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10 provinces under Typhoon Signal 1

AT least 10 provinces in Northern Luzon are under Signal 1 as Tropical Depression Kiyapo accelerates and continues to move while moving northwestward over the Philippine Sea east of Northern Luzon, the weather bureau reported.

In its 11 a.m. Tropical Cyclone Bulletin, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said Signal No. 1 has been hoisted over Batanes, Cagayan including Babuyan Islands, Isabela, Apayao, Abra, Kalinga, the eastern and central portions of Mountain Province (Paracelis, Natonin, Barlig, Sadanga, Bontoc, Besao, Sagada),the eastern and central portions of Ifugao (Mayoyao, Aguinaldo, Alfonso Lista, Banaue, Hingyon, Lagawe, Lamut), Ilocos Norte, the northern portion of Ilocos Sur (Cabugao, Sinait, San Juan, Magsingal, Santo Domingo, Bantay, San Ildefonso, San Vicente), the northern portion of Aurora (Dilasag, Casiguran), the northern portion of Quirino (Aglipay, Maddela, Cabarroguis, Saguday, Diffun) and the northernmost portion of Nueva Vizcaya (Bagabag, Diadi).

Kiyapo is expected to bring rainfall and may trigger flashfloods and landslides in areas that are prone to such geological hazards, the weather bureau warned.

In the weather advisory it issued at 11 a.m. on Thursday, Pagasa said Cagayan, Apayao, Abra, Ilocos Norte and Ilocos Sur are forecast to receive between 100 and 200 mm of rain from tomorrow afternoon until Saturday noon.

Meanwhile, Batanes, Isabela, Kalinga, Benguet and La Union are expected to receive between 50 and 100 mm of rain.

Under these conditions, numerous flooding and localized flooding are possible mainly in areas that are urbanized, low-lying, or near rivers.

Pagasa also released a heavy rainfall outlook due to the southwest monsoon, 50 to 100 mm rain is expected in Negros Occidental, Negros Oriental, Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay, Lanao del Norte, Lanao del Sur, Maguindanao del Norte, Sultan Kudarat and Sarangani today until tomorrow, while Palawan, Antique Iloilo, Guimaras, Occidental Mindoro and Negros Occidental will experience the same intense rainfall by Friday to Saturday noon.

Pagasa said Kiyapo will continue moving west-northwestward until Saturday towards the Luzon Strait before turning northwestward.

The center of Kiyapo may pass very close to the northeastern portion of mainland Cagayan between tomorrow morning and afternoon, then pass very close or make landfall in the vicinity of Babuyan Islands between tomorrow afternoon and evening.

It is forecast to exit the Philippine Area of Responsibility by Saturday morning or noon.

According to weather forecasters, it will gradually intensify while moving over the Philippine Sea and may reach tropical storm category tomorrow. It will continue to strengthen while traversing Extreme Northern Luzon and may intensify into a severe tropical storm after passing the Babuyan Islands.

A weakening trend is expected once Kiyapo makes landfall in the vicinity of southern mainland China and moves further inland.

As of 11 a.m. Kiyapo was spotted 830 km East of Northern Luzon, packing maximum sustained winds of 45 kilometers per hour near the center and gustiness of up to 55 kph. It is moving at a speed of 25 kph northwestward.

Mixx powers cashless payments for Zanzibar’s electric bus project

Passengers using Zanzibar’s newly launched electric buses will pay fares through a fully cashless smart card system managed by digital financial services provider Mixx, marking a significant step in the islands’ drive to modernise public transport.

The payment platform was unveiled on Thursday, July 23, alongside the launch of the ZanBus electric bus project by President of Zanzibar and Chairman of the Revolutionary Council, Dr Hussein Ali Mwinyi.

Speaking at the launch, Dr Mwinyi said the project reflects the government’s commitment to building a modern, safe and environmentally friendly public transport system while accelerating the transition to clean energy. “The launch of this electric bus project is part of our commitment to building a modern, safe and environmentally friendly public transport system. We pledged to introduce electric public transport to reduce environmental pollution while providing better services to our people,” he said.

Dr Mwinyi said the initial rollout marks the beginning of a broader plan to expand the fleet to 500 electric buses as part of the government’s long-term ambition to transition public transport to electric mobility.

“Ultimately, we aim to achieve a zero-emissions transport system, protect the environment and transform Zanzibar into a modern city offering quality services to its citizens,” he added.

The project is being implemented by the Zanzibar Social Security Fund (ZSSF), which describes the investment as a long-term initiative expected to improve public transport while supporting sustainable economic growth.

