioneering innovation, Land Rovers have earned a unique place in the hearts of explorers, humanitarian agencies and adventurers. Proven in the harshest environments on earth, the New Defender maintains this bloodline. Driven by a passion and respect for the original, it delivers transformational breadth of capability. Advanced all-terrain technologies redefine adventure for the 21st century, remaining true to the pioneering spirit that has been a Land Rover hallmark for 71 years. The New Defender will be available in 90 and 110 body designs, with up to six seats in the 90 and the option of five, six or 5+2 seating in the 110. The model range comprises Defender, First Edition and top of the range Defender X models, as well as standard, S, SE, HSE specification packs. Customers will be able to personalise their vehicle in more ways than any previous Land Rover with four Accessory Packs – Explorer, Adventure, Country and Urban. A choice of advanced petrol and cleaner diesel engines ensure New Defender has the power, control and efficiency for any environment, while a Plug-in Hybrid Electric Vehicle (PHEV) powertrain will join the range next year. Configurable Terrain Response debuts on New Defender, allowing experienced off-roaders to fine-tune individual vehicle settings to perfectly suit the conditions, while inexperienced drivers can let the system detect the most appropriate vehicle settings for the terrain, using the intelligent Auto function. The new body architecture provides ground clearance of 291mm and world-class off-road geometry, breakover and departure angles. Its maximum wading depth of 900mm is supported by a new Wade programme in the Terrain Response 2 system. Land Rover has developed a curated exterior palette with unique colours just for New Defender. Comfort is also a key part of New Defender, with interior materials focused on retained newness. Customers can choose from three interior colour schemes with scope for personalisation, available by mixing these with different interior finish options. Robin Colgan – Jaguar Land Rover Asia Pacific Managing Director, stated, “There is a strong emotional attachment to Defender. It was the only vehicle that could cope with this region’s difficult conditions, which made it a unique proposition. We think of the Defender as part of our legacy, but it is also one owned by communities around the world. People in this region consider this vehicle very much part of their own history. They are custodians of the brand – and it will be the same for the New Defender too.” Sharing his thoughts, Theo Fernando – Managing Director of Access Motors stated, “This is an extraordinary occasion in the history of both Access Motors and Land Rover. The New Defender is indeed an icon that has been built upon the tough foundations of the original Defender and reimagined to suit the needs of today’s Land Rover enthusiast. With its customary toughness, personalised looks, advanced technologies and unmatched off-road capabilities, the New Defender is sure to fuel the pioneering spirit of thousands of Sri Lankans.” Access Motors, a member of the Access Group and the Sole Agent for Jaguar Land Rover in Sri Lanka, launched the New Land Rover Defender in Sri Lanka. The first vehicle was officially handed over to its new owner at the launch ceremony held at their state-of-the-art showroom in Colombo 7. Photo caption: (Above – from left) Access Motors’ Director Ayesh Fernando, Chief Executive Officer Ravi Perera, Managing Director Theo Fernando and General Manager Sales Sanjaya Jayasinghe with the New Land Rover Defender Access Motors’ Managing Director Theo Fernando and Director Ayesh Fernando unveil the New Land Rover Defender Guests present at the New Land Rover Defender Sri Lanka launch and (right) the New Land Rover Defender

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Regional Development Bank accelerates digital impact with Oracle Cloud

August 12, 2020, 1:23 am
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~ Augmented analytics and conversational AI will bring new customer insight, helping the bank deepen relationship and trust with its customer base Regional Development Bank (RDB), the only 100% state-owned development bank in Sri Lanka, has gone live on Oracle Cloud Infrastructure This enables the bank to accelerate its digital presence across the country, and provide innovative and simple financial solutions to its customer base, which represents lower- and middle-income segments of Sri Lanka. The move comes as part of the bank’s broader technology investment, focused on supporting its digital transformation and enhancing customer service. “Our business and customer needs are evolving. To meet these needs, it is critical that we fast-track our digital transformation to meet the increasing demand for accessible and affordable credit facilities from the rural masses of the country,” said T. Kuhan, Chief Executive Officer, Regional Development Bank. “To do this, we needed a more efficient way to serve our customer base, support business continuity, and stay resilient during these challenging times. Oracle Cloud Infrastructure has supported our journey.” The successful deployment of Oracle Analytics Cloud, deployed on top of Oracle Autonomous Data Warehouse, is helping the bank analyze ATM (Automated Teller Machines) transactions, downtime, and cash management. The combined offering enables the bank to manage its rapidly increasing amounts of data from multiple sources and produce actionable insights in a highly visual and easy to understand form in minutes. This helps the management at RDB extract value-added information focused on improving the customer experience and usage of its ATM network across the country. RDB has also deployed Oracle Cloud Infrastructure to provide a reliable, scalable, and highly secure platform to support its customized Digital Assistant software, helping it meet the rapidly increasing volumes of queries from its customers. “Banks, like all businesses, need to be customer-focused so they can provide the products, services, and experiences that help build trust and keep them engaged.  For RDB, being able to see which ATMs are working, what customers are using them for, and also being able to quickly provide answers to questions, are critical to achieving their business goals,” said Maria Dzhanan, Vice President at Oracle Digital, JAPAC. “In addition, by harnessing intelligent automation solutions like digital assistant brings the bank significant productivity and efficiency benefits, which can help free up key staff to focus on more important queries that need in-person support.” MillenniumIT ESP, a Platinum Level member of Oracle PartnerNetwork (OPN), implemented the project for Regional Development Bank. About the Regional Development Bank: The only 100% state-owned development bank, Regional Development Bank was set up to improve the living standards of the rural masses by providing them accessible and affordable credit facilities that in turn would contribute to strengthening the rural economy. Originally based on the “barefoot banking concept,” the bank strives to provide innovative yet simple financial services to those at the middle and bottom of the income pyramid. About Oracle: The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain, and Manufacturing, plus Highly Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com

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HNB partners with Browns Agriculture for offers on agricultural equipment

August 12, 2020, 1:28 am
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Sri Lanka’s leading private sector bank HNB PLC, partnered with Brown & Company PLC to offer affordable leasing packages inclusive of attractive benefits for agricultural vehicles in the SME sector. The partnership will offer customers special discounts and facilities for TAFE & Massey Ferguson tractors, Yanmar World & Sumo branded combine harvesters. HNB Head of Personal Financial Services, Kanchana Karunagama and Browns Agriculture, General Manager, Sanjaya Nissanka graced the ceremony held at Browns TAFE Head office to ink the deal. “Sri Lankan farmers have to be equipped with quality vehicles, machinery and equipment to make use of the abundant natural conditions the country is blessed with. We hope that our partnership with Browns will offer our loyal customers in the sector with the most affordable prices, interest rates and services to ensure they have the opportunity to grow their businesses,” HNB Head of Personal Financial Services, Kanchana Karunagama said. The partnership will offer HNB leasing customers a special rate for Massey Ferguson & TAFE Brands of agricultural machinery vehicles. The bank will also offer customers the Prestige Prime credit card providing access to exclusive discounts on automobile products, servicing, spare parts, tyres and batteries. HNB will also waive off the first year annual fee for the card. “Over its illustrious history spanning over 145 years, Browns has become a trusted service provider in the industry, offering high-quality machineries as well as an unmatched aftersales service. Being the undisputed market leader since the inception of the Browns Agriculture Division in 1952, we have always treasured our relationships with customers. We firmly believe that this partnership with HNB will give us an opportunity to better serve our customers by offering affordable leasing solutions and a host of other benefits,” Browns Agriculture, General Manager, Sanjaya Nissanka said. As a strategic solutions provider, Browns has always identified the market demands and expanded its product portfolio accordingly. Therefore, today, the customers have the opportunity to choose from a wide array of products that comes with sophisticated features to generate optimal returns. Browns PLC will offer free registration, Insurance and four doorstep services for all tractor models during the promotional period. In addition to the 12 months or 1000 hours of warranty for Massey Ferguson tractors and 24 months or 2000 hours of warranty for TAFE tractors. Photo caption: (From left) Browns Agriculture- Service Operations Manager, Anton Perera; Browns Agriculture-Business Development Manager, Chanaka Chandrasekara; Browns Agriculture-Deputy General Manager, Niyas Ahamed; Browns Agriculture- General Manager, Sanjaya Nissanka; HNB Head of Personal Financial Services, Kanchana Karunagama; HNB Senior Manager- Leasing, Niluka Amarasinghe; HNB Assistant Manager- Leasing, Roshan De Silva and HNB Business Development Executive (HNB Leasing), Mahesh Ratnayake