ZSSF Managing Director Nassor Shaaban Ameir said the project goes beyond improving commuter services by promoting technology adoption, environmental protection and economic development.

“The ZanBus project is a long-term investment for the people of Zanzibar. Beyond improving public transport services, it will accelerate technology adoption, protect the environment and stimulate economic growth,” he said.

Under the new system, passengers will no longer need to carry cash. Instead, they will use smart cards integrated with the Mixx digital payments platform, allowing them to pay fares electronically.

Mixx Chief Operating Officer Arnold Ngarashi said passengers will be able to top up their cards using mobile phones or through the company’s network of nearly 20,000 agents across Zanzibar.

“In today’s digital economy, modern public transport cannot operate effectively without a modern payment system. Through Mixx, passengers will be able to top up their smart cards easily using their mobile phones or through our network of nearly 20,000 agents across Zanzibar,” he said.

Mr Ngarashi said the platform is expected to improve revenue transparency, enhance the passenger experience and create opportunities to integrate additional digital services into the transport sector in future.

He added that Mixx’s involvement reflects the company’s commitment to expanding digital payment solutions across key sectors of the economy, including transport, commerce and public services.

Mr Ngarashi also said sister companies Yas and Yas Fiber are working with the Revolutionary Government of Zanzibar to strengthen the islands’ digital infrastructure, including Yas Fiber’s planned investment of about Sh300 billion to expand fibre-optic connectivity across Zanzibar.

CBSL holds policy rate at 8.75%

The Central Bank of Sri Lanka (CBSL) yesterday announced an unchanged stance on policy rates at 8.75% following the Monetary Board Review on Tuesday, citing evolving external shocks stemming from the renewed tensions in the Middle East.

The Board noted that the decision was based on an assessment of evolving domestic and global developments, particularly uncertainties linked to geopolitical tensions and their potential impact on inflation and external stability.

‘Renewed tensions in the Middle East have resulted in a surge in global commodity prices, particularly petroleum. These developments are likely to dampen global economic prospects with potential spillovers to the domestic economy through multiple channels,’ it said in its Monetary Policy statement.

It noted that the CBSL will continue to closely monitor domestic and global developments for emerging risks.

Noting that headline inflation accelerated to 6.8% year-on-year (YoY) in June 2026, mainly due to higher domestic energy and food prices, the CBSL said headline inflation is expected to remain above the target of 5% in the near term before gradually returning to the target level.

It also noted that core inflation is also expected to increase and remain around the headline inflation target.

‘In spite of the near-term uptick in actual inflation, inflation expectations remain well-anchored around the inflation target over the medium term,’ the statement added.

Although the acceleration of headline inflation is largely supply-driven, the CBSL said demand conditions in the economy have also strengthened.

‘The CBSL expects the monetary policy tightening carried out previously to transmit to the economy in the period ahead. It stands ready to take appropriate measures to ensure that inflation stabilises around the 5% target, while supporting the economy to reach its potential over the medium term,’ the statement said.

However, together with other policy measures taken by the Government and the CBSL, the monetary policy tightening in May 2026 and its gradual transmission to the real economy are expected to moderate credit growth and the buildup of demand pressures going forward.

It added that the pressure on the external sector caused by the Middle East conflict has eased somewhat, although the outlook remains uncertain due to renewed tensions.

‘Since April 2026, the external current account has recorded a deficit, mainly because higher fuel import costs widened the merchandise trade deficit and tourism earnings slowed down. Going forward, import demand, including demand for motor vehicles, is expected to reduce in response to recent policy measures,’ it noted.

Meanwhile, the statement said workers’ remittances have remained strong so far in 2026. Gross official reserves stood at $ 6.45 billion at the end of June 2026, amid foreign debt service payments. The Sri Lankan rupee has stabilised somewhat in recent weeks, reflecting the impact of policy measures that have been taken thus far.

Asantehemaa Marks First ‘Akwasidae’

NANA YAA Akyaa II officially celebrated her maiden ‘Akwasidae’ festival as the 15th Asantehemaa, amid pomp and pageantry, last Sunday, July 19, 2026.

Clad in white cloth, the new queen majestically sat in state as she supervised a grand and colourful durbar in her palace at Manhyia in Kumasi, the Ashanti regional capital.

The traditional programme was mostly attended by queenmothers in the Asante Kingdom, who were there to pay homage to the newly enstooled Asantehemaa.

Other dignitaries, including politicians, government officials, businessmen, traditional leaders, the clergy and people from various backgrounds, were also present at the event venue.

Significantly, some of the people at the traditional function were given the rare opportunity to shake hands with Nana Yaa Akyaa II, who was surrounded by her servants.

Known in private life as Nana Ama Bonsu, the new Asantehemaa was recently nominated by Otumfuo Osei Tutu II, the Asantehene, to occupy the Asantehemaa’s throne.

After going through some traditional processes in the Stool House at the Manhyia Palace, the new queen reportedly selected Nana Yaa Akyaa II as her official stool name.

Nana Yaa Akyaa II has replaced Nana Konadu Yiadom III, the 14th Asantehemaa, who unfortunately joined her ancestors in August 2025.

HNB Life launches new Mobile App

As HNB Life celebrates 25 years of protecting lives and being there for Sri Lankans through every stage of life, the Company is continuing its journey of customer convenience with the launch of the HNB Life Mobile App.

Built around the Company’s new brand philosophy, ‘Wings for Life,’ the mobile app reflects HNB Life’s purpose of empowering customers with protection and the freedom to thrive, no matter where life takes them. The app is designed to make life easier for customers by giving them quick and convenient access to their policy information anytime, anywhere, right at their fingertips.

Through the app, customers can easily access policy details, stay updated on their information, make requests, and connect with HNB Life in a much more seamless and

convenient way.

Over the past few years, HNB Life has continued to make significant investments in technology and digital transformation to enhance the customer journey. This includes upgrading and modernising its core systems, integrating AI-powered capabilities, and launching HANA, the Company’s chatbot designed to offer customers faster and more convenient support.

Executive Vice President/Chief Information Officer Suneth Jayamanne said: ‘Our focus has always been on using technology in a way that genuinely improves the customer experience. Over the years, we have invested heavily in strengthening our digital capabilities, from introducing AI integrations to launching HANA and modernising our core systems. The HNB Life Mobile App is another key milestone in that journey. It gives customers a simple, secure, and convenient way to manage their policies and stay connected with us wherever they are.’

The HNB Life mobile app can be downloaded via the Google Play Store and Apple App Store.

PRESS RELEASE – CUT

Partner meeting of the SMART-HEAD Project in Cluj-Napoca

On 24-25 June 2026, the four universities behind the SMART-HEAD project met at the Technical University of Cluj-Napoca in Romania for two days of joint work on the project’s progress. Representing the Cyprus University of Technology was Dr Antonia Christou, who joined colleagues from the coordinating Technical University of Sofia (Bulgaria), the Technical University of Cluj-Napoca (Romania) and the Democritus University of Thrace (Greece) to take stock of what has been built so far and to map out the phase ahead.

SMART-HEAD, short for Sustainable Mindset and AI-Supported Digital Transformation in Higher Education, is a three-year Erasmus+ partnership running until 2028. Its premise is simple but ambitious: sustainability is too often taught as theory, when it needs to be lived. The project’s answer is a digital ecosystem, centred on a mobile application, that turns sustainability learning into a daily habit through flashcards, short daily questions, monthly tests and gamified challenges. Behind the scenes, AI analyses how students engage with the material and feeds back personalised content, giving lecturers a clearer picture of what works and where learners need support.

Much of the discussion in Cluj-Napoca focused on turning that vision into practice, refining the educational resources, preparing the piloting phase with student and academic target groups, and strengthening the teaching methodology that partner institutions will use to embed sustainability across their curricula. The partners also looked ahead to dissemination and the question of how to sustain the results once the funding period ends, so that the shift in mindset the project aims for outlasts the project itself.

For CUT, the meeting reaffirmed its role in shaping both the content and the pedagogy at the heart of SMART-HEAD, and in carrying the results back to Cyprus.

SBMA revenue shares disbursed to 8 LGUs increase to P218M

Eight local governments near this freeport received a total of P218.1 million in revenue shares from the Subic Bay Metropolitan Authority (SBMA) for the first half of this year.

In a statement on Thursday, SBMA Chair and Administrator Eduardo Jose Aliño said the amount, released on Tuesday, was 10.24 percent higher than the revenue shares distributed during the same period last year.

Olongapo City received the largest allocation at P50.42 million, followed by Subic, Zambales, with P32.87 million.

The other allocations benefited Dinalupihan town in Bataan, P27.44 million; San Marcelino town in Zambales, P26.27 million; Hermosa town in Bataan, P23.42 million; the municipality of Castillejos in Zambales, P19.82 million; Morong town in Bataan, P19.34 million; and San Antonio town, also in Zambales, P18.53 million.

The revenue shares come from the five-percent tax on the gross income paid by businesses operating inside the freeport.

The funds are distributed among the contiguous LGUs based on population (50 percent), land area (25 percent), and equal sharing (25 percent).