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20 year old Avishka will receive Rs. 50,000 a month from Nestomalt SALARY for LIFE competition

August 12, 2020, 1:41 am
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Nestomalt has announced its first ever ‘SALARY for LIFE’ competition winner – Avishka Koswatte from Pilimathalawa. Only 20 years old, she will receive Rs. 50,000 every month from Nestomalt until she turns 55, subject to the competition’s terms and conditions. The campaign is the first of its kind in Sri Lanka, where Nestomalt aims to not only reward loyal consumers but also help kick-start their journey to achieve their ambitions and progress in life. “Nestomalt has been a Sri Lankan household favourite for decades, powering a positive start for generations of Sri Lankan families. By offering additional financial resources through our Nestomalt ‘SALARY for LIFE’ competition, we hope to help power progress for our consumers by enabling them to do something positive for themselves. Nestomalt’s ambition is to ‘positively charge every family’s progress’ and the campaign reflects this. We’re extremely pleased with its success and look forward to kicking off the second year” said Ruwan Welikala, Nestlé’s Vice President – Dairy. The Nestomalt ‘SALARY for LIFE’  competition requires Nestomalt consumers between 18 and 50 years to send the flap of a 400g Nestomalt pack to be eligible for a raffle draw. One winner each year, picked at random, will receive Rs. 50,000 a month from Nestomalt until they turn 55, as per the terms and conditions of the competition. Avishka Koswatte is the first ever winner of the campaign and entries for 2021 will be open from December 2020. “I always wanted to become a teacher and winning this competition means I can now pursue my higher studies and embark on a teaching career. Thank you Nestomalt for making my dreams come true!” said Avishka. “As our flagship brand, Nestomalt embodies our ambition to nourish Sri Lanka, and this campaign reflects our purpose to enhance the lives of Sri Lankan families. I’m proud that Nestomalt continues to think innovatively, to ensure an enduring positive impact for its consumers” said Fabrice Cavallin, Nestlé’s Managing Director. Nestomalt is a product unique to Sri Lanka, trusted and enjoyed by Sri Lankan families for over 50 years. It is the country’s best loved iconic malted beverage, offering the goodness of malted barley and milk, and enriched with essential nutrients like iron, calcium, and vitamins B2, B3, B6, B12, C and D, to help energise body and mind and support the immune system. Photo caption: Above – (From left) A.H.Y.C. Rodrigo, Senior Tax Officer – Department of Revenue; Keerthi Pathiraja, Nestlé Lanka Company Secretary; Ruwan Welikala, Nestlé Lanka Vice President – Ambient Dairy; Fabrice Cavallin, Nestlé Lanka Managing Director; and Jagath Wedage, Nestlé Lanka Vice President – Sales   (From left) Aveen Pathirage, Nestlé Lanka Brand Manager – Nestomalt; Asanka Kumara, Nestlé Lanka Manager – Sales Promotions & Sponsorship; Ruwan Welikala, Nestlé Lanka Vice President – Ambient Dairy; Avishka Koswatta, Winner of ‘Nestomalt – Salary for Life’; Nihal Koswatta, Winner’s Father; and Maleesha Koswatta, Winner’s sister

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Ceylon Dollar Bond Fund gains on recovering Sovereign Bonds

August 12, 2020, 1:46 am
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~ Improving SL Economic Fundamentals offer one off profit opportunity  The Covid-19 financial crisis led to a crash in SL Sovereign Bond prices from $ 100 to an all-time low of $ 48.15 in May as investors ran to the safety of US treasuries exiting Asian bonds. The run was common to all Asian Bonds including SL sovereign Bond (ISB). Most other Asian ISBs had recovered except for Sri Lankan sovereign bonds due to concerns about SL ability to repay the $ 1 billion ISB maturity on the 4th of October 2020. SL was downgraded to B- by the rating agencies (Fitch, S&P & Moody’s) in April 2020 while some international media articles discussed the possibility of Sri Lanka defaulting. However, with Sri Lanka receiving confirmation of currency swaps for $ 3 billion with India ($ 1.4 bn) and China ($1.63 bn) in July, while the Trade Deficit halved by 50% in May 2020 (YoY). The government has also entered into a $ 1 billion Repo (repurchase agreement) with US although the facility has not been drawn yet. The Central Bank has specifically committed to repay the $ 1 billion sovereign bond maturity in October out of the foreign currency reserves. The above factors along with Sri Lanka’s success in battling the epidemic has increased the confidence of foreign investors. As a result, the 2030 maturity sovereign bond price has increased to $ 74.5 reflecting a yield of 12.1% p.a on July 31, 2020. Once Sri Lanka honours the $ 1 billion repayment on October 4th, 2020, analysts expect foreign investor confidence to return to SL sovereigns. As a result, investors can expect substantial capital gains in addition to the yield of 12.1% due to an increase in sovereign bond prices. The Ceylon Dollar Bond Fund (CDBF) invests exclusively in Sri Lanka government guaranteed dollar Sovereign Bonds and Development Bonds. Ceylon Asset Management competes with international USD bond managers in operating the Ceylon Dollar Bond Fund (CDBF), Sri Lanka’s first international sovereign bond fund that navigates global market conditions. The fund reported a performance of 10.3% in US dollar during 2019. The CDBF is managed by Ceylon Asset Management (CAM) while Deutsche Bank AG serves as the Trustee and Custodian of the fund. CAM is an associate company of Sri Lanka Insurance Corporation Ltd. Local individual investors who hold a Personal Foreign Currency Account (PFCA), corporate investors with a Business Foreign Currency Account (BFCA) and Foreign Investors are eligible to invest in the fund. Investors can exit at any time without penalties, and repatriate dollars to the originating bank account. The CDBF is the only dollar-denominated Unit Trust in Sri Lanka licensed by the Securities and Exchange Commission (SEC) and approved by the Central Bank. Past performance is not an indicator of future performance, investors are advised to read and understand the contents of the explanatory memorandum on www.ceylonam.com

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Rakuten Viber launches new tools to fight spam on the platform