Editha Marzal, OIC deputy administrator for finance, said the amount released also included the 10-percent retention from the first-semester 2024 distribution.

Under Republic Act No. 9400, which amended the Bases Conversion and Development Act of 1992, the SBMA is required to allocate two percentage points from the five-percent gross income tax collected from freeport locators to the contiguous LGUs

Palace: ?22.7B govt savings will be used to aid sectors affected by Middle East war

Malacañang said the government still has over P10 billion available funds from the pooled savings of government agencies to be used to help sectors, which are affected by the resumption of Middle East (ME) war.

Palace Press Officer Claire Castro issued the statement with the resumption of the conflict in the Middle East following the collapse of the peace talks of the United States (US) and Iran, which resulted in the escalation of attacks between the two factions in the region.

She said the Department of Budget and Management (DBM) was able to collect P22.79 billion of savings from the National Budget Circular (NBC) 602 and 603.

‘These savings will be used for UPLIFT interventions involving the DMW [Department of Migrant Workers,] DOTr [Department of Transportation], and DOE [Departer of Energy] programs. Most likely, these will be allocated to those affected by the crisis in the Middle East,’ Castro said.

DBM issued NBC 602 last April instructing government agencies for the reduction of Maintenance and Other Operating Expenses (MOOE) by 20 percent and the guidelines for deferring capital outlays.

NBC 603 was released last May, providing the guidelines for offering and declaration of savings from programs, activity, and projects from unobligated allotments from fiscal year 2025 General Appropriations Act and Continuing Appropriations.

Of the said savings, P12.37 billion were allocated for the expanded United Package for Livelihoods, Industry, Food, and Transport (UPLIFT), which was announced by President Ferdinand Marcos last week.

The expanded UPLIFT will provide cash aid to 37.5 million Filipinos.

With the remaining savings, Castro said the government currently has sufficient funds to assist those who may be affected by the Middle East conflict.

‘As of now, this represents the savings, and we haven’t yet received information indicating a budget shortfall. So, at this stage, we cannot say that the budget is insufficient,’ Castro said.

Lacson bares more potential anomalies in Taguig projects

SEN. Panfilo Lacson seems not done yet in unmasking his colleague, former Senate president Alan Peter Cayetano, who he said belonged in jail after the latter questioned his integrity.

On Wednesday, Lacson bared yet more potential anomalies involving infrastructure projects in Taguig City, the political bailiwick of Cayetano.

Lacson said his team’s latest findings found three additional P100-million slope protection projects under the 2025 General Appropriations Act (GAA), raising to P2.385 billion the total insertions for projects in Taguig City.

Moreover, two separate items appeared to be double appropriations for the same project, indicating one of the two may be deemed a ghost project, he said.

‘From P2.085B as earlier reported, we found three-P100M additional slope protection projects for a new total of P2.385B insertions under the 2025 GAA. Two items appear to be double appropriations, involving two P100M for the same slope protection project. One of the two must be ghost,’ he said in a post on X.

Lacson earlier flagged at least two suspected ghost infrastructure projects-as well as a staggering number of slope protection and drainage projects, most of them costing P100 million each, with a combined value of P2.085 billion.

Over the weekend, Lacson said their initial findings on anomalous infrastructure projects in Taguig City included projects involving firms owned by the Discayas, the controversial contractor couple, but implemented by another contractor under a 5-percent royalty scheme.

The findings also included similar projects contracted to Topnotch Catalyst Builders-one of the top 15 flood control project contractors President Marcos named last year.

The projects including those involving Discaya-owned firms dated back to 2019 and 2020, when Cayetano represented Taguig in the House of Representatives and Speaker.

Lacson had vowed to pursue the investigation to its ‘logical conclusion’ after Cayetano attacked his integrity in a Facebook Live broadcast.

NDB posts PAT of Rs. 3 b in 2Q 2026 driven by core banking operations

National Development Bank PLC (NDB) has announced its financial results for the six months ended 30 June 2026. Despite the challenges arising from the fraud uncovered in April 2026, the bank delivered healthy results, driven by strong core banking operations, reflecting the resilience of its business model and the clarity of its strategic direction.

The bank reported an operating profit before taxes on financial services of Rs. 9.5 billion for 1H 2026, after recognising the gross financial impact of the fraud attributable to the period amounting to Rs. 2.55 billion, which related entirely to the quarter ended 31 March 2026. This compares with an operating profit before taxes on financial services of Rs. 4.38 billion for 1H 2025, which has been restated to reflect the applicable fraud impact of Rs. 4.26 billion recognised for that period.