August 12, 2020, 4:03 am
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Viber now empowers users to filter messages automatically and decide who can add them to groups, among other privacy-preserving features Rakuten Viber, one of the world’s leading apps for free and easy communication, announces the launch of several tools to fight spam and ensure user privacy, as well as an option to search for other users by name. The new search capability will be protected with extra privacy measures in accordance with Viber’s strict commitment to ensuring privacy for its users. As the world changes and messaging apps gain an outsize role in communication, people are constantly looking for additional ways to expand their circles and networks. Yet people today are also bombarded with more information than ever before, and avoiding spam and unnecessary overloads of information is crucial. The challenge lies not in finding connections online, but doing so in a safe and private way. With its new privacy tools, Viber provides the answer. Viber now allows its users to control who can add them to communities and group chats, whether everyone or only their saved contacts. To set this privacy setting, users simply tap More > Settings > Privacy > Groups > Control who can add you to groups. Additionally, New community and group chat invitations from unknown senders on Viber will automatically go under the new Message Requests inbox, to keep users’ main chat list tidy and free of unwanted requests. The new ability to search people on Viber will open opportunities to expand networks, while retaining user privacy to the fullest. Once someone searches a user’s name in the Viber search bar, it will appear in the search results, alongside the user’s profile picture. In the spirit of Viber’s strong stance on ensuring user privacy, any chats initiated through search will be subject to additional privacy measures, including:
  • Every user’s phone number remains hidden until they share it.
  • Online status is hidden.
  • Voice and video calls are disabled.
Users who don’t wish to allow others to find them through search should simply tap More > Settings > Privacy > Let users find you by your name. People Search on Viber, as well as the Message Requests inbox, will be tested first in select countries before rolling out globally. “It’s important for users to expand their social circles, but keeping their personal communication space spam-free is the other side of that coin. We are working tirelessly to find the optimal solutions, like the ones we are releasing now, which empower our users to expand their horizons while addressing their safety and privacy,” said Ofir Eyal, COO of Viber.

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‘Managed Maid’ by English Nursing Care to up-skill your domestic help to provide eldercare

August 12, 2020, 4:04 am
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English Nursing Care (ENC), a total solution in home nursing and elderly care, expands its service offerings with the introduction of a brand-new service called ‘Managed Maid.’ The service was developed with the objective of teaching domestic help the specialised skills of looking after the elderly and those that need special care. The ‘Managed Maid’ service would develop the skills of domestic help with expert training and management, to better serve those in need, with the comfort of a familiar face. This innovative service is a unique combination of technical training together with follow up assessments and support in the customers own home. Ensuring that your elderly loved ones are looked after and cared for can be a challenge, English Nursing’s ‘Managed Maid’ service entails an operational training program that involves a team from English Nursing Care coming to your home and carrying out a detailed understanding of the situation in the care space, thereafter they would create a bespoke training programme for your domestic help. The training programme will be delivered and monitored by a qualified nurse taking into account your needs. The bespoke training programme will allow the patient’s needs to be met in their own home – whether for long term care or rehabilitation after a hospital stay. Speaking of this innovative service, Ivanka Fonseka – General Manager, English Nursing Care said, “We are always looking at ways to improve the lives of the elderly and that is why we do understand that sometimes when you get used to someone in your home, it is difficult to adjust to a new person being brought in. This service allows you to provide quality eldercare to a patient at home whilst minimising disruption to their existing routine. Our service of upskilling a domestic helper to provide good quality eldercare provides real support to the family.  Our expert staff always remain available when required.” English Nursing Care in Colombo is a supervised home nursing service which allows quality care within the comfort of an individual’s home. Bringing in expertise from the UK, English Nursing aims to develop Sri Lanka’s community nursing and care sector by setting elevated standards in quality and compassionate nursing care in the country. Attesting the efficiency of Managed Maid Eldercare, a family member of one of English Nursing’s existing patients stated, “We needed more specialised care than our home help could provide after my father returned from hospital..  His pressure sores have now cleared due to the supervision of English Nursing Care. The spot checks and a regular report from English Nursing Care keeps me updated on the care that my father is receiving – granting me a great peace of mind.” With over 50 years of experience in community care, English Nursing is developing new ways of delivering eldercare to the customers home.  The UK management Team of English Nursing Care  works closely with an excellent Sri Lankan team – providing them with management oversight, nursing supervision and training skills to maximize existing patient care. For further information on English Nursing Care, visit their website www.englishnursing.com or call +94 11 4500117.

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List of institutions brought under the purview of Finance Ministry

August 12, 2020, 4:42 am
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Prime Minister Mahinda Rajapaksa has been appointed as the new Finance Minister of Sri Lanka. The new ministerial structure consisting 28 Ministries and 40 State Ministries was announced by President Gotabaya Rajapaksa through an extraordinary gazette notification. Accordingly, two-state ministries were appointed under the Finance Ministry. They are the State Minister for Finance, Capital Market and State Enterprise Reforms, and the State Minister for Samurdhi, Micro Finance, Self Employment & Business Development and Under-utilized State Resource Development. Formulating national economic and financial policies and strategies of the country, Formulating fiscal policy, and macro-fiscal policy management, Preparing national development plan and management of financial resources, Managing national tax policy and effective use of government revenue, Formulating monetary policies, Coordinating public, and private sector activities and conducting economic development activities, are some of the core objectives of the Finance Ministry. Following are the full list of departments and institutions assigned under the Finance Ministry: –  Treasury Affairs General Treasury

  • Department of National Planning
  • Department of Fiscal Policy
  • Department of National Budget
  • Department of Management Services
  • Department of External Resources
  • Department of Public Finance
  • Department of Treasury Operations
  • Department of State Accounts
  • Department of Trade and Investment Policy
  • Department of Information Technology Management
  • Department of Legal Affairs
  • Department of Management Audit
  • Department of Development Finance
  • Comptroller General’s Office
  –   State Revenue Management
  • Department of Inland Revenue
  • Sri Lanka Custom
  • Department of Excise
  • National Lotteries Board
  • Development Lotteries Board
  • Department of Valuation
  • Department of Imports and Exports
–   Banking Financial and Capital Policy and Regulatory Affairs
  • Central Bank of Sri Lanka
  • All State Banks, Finance, Insurance and their subsidiaries and affiliates
  • Insurance Board of Sri Lanka
  • Sri Lanka Insurance Corporation and its subsidiaries and affiliates
  • Credit Information Bureau
  • Department of Registrar of Companies
  • Securities and Exchange Commission of Sri Lanka
  • Sri Lanka Accounting and Auditing Standards Monitoring Board
  • Public Utilities Commission of Sri Lanka
  • Sri Lanka Export Credit Insurance Corporation
–  Statistical information and Studies
  • Department of Census and Statistics
  • Institute of Policy Studies
  • Sustainable Development Council
–  Welfare and Social Security
  • Welfare Benefits Board
–  Funding provisions
  • Lady Lochore Fund
  • Strike, Riot, Civil Commotion and Terrorism Fund
  • National Insurance Trust Fund
  • Employees’ Trust Fund
  • Let’s Protect Children (Daruwan Surakimu) Trust
  • Shrama Vasana Fund
  • National Health Development Fund
  • National Kidney Foundation of Sri Lanka
  • Tea Shakthi Fund
  • Kapruka Fund
  • Public Service Pensioners’ Trust Fund
  • Buddha Sasana Fund
  • Buddhist Revival Fund
  • Skills Development Fund Ltd
  • Local Loans and Development Fund
  • Thurusaviya Fund
  • Central Cultural Fund
–  Institutions to be liquidated
  • Department of Telecommunications
  • Wildlife Trust
  • Sri Lanka Media Training Institute
  • Department of Internal Trade
1.1   State Ministry of Finance & Capital Market and State Enterprise Reforms
  • Department of Public Enterprises
  • Department of Project Management and Monitoring
  • National Operations Centre
  • Housing Development Finance Corporation of Sri Lanka
  • State Mortgage & Investment Bank
  • Institutions owned by the Secretary to the Treasury under the Revival of Underperforming Enterprises or Underutilized Assets Act
1.2   State Ministry of Samurdhi, Micro Finance, Self Employment & Business Development and Underutilized State Resource Development
  • State Resources Management Corporation
  • Department of Samurdhi Development
  • Regional Development Bank
  • National Enterprise Development Authority
  • Small and Medium Enterprise Capital Company
  • Small and Medium Enterprise Authority
  • Grama Shakthi Bureau
  • National Institute of Social Development
  • Rural Development Training and Research Institute
  • Social Security Board
  • National Council For Persons with Disabilities
  • National Secretariat For Persons with Disabilities

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DFCC Group records a PAT of Rs.1.8bn for 1H 2020

August 12, 2020, 4:59 am
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  • Advances grew by LKR 19Bn to 292 Bn (7% growth)
  • Deposits grew by LKR 30 Bn to 278 Bn (12% growth)
  • DFCC Group recorded a PAT of LKR 1.8Bn for the first half of the year 2020 Impairment charge of 1.5Bn for the first half of the year 2020
  • Tier I Capital ratio of the Bank is 11.14% as at 30 June 2020
The DFCC Group comprising DFCC Bank and its subsidiaries recorded a Profit After Tax (PAT) of Rs. 1,803 Million for the period ended 30 June 2020 compared to Rs.906 Million (after fair value loss on investment in Commercial Bank equity securities) in the comparative period. Contributing to efforts by the Sri Lankan government to manage the impact of COVID-19 global pandemic, DFCC Bank continued to serve the Bank’s customers across the country by providing essential banking services without interruption during the lockdown period. Throughout this challenging times due to the Banks Digital footprint customers experienced greater convenience as they were able to conduct their financial transactions in the comfort of their home at any time convenient to them. The Bank also implemented a number of relief schemes in line with Government directives to support those customers affected as a result of the pandemic. Profitability DFCC Bank, the largest entity within the group, was able to record a profit after tax (PAT) of LKR 1,444 Million for the period ended 30 June 2020 in comparison to profit after tax of LKR 737 Million recorded in the comparative period. However, profit recorded in the comparable period includes the fair value loss on investment in Commercial Bank’s equity securities of LKR 851 Million. With the view of concentrating on core banking profitability, the Bank has reclassified the investment made in the equity securities of Commercial Bank of Ceylon PLC from fair value through profit or loss to fair value through other comprehensive income with the option given in the “Guidance Notes on Accounting Consideration of the COVID-19 Outbreak” issued by the Institute of Chartered Accountants of Sri Lanka. This reclassification helped the Bank to refocus its efforts to ensure core business profitability. The Group recorded a profit after tax of LKR 1,803 Million for the period ended 30 June 2020 compared to LKR 906 Million (after fair value loss on investment in Commercial Bank equity securities) in the comparative period. NII and fee income The Bank recorded a LKR 5,919 Million in net interest income (NII) which is an 8% decline year on year primarily due to a drop in AWPLR more than 250 bps over the past 12 months and due to the business implications that arose after 18 March 2020. The slowdown of the economic activities due to COVID- 19 and relief measures introduced have had serious implications to the fee and commission income of the Bank. However, the concentrated effort to increase non-funded business has helped to minimize the impact only with a 3% reduction to LKR 962 Million for the period ended 30 June 2020 from LKR 993 Million in the comparative period due to the adverse impact of the COVID-19 pandemic. Operating Expenses The Bank was able to maintain operating expenses to the same level during 6 months period ended 30 June 2020 compared to comparative period in year 2019 despite the growth strategy of expanding branch network operations adopted by the Bank. In addition, the Bank has introduced many safety measures across the branch network in order to provide a seamless service to customers and to secure and safety environment to the employees and all stakeholders. Investments have also been made in introducing digitally enabled products and services to the local market, which in turn have helped the Bank to provide an uninterrupted service to its loyal customers, especially during the COVID-19 lockdown period and after reopening of the economic activities. Impairment The Bank maintained the NPL ratio of 4.85% as at 30 June 2020 which is same level compared to 31 December 2019. Borrowers who have applied for the moratorium had not commenced the repayments of their facilities as at 30 June 2020. Due to the lack of reliable information with regards to the impact of COVID-19 on its loans and advances portfolio at the reporting date and as the impact of the economic downturn cannot be reasonably estimated yet, the Bank has considered the long-term economic trend in calculating the impairment provision for the period in line with the guideline issued by the Institute of Charted Accountants of Sri Lanka. With the reopening of the economy and concessions offered to its clients, the Bank expects majority of the borrowers to service the facilities regularly after the moratorium periods. Notwithstanding the same, the Bank has made LKR 1,507 Million impairment charge for the 6 months period ended 30 June 2020 by taking into account some of the possible impairment of exposures once the moratorium is over. Business Growth Despite the challenges faced by the Economy and Banking Sector during this period, DFCC Bank’s total assets increased by LKR 30,302 Million and recorded a growth of 7% from December 2019. This 3 constitutes a loan portfolio growth of LKR 18,841 Million to LKR 291,659 Million compared to LKR 272,818 Million as at 31 December 2019 recording an increase of 7%. The Bank’s deposit base as at 30 June 2020 increased to LKR 277,722 Million from LKR 247,787 Million as at 31 December 2019, which is a growth of 12%. Accordingly, the Bank reported a loan-to-deposit ratio of 105% in June 2020 compared to 110% in December 2019. The Bank’s CASA ratio which represents the proportion of low-cost deposits declined to 21.32% by 30 June 2020 compared to 22.72% in December 2019. The Bank’s advance portfolio is partly funded through long-term concessionary credit lines enjoyed over a long period of time. When these concessionary term borrowings are considered, the ratio increased to 26.77% as at 30 June 2020. Capital Management As per the relief measures introduced by the Central Bank of Sri Lanka, banks were permitted to release 50 basis points from the capital conservation buffers maintained to date. The bank expects the debt moratorium and concessionary working capital loans introduced by the Central Bank of Sri Lanka, to help the businesses to recommence their operations and reach to normalcy soon. However, reduction in the cash flows from moratorium and delayed payments by customers who did not enjoy moratoriums would likely to contribute a negative impact on the earnings, cash flows and liquidity position of the Bank. Based on the internal assessment undertaken by the Bank, there is no significant adverse impact to the regulatory capital ratios maintained by the Bank. In order to support future growth as a full-service retail bank, the Bank has consistently maintained a capital ratio above the Basel III minimum capital requirements. As at 30 June 2020, the Bank recorded Tier 1 and total capital adequacy ratios of 11.14% and 15.34%, respectively, which is well above the minimum regulatory requirements of 8% and 12% including Capital Conservation buffer of 2%. Looking ahead DFCC Bank will continue to focus on customer centricity and introduce unique digital innovations that will revolutionize greater customer experience and convenience in banking. In addition, the Bank will continue to monitor the business environment and the global trends in order to support the Government initiatives to manage the economic landscape in the country amidst COVID19. The DFCC Group comprises of DFCC Bank PLC (DFCC), and its subsidiaries – Lanka Industrial Estates Limited (LINDEL), DFCC Consulting (Pvt) Limited (DCPL) and Synapsys Limited (SL), the joint venture company – Acuity Partners (Pvt) Limited (APL) and associate company – National Asset Management Limited (NAMAL).

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Local Manufacturers Welcome New State Ministry for Pharmaceutical Manufacture

August 12, 2020, 5:16 am
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Sri Lanka Pharmaceutical Manufacturers’ Association President Sanjaya Jayaratne lauds new government The Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) welcomed the newly elected government’s decision to create a new State Ministry for Pharmaceuticals Manufacture as a crucial positive step towards the strengthening of the local pharmaceuticals industry. The Association iterated the importance of its contribution to the nation as local manufacturers ensuring the availability of essential pharmaceuticals and expressed its confidence in the government’s vision for the nation. SLPMA President Mr. Sanjaya Jayaratne, Chairman of Navesta Pharmaceuticals (Pvt.) Ltd., congratulated the government on its landslide victory and for championing local industry. “The Sri Lanka Pharmaceutical Manufacturers’ Association warmly welcomes the new government headed by Prime Minister Mahinda Rajapaksa. We look forward to working with Minister of Health, Pavithra Wanniarachchi and Prof. Channa Jayasumana, State Minister of Pharmaceutical Production, Supply and Regulation as we work towards a robust local pharmaceuticals industry.” he stated. Members of the Sri Lanka Pharmaceutical Manufacturers’ Association have actively reinvested over Rs. 15 billion over the past five years on capacity building and market expansion, setting up new plants and upgrading current facilities to enhance the manufacture of a wider range of medicines and infrastructure for the Sri Lankan market and for export. Currently holding 15% of the local pharmaceuticals market, the SLPMA aims to help the country by increasing the production of world-class pharmaceuticals locally to provide quality cost-effective medicines to all Sri Lankans. As the official body for local pharmaceutical manufacturers, the SLPMA holds frequent dialogues on matters concerning the development of the industry with key stakeholders. Further commenting on the new government, Jayaratne said, “As the representative body of local manufacturers of pharmaceuticals and pharmaceutical products, we warmly welcome the establishment of a State Ministry for Pharmaceuticals by the newly elected government. This highlights the importance the state places on a self-sufficient local pharmaceutical manufacturing industry in the country and is an encouragement to the industry. The association will work towards strengthening ties with the government and expanding on our contribution to the national healthcare sector by expanding on the guaranteed buy back agreement for local pharmaceuticals currently in effect. The SLPMA has always stood for quality affordable pharmaceuticals and will support the government secure the highest quality medicines for the most affordable prices.” The establishment of the first privately owned Pharmaceutical Manufacturing facility in the year 1956 marked the beginning of the Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA). In the six decades since, its membership has grown to fifteen entities including multinational pharmaceutical companies, established local Conglomerates, innovative new ventures and the State Pharmaceuticals Manufacturing Corporation (SPMC). The Association recently held its 55th Annual General Meeting held recently at the Ceylon Chamber of Commerce. Mr. Sanjaya Jayaratne was elected President at the meeting, while Mr. Kalana Hewamallika, Chairman and Managing Director of Gamma Pharmaceuticals (Pvt) Ltd and Interpharm (Pvt) Ltd was elected Vice President of the Association. The SLPMA is an affiliated trade association coming under the aegis of the Ceylon Chamber of Commerce and comprises those members who are solely involved in the manufacture and distribution of medicines in Sri Lanka. The SLPMA Secretariat is based at the Ceylon Chamber of Commerce and can also be reached on (011) 5588836.

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‘Seylan Fridays’ offer exciting discounts at Daraz.lk

August 12, 2020, 5:25 am
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Seylan Bank, The bank with a heart, recently partnered with Daraz.lk, Sri Lanka’s largest online shopping platform for an exclusive promotion, ‘Seylan Fridays’ offering site-wide discounts to all Seylan Credit Cardholders. As people turn to e-commerce platforms to carry out their shopping requirements, online shopping continues to evolve consumer buying trends. Seylan Credit Cardholders can now enjoy exclusive discounts on the Daraz website every Friday until the end of December 2020 and experience 10% discounts covering a wide range of products across a number of categories site wide. Through this initiative, Seylan hopes to further enhance customer convenience, by providing Credit Cardholders the opportunity to get all their requirements delivered straight to their doorstep. Recognized as an ‘Essential Card’, Seylan Credit Cards are a must-have for those looking to obtain the best deals with maximum value and maximum savings on essentials across a range of categories. By partnering with Daraz, Seylan Bank strives to provide its customers an invaluable online shopping experience of the highest quality. Being at the pinnacle of digital transformation and innovation, Seylan Bank has enabled all Visa Credit and Debit Cards with Near Field Communication (NFC) technology making transactions contactless, convenient, and hassle-free. The Bank has a growing clientele of SMEs, Retail and Corporate Customers and has expanded its footprint with 173 branches and an ATM network of 215 units across the country. Seylan Bank has been endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating at ‘A (LKA)’. The bank was ranked second among public listed companies for transparency in corporate reporting by Transparency Global and is now part of the S&P Dow Jones SL 20 Index. To obtain a Seylan Credit or Debit Card customers can now contact the Bank’s hotline on 011 200 88 88 or log onto www.seylan.lk for more information.

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Anchor team strives to provide safe re-start for schoolchildren of Biyagama

August 12, 2020, 5:30 am
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Life during the pandemic has been difficult for parents and children alike. The return to school is an important and welcome step, but it is important that children return to a safe and hygienic space to resume their learning.  To provide a safe re-start to the schoolchildren of Biyagama, the team behind Anchor, the flagship dairy brand of Fonterra Brands Sri Lanka, recently organised a shramadana clean-up and awareness programme at the grounds and classrooms of the Biyagama Central College and Biyagama Primary School. Speaking on the initiative, the Principal of Biyagama Central College, Mr. U V Gunarathne said, “While the pandemic has been a never-before experienced challenge to us all, we should also remind ourselves of other risks due to the overgrown vegetation such as mosquito breeding – and we must take necessary steps to eliminate this risk.” “I would like to thank the parents, teachers and the Anchor team for coming together in an effort to make this environment safe and hygienic for the over 2,000 children of our school and for following the guidelines of the local health authorities.” Anchor sponsored a tractor and grass cutters for the day to maintain the gardens and grounds of both schools. A disinfection machine was used to sanitise the premises and a donation of surgical masks and hand sanitiser was made to be used by the schoolchildren upon coming back to school. Fonterra Brands Lanka health and safety experts also kicked off a week-long series of safety briefing sessions to the schoolchildren, who return in rosters from Monday the 10th.

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ComBank’s Flash enables contactless payments for Tenaga Car Park services

August 12, 2020, 5:33 am
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Commercial Bank’s ‘Flash’ Digital Bank Account holders can now pay via the app for parking at Tenaga managed on-street and off-street parking spaces, without having to drive around looking for a parking meter, consequent to a partnership between the Bank and Tenaga Car Parks (Pvt) Ltd. The Parking Management solution is now directly integrated to the Flash Digital Banking application which enables account holders to enjoy this hassle-free, touch-less and cash-less payment option, saving time.  To enable this facility, Flash customers only have to click on the ‘Street Parking’ icon on the Flash app home screen and register their vehicle numbers. When the need to park arises, registered Flash account holders simply specify the time of parking and effect payment online to Tenaga via their phone apps, without visiting a payment booth or locating a fee collector.  Commenting on the launch of this facility, Commercial Bank’s Chief Operating Officer Mr Sanath Manatunge said: “The partnership with Tenaga is an attempt to provide further convenience to our customers through technology. With this contactless payment option we not only hope to minimise the number of people  that our customers come into contact with, but also eliminate the stress of having to find a parking meter. They no longer have to suffer the consequences of missed parking ticket payments or fines.” Tenaga Car Parks (Pvt) Ltd. is the pioneer in providing smart parking and traffic management solutions in Sri Lanka. Its services include management strategies tailor-made to suit each car park, traffic management services and technical & consultancy services. Combining advanced technology and skilled labour, the Company has been providing smart parking solutions in India, Malaysia and Singapore for the past 20 years. The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten  years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 873 ATMs in Sri Lanka. Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake. Photo caption: Commercial Bank’s Chief Operating Officer Mr Sanath Manatunge (4th from right) and Tenaga Car Parks (Pvt) Ltd. CEO/MD Mr Duminda Jayathilake exchange the agreement in the presence of (from left) Digital Payment Services (Pvt) Ltd. Director Mr Sanjiv Alles and CEO/MD Mr Mufaddal Lukmanjee, Tenaga Car Parks (Pvt) Ltd. Head of Business Development and Command Centre Operations Mr Dilshan N. Mathew and the Bank’s Head of Digital Banking Unit Mr Pradeep Banduwansa, Manager – Digital Banking Unit Mr Anush Gunarathne and Officer Digital Banking Unit Mr Nuwan Sudusinghe.

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SIEMENS – DIMO Consortium continues to enhance National Power Supply with CEB

August 12, 2020, 5:35 am
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SIEMENS – DIMO consortium recently signed agreement with the Ceylon Electricity Board (CEB) to embark on the Medium Voltage distribution sub project package 05 of the “National Transmission and Distribution Network Development and Efficiency Improvement Project” aimed at enhancing national power supply. The package 04 of the above project was also awarded to the SIEMENS-DIMO consortium during the 1st quarter of 2020. The demand for electricity in Sri Lanka is growing at a rate of about 5-6% per annum. Therefore, the generating sources as well as the transmission and distribution facilities have to be developed and strengthened in order to meet this growth in demand. Medium Voltage Distribution System is the backbone of the power distribution network and is the interface between the Transmission network and the LV Distribution network which provide supply to the consumers. It is therefore essential to reinforce and develop a healthy Distribution System which has the capability of catering to the growing electricity demand of the country while maintaining an acceptable reliability and quality above the set operational standards and norms. Director of DIMO Wijith Pushpawela stated, “DIMO is pleased to facilitate the National Transmission and Distribution Network Development and Efficiency Improvement Project with the package 04 and 05. This is an important project in the nation‘s infrastructure development agenda as it will immensely contribute towards a more efficient and reliable power supply within Sri Lanka.” The scope of package 05 focuses on augmentation of the Ethulkotte Primary Substation with the aim of increasing capacity to cater the increase in electricity demand, provisioning of highly-reliable power supply with a high degree of operational flexibility in Battaramulla, Welikada and Kalubowila areas and to automate the distribution network. Construction of the New Primary Substation at Rattanapitiya with the aim of accommodating the anticipated load growth including town development requirements of Nugegoda, Boralesgamuwa and Maharagama areas which is fed by LECO and the requirements of the proposed educational area of the University of Sri Jayewardenepura are also included in this project. Augmentation of Beligaha Primary Substation with the aim of increasing supply demand in Galle, Dadalla and Karapitiya areas and to provide high degree of reliability and operational flexibility of the MV network in the Southern Province is another objective of this project. The agreement was signed between CEB and SIEMENS-DIMO consortium at the CEB Head Office premises with the participation of Vijitha Herath – Chairman of CEB, Y.G.I. Saman Kumara – Vice Chairman of CEB, Eng. Rohan Seneviratne – Additional General Manager of Distribution Division 4 of CEB, Sarath Algama – Director of DIMO, Wijith Pushpawela – Director of DIMO and Prasad Palsokar – SIEMENS Country Manager for Sri Lanka. Ms. N.U. Perera – Deputy General Manager (Planning & Development) Distribution Division 4, P.P.B. Samarasekara – Project Manager (GPDEEIIP-Tr2- Package 05) of CEB and Dasun Arandarage – Head of Power Engineering Projects of DIMO were also present at this occasion. DIMO and SIEMENS have been partners for over seven decades adding value to Power Generation, Transmission and Distribution Projects in the country with the latest technologies and the best solutions. The recent developments in the company’s product portfolio such as renewable energy, micro grid & smart grid solutions, will pave the way towards a sustainable energy mix which in return will be beneficial for the Government to achieve its objectives towards green energy. Photo Caption – Officials from CEB and SIEMENS – DIMO consortium at the agreement signing

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CCC felicitates Prime Minister, new Cabinet and State Ministers

August 12, 2020, 9:30 pm
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Colombo Chamber of Commerce felicitates Prime Minister Mahinda Rajapakse and the new Cabinet and State Ministers appointed with the clear mandate given by people of Sri Lanka at the general election. The mandate further conveys the confidence placed on President Gotabaya Rajapakshe to deliver the aspirations of the Nation which was conveyed beyond any doubt in the manner in which he faced the Challenge of Covid 19 and his other articulate directions and decisions which made him stand out as a capable and dedicated leader. CCC is confident that the new Prime Minister and his Ministers will navigate the Country to revive and drive  the economy to success and live up to the hopes of its people. Further CCC appreciates the gazette notification issued prior to appointment of Ministers clearly demarcating subjects, responsibilities and the institutions under their purview enabling new Ministers to start work immediately to implement election pledge of the of the President “Vistas of Prosperity and Splendour” a reality. CCC which empowers youth and strongly believes in developing and preparing the next generation further appreciates appointing a set of young ministers to hold responsibilities of developing the country giving credence to the motto of CCC. CCC appeals to the New Government to give priority to MSME sector development,  Exports and promote Sri Lanka as the destination for Services for businesssss from hubs like Singapore and UAE as we have the modules of requisite skilled services and global standard infrastructure facilities.  Attract FDI for optimum utilization of the FTA’s and GSP Plus benefits which can be exploited to the maximum. CCC strongly supports the view that Sri Lanka will dawn to a brighter horizon in next five years and make the Nation proud of the Government’s achievements. Image Caption : President Colombo Chamber of Commerce (CCC) Saranga Wijeyarathne

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First Capital records PAT of Rs.1.07bn in 19/20 amidst challenging market conditions

August 12, 2020, 11:15 pm
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First Capital Holdings PLC (the Group) the only listed investment bank in Sri Lanka, recorded a Consolidated Profit after Tax of  LKR 1.07Bn for the year 2019/20, amidst negative headwinds that saw Sri Lanka, reporting subpar economic growth for the third consecutive year. The results show a significant growth compared to LKR 8Mn in the previous year.  First Capital, with an impressive history of over 35 years, has total assets of LKR 45.6Bn and Equity in excess of LKR 4Bn. The Group recorded a Total Comprehensive Income of LKR 1.04Bn for the year, a significant increase from  Comprehensive Loss of LKR 20Mn recorded in 2018/19. “Our ability to deliver impressive results even in tough times, is a testament to the Group’s robust operating model.  I am convinced that the ongoing emphasis placed on strengthening each of our core businesses and firming up their positions within their immediate operating domain, has been a critical success factor for the Group”, commented Chairman, First Capital Holdings PLC, Nishan Fernando. The Group’s Primary Dealer contributed LKR 1.2Bn (2018/19 – LKR 96Mn) Profit after Tax for the year, claiming a substantial volume-based market share in both the primary auctions as well as in the secondary market during the financial year. Capitalising on the potential in the listed and unlisted debt market, the Corporate Finance division mobilised LKR 42Bn for its clients through structuring and placement of corporate debt securities, generating a fee income of LKR 175Mn (2018/19 – LKR 69Mn). The Wealth Management division of the Group, made remarkable progress to deliver its best financial results to date, reporting a fee income of LKR 64Mn (2018/19 – LKR 33Mn).  The division showed a significant growth in its assets under management to end with LKR 26.4Bn as at 31st  March 2020 (31st March 2019 – LKR 5.9Bn). Furthermore, the Company’s benchmark unit trust, the First Capital Money Market Fund was the best-performing unit trust fund in the country in 2019/20. The Group’s Stock Brokering unit also recorded revenue of LKR 71Mn for the year 2019/20 (2018/19 – LKR 53Mn). “While the last 12 months have been challenging for many local businesses, several aspects of our immediate operating environment worked in our favour; we are looking ahead and focusing our efforts on improving efficiency across all businesses to deliver enhanced results to our valued stakeholders’, commented Director/Chief Executive Officer, First Capital Holdings PLC, Dilshan Wirasekara. The Group’s [SL]A- credit rating was reaffirmed by ICRA Lanka Limited, reconfirming the stability of the Group. First Capital Holdings PLC paid a total dividend of LKR 9 per share for 2019/20 totaling to LKR 911Mn. Image – Nishan Fernando – Chairman, First Capital Holdings PLC and Dilshan Wirasekara – Director/Chief Executive Officer, First Capital Holdings PLC

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CAL advises Sunshine Holdings on Rs.1.7bn acquisition of Daintee Limited

August 12, 2020, 11:27 pm
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Consolidating its stance as a Sri Lankan family business expert, Capital Alliance Partners Limited (CAL) advised Sunshine Holdings PLC on the acquisition of Daintee Limited. The transaction was structured by CAL to enable the Sunshine Group to expand its operations in the FMCG space with the use of Daintee’s well established brands, thereby maximizing the growth prospects of both entities. Functioning as the Buy-side Advisors to the Sunshine Group, CAL was entrusted the role of harnessing the value of the Daintee brand that has been created over the years and plugging it into the Sunshine Group such that they can expand their presence as a leading FMCG conglomerate in Sri Lanka. Having negotiated through a number of prospective investors, CAL played an instrumental role in the implementation of the transaction by liaising with all related parties and engaging in negotiations with Daintee, on behalf of Sunshine, securing the most beneficial terms of the transaction. Having been a family run business over the past 35 years, Daintee has become a household name as one of the largest players in the confectionary space in Sri Lanka with an island-wide footprint and over 95,000 touchpoints. Sunshine Holdings is one of Sri Lanka’s most respected conglomerates, with a core focus in Healthcare, Agribusiness, Consumer Goods & Renewable Energy. The group has a 50 year heritage that started as a prestigious family owned business, growing to become one of the most respected conglomerates Listed on the Colombo Stock Exchange bearing a name synonymous with quality. Commenting on the acquisition, the Group Managing Director Vish Govindasamy said; “I believe this transaction positions the Sunshine Group on the path to becoming the leading FMCG conglomerate in Sri Lanka and is a strong statement about our vision to grow.” CAL’s VP of investment banking Rizny Faisal went on to say “The transaction is a boost for the country’s capital markets in a post COVID landscape and has been a testament to CAL’s unwavering commitment to its’ clients, whilst solidifying CAL’s stance as Sri Lanka’s family business expert in investment banking.”  

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Sampath Bank, backed by a One Trillion Rupee Balance Sheet, works hand in hand with all stakeholders to create a better future for the Nation

August 13, 2020, 12:24 am
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The global economy took a steep downward trend with the outbreak of COVID – 19 pandemic epicentre shifting from China and East Asia to the United States and Europe. Most countries declared prolonged lockdowns and movement restrictions with a view to controlling the disease, which severely hampered worldwide economic activity and global trade from March 2020. Domestically, the COVID – 19 outbreak weakened the Country outlook substantially as it brought further stress to an already challenged macroeconomic situation. Responding to these economic challenges, the Central Bank of Sri Lanka took steps to cut policy rates twice during the second quarter, resulting in the Standard Deposit Facility Rates and the Standard Lending Facility Rates dropping to 5.5% and 6.5%, respectively by 30th June 2020. At the same time, the Statutory Reserve Requirement (SRR) was reduced in two stages from 5% to 2% during the 1H 2020, in a bid to improve liquidity levels in the market. While the economy and the banking sector as a whole continued to face unprecedented challenges due to the COVID-19 pandemic, Sampath Bank is pleased to announce that its total assets crossed the Rs One Trillion (1 Tn) mark for the first time in its history. Reaching this milestone in the span of just 33 years, probably makes Sampath Bank the youngest business organisation in Sri Lanka to achieve this significant milestone During this difficult period the Bank redoubled efforts to serve its valued customers, who were severely impacted by the prolonged lockdown, to overcome the challenges and hardships faced by them. By leveraging its IT supremacy and substantial investments made in technology platforms and the widespread branch network, Sampath Bank was able to operate seamlessly during this time of disruption. The Bank was quick to implement all the relief measures introduced by the government, with approximately 50% of the Bank’s loan portfolio being granted relief under the government announced moratorium scheme. Further, the Bank actively engaged in providing working capital loans under “Saubhagya” scheme introduced by the government and took proactive steps to provide necessary assistance to customers across all segments who required special attention, including re-scheduling of loan repayments of those customers who were severely impacted. Given the unprecedented challenges witnessed in the first half of 2020, it is important to note that comparing the Financial result of the first half of 2020 with 2019 may not be realistic. Financial Result of Sampath Bank for the First Half of 2020 Sampath Bank registered a profit before tax (PBT) of Rs 5.32 Bn and a profit after tax (PAT) of Rs 3.97 Bn for the six months ended 30th June 2020. Despite the unique challenges that prevailed since midMarch 2020, the Bank was able to limit the decline in PBT and PAT to 8% and 3.2% respectively compared to the corresponding period in 2019. The Bank made solid progress towards its targets set for 2020, which together with diversified product portfolio embedded with technological advancements and strong cost control measures helped the Bank to control the impact on profits. PBT and PAT of the Group also declined by 7.7% and 4.2% respectively for the six months ended 30th June 2020 and stood at Rs 5.48 Bn and Rs 3.99 Bn respectively. Meanwhile, the Bank remained well-capitalized with a Tier 1 capital ratio of 13.30% and a Total capital ratio of 16.77% Fund Based Income (FBI) The Bank’s Net Interest Income (NII) for the quarter ended 30th June 2020 was significantly affected by two factors – reduction in policy rates in order to provide relief to the economy and the moratorium granted to customers. Consequently, the day one loss on account of COVID – 19 moratorium was recorded against the interest income as per the modification method given in the Sri Lanka Accounting Standard – 9 (SLFRS – 9). As the entire day one loss that arose due to COVID – 19 moratorium has been recorded during the period under review, Sampath Bank does not have to incur any additional impact on interest income during the 2H of 2020. Due to the reasons mentioned above, the Bank’s Net Interest Income declined by 11.9% and stood at Rs 17.4 Bn for the 1st half of 2020 compared to the same period in 2019. While closely monitoring the factors affecting this reporting line, the Bank’s ALCO continued to take necessary action to manage the net interest income to the best possible level. Overall, interest income for the period decreased by Rs 5.0 Bn to Rs 46.2 Bn compared to Rs 51.2 Bn recorded in the corresponding period in 2019, denoting a decline of 9.8%. The total interest expenses stood at Rs 28.8 Bn in 1H 2020 compared to Rs 31.4 Bn recorded in the corresponding period of 2019, a reduction of 8.5%. Consequently, the Net Interest Margin for the 1H 2020 decreased to 3.57% compared to 4.46% reported in 2019. Non-Fund Based Income (NFBI) Net fee and commission income, which comprise of credit, trade, card, and electronic channel related fees, was limited to Rs 3.8 Bn during the period under review, a decline of 18.9% over the figure reported in 1H 2019. The decline was mainly due to the decrease in credit-related fee and commission income consequent to the restrictions imposed to assist customers during this difficult period. Meanwhile, the fee and commission income from electronic channels showed strong growth owing to the high usage of Sampath Vishwa and other popular electronic products. Other operating income (net) recorded a significant YoY increase of 509% in the 1st half of 2020, led mainly by an increase in realized exchange income due to the 2.7% depreciation of the Sri Lankan Rupee against the US Dollar. Consequently, other operating income (net) for the first six months of 2020 increased to Rs 2.6 Bn, from the loss of Rs 642 Mn reported for the corresponding period in 2019. On the other hand, the Bank incurred a net trading loss of Rs 107 Mn as a result of mark to the market losses on forward exchange contracts owing to the aforementioned currency depreciation. Therefore, the Bank’s net exchange income from foreign exchange transactions amounted to Rs 1.8 Bn for the period under review. Operating Expenses Operating expenses, which stood at Rs 10.1 Bn during 1H 2019, decreased to Rs 9.6 Bn during the period under review, reflecting a YoY decline of 5.2%. The cost optimization strategies implemented by the Bank to face the situation was instrumental for this achievement. Meanwhile, the Bank’s Cost-to-Income ratio (excluding taxes on financial services) increased marginally to 40.2% in the first six months of 2020, from 38.8% reported for the corresponding period in 2019. The main reason for this marginal increase was the drop in the key income sources during the first half of 2020. Impairment Charges on Loans and Receivables The Bank has provided a substantial credit loss provision for customers whose credit risk has significantly increased due to the prevailing economic recession. As a result, the impairment charge against individually significant customers increased to Rs 4.3 Bn in 1H 2020 from Rs 2.5 Bn in the corresponding period in 2019. After analyzing the economic downturn, Sampath Bank management decided to increase the credit loss provision at the portfolio level as well. However, the collective impairment charge for the first six months of 2020 is lower compared to the first half of the last year due to the explanation given below. The credit quality of the loan portfolio was severely affected in April 2019 due to the terrorist attack that took place in April 2019 which prompted the Bank to increase its collective impairment provision in Q2 2019. Business Growth Sampath Bank’s total asset base grew by 4.5% (annualized 9.0%) during the period under review to reach Rs 1 Tn as at 30th June 2020. It stood at Rs 962 Bn as at 31st December 2019. Gross loans & advances grew by 3.9% (annualized 7.8%) to reach Rs 748 Bn as at 30th June 2020, recording a growth of Rs 28 Bn for the period under review. The total deposit base increased by Rs 72 Bn for the same period, to reach Rs 790 Bn as at the reporting date, a growth of 10% (annualized 20%). Meanwhile, the CASA ratio, which stood at 36.6% as at 30th June 2020 improved marginally from the 31st December 2019 position of 35.2%. Performance Ratios Return on Average Equity (ROE) (after tax) declined from 11.78% as at 31st December 2019 to 7.56% as at 30th June 2020, in direct correlation to the lower PAT. Return on Average Assets (ROA) (before tax) also declined to 1.09% from 1.66% as at 31st December 2019. The Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit and the Off-Shore Banking Unit stood well above the mandatory requirement of 20% throughout the period and ended up at 28.12% and 33.88% respectively as at 30th June 2020. Capital Adequacy The Bank’s Common Equity Tier I Capital, Tier I Capital and Total Capital Adequacy ratios as at 30th June 2020 stood at 13.30%, 13.30% and 16.77% respectively, all well above the minimum regulatory requirement of 6.5%, 8% and 12.0%, applicable as at the reporting date.

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Amãna Bank unveils Digital Self Banking Zone

August 13, 2020, 1:13 am
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Amana Bank recently commissioned a digitally enhanced Self Banking Zone at the Bank’s Dehiwala branch, with the aim of providing a convenient self-banking experience to its customers. The Self Banking Zone facilitates customers to seamlessly engage in day to day banking transactions such as Cash Withdrawals, Cash Deposits and Bill Payments while also facilitating many other transactions digitally through the newly established Self Service Kiosk. The Self Service Kiosk will enable customers to register for Internet Banking, E-statements and SMS alerts; apply for a Debit Card while also allowing customers to manage their Debit Card functionalities such as requesting to link new accounts to the card, PIN change and limit enhancement. Commenting on the launch, the Bank’s Chief Information Officer Rajitha Dissanayake said, “The introduction of the Digital Self Banking Zone is part of our approach to enhance the customer’s banking experience with greater convenience and accessibility in line with our people friendly banking model. We hope to further expand this service in the near future.” Sharing his thoughts the Bank’s Head of Digital Banking Sanjeewa Fonseka said “We believe that the digitally enhanced Self Banking Zone will support our customers to carry out most of the over-the-counter services at a time of their comfort without requiring to visit the branch during banking hours.” Amãna Bank is the country’s first and only Licensed Commercial Bank to operate in complete harmony with the globally growing non-interest based people friendly banking model. With the mission of Enabling Growth and Enriching Lives, the Bank reaches out to its customers through a growing network of branches and Self Banking Centres spread across the country while having access to 4500 +ATMs for withdrawals and 700+ Pay&Go Kiosks for real time deposits . Customer can also benefit from an array of customer conveniences such as Internet & Mobile Banking, 24×7 Cash Deposit Machines and Banking Units Exclusively for Ladies. Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated (S&P, Moody’s & Fitch) multilateral development financial institution with a membership of 57 countries. In June 2020 Fitch Ratings Sri Lanka declared an upward revision of the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank does not have any subsidiaries, associates or affiliated institutions, other than its unique flagship CSR venture, the ‘OrphanCare’ Trust.

The post Amãna Bank unveils Digital Self Banking Zone appeared first on Adaderana Biz English | Sri Lanka Business News.

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