Post-tax profit for 1H 2026 amounted to Rs. 4.83 billion, compared with a restated post-tax profit of Rs. 1.93 billion for 1H 2025, with the net financial impact of the fraud reflected in both periods. Excluding the impact of the fraud, post-tax profit for 1H 2026 would have been Rs. 6.21 billion, compared with Rs. 4.22 billion in the corresponding period of 2025. Notably, the bank recorded a standalone post-tax profit of Rs. 3.01 billion during the 2Q 2026, the first full quarter since the reporting of the fraud. These results underscore the strength of the bank’s underlying franchise, earnings resilience, and the continued momentum of its core banking operations.

The bank continued to deliver a strong income performance during the period under review, generating total operating income of Rs. 25.13 billion, representing a year-on-year (YoY) growth of 12.7% over 1H 2025. This growth was driven entirely by the bank’s core banking operations and is presented before taking into account any financial impact arising from the fraud incident.

Supporting this performance, total revenue increased by 12.8% YoY to Rs. 53.82 billion. Net interest income (NII) grew by 2.8% YoY to Rs. 17.42 billion, supported by prudent balance sheet management, disciplined pricing strategies, and effective asset and liability management. Interest income increased by 8.4% to Rs. 45.86 billion, while interest expense rose by 12.1% to Rs. 28.44 billion. Against the backdrop of the prevailing interest rate environment, the bank’s timely repricing of both loan and deposit portfolios helped sustain margin performance, resulting in a net interest margin (NIM) of 3.8%, compared with 4.1% for FY 2025.

Net fee and commission income continued to be a key contributor to revenue diversification, increasing by 22.4% YoY to Rs. 4.45 billion, driven primarily by credit, cards, operations, and trade-related activities. Other non-fund-based income, comprising gains from trading activities, financial assets measured at fair value through profit or loss, derecognition of financial assets, and other operating income, amounted to Rs. 3.26 billion during 1H 2026. Within other operating income, foreign reserve revaluation gains netted Rs. 1.21 billion, and compared with a Rs. 362.37 million in 1H 2025.

Impairment charges on loans and other investments declined to Rs. 3.46 billion, representing a significant 22.9% YoY reduction. Loan impairment charges decreased by 18.7%, reflecting the benefits of the bank’s continued focus on asset quality management, enhanced credit underwriting standards, closer monitoring of asset quality and stage migration trends, and strengthened recovery efforts. The impaired loans (Stage 3) – Net ratio improved to 3.3% as at 30 June 2026 from 3.8% at end-2025, while Stage 3 provision coverage improved further to 62.9% from 59.1%.

Total operating expenses amounted to Rs. 12.18 billion for the period under review, including Rs. 2.55 billion recognised under other operating expenses in relation to the fraud. The comparative operating expense for 1H 2025, adjusted for the fraud-related expense applicable to that period, was Rs. 13.44 billion.

Following the discovery of the fraud within the bank, several announcements were made to the CSE on 2, 6 and 23 April 2026 to keep stakeholders informed of developments. As per the latest update, issued on 26 June, the bank received the Interim Report from Deloitte Touche Tohmatsu India LLP (Deloitte), which had been commissioned by the Board of Directors to conduct an independent forensic review of the facts and circumstances surrounding the fraud. Based on Deloitte’s examination conducted thus far, the value of the suspicious transactions identified amounts to Rs. 13.58 billion, versus the initial estimate of Rs. 13.2 billion.

The bank has restated its financial statements, including comparative information for prior periods, to reflect the impact of this revised amount of Rs. 13.58 billion as follows: Rs. 1.42 billion to periods prior to 1 January 2025, Rs. 9.62 billion to the financial year ended 31 December 2025, and Rs. 2.55 billion to the quarter ended 31 March 2026. Accordingly, the Statement of Profit or Loss for the comparative period ended 30 June 2025 and the Statements of Financial Position as at 1 January 2025 and 31 December 2025 have been restated.

These restatements have been made in accordance with applicable accounting standards to ensure that the financial statements present a true and fair view of the financial impact arising from the fraud. Following these adjustments, the previously reported post-tax profit of Rs. 9.03 billion for FY 2024 has been restated to Rs. 8.18 billion, while the previously reported post-tax profit of Rs. 11.04 billion for FY 2025 has been restated to Rs. 5.9 billion.

The bank reported total assets of Rs. 949.02 billion as at 30 June 2026 after recognising the financial impact of the fraud, compared with a restated asset base of Rs. 926.14 billion as at 31 December 2025. On an unadjusted basis, total assets as at 30 June 2026 would have amounted to Rs. 960.71 billion, compared with Rs. 935.81 billion at end-2025.

Net loans increased to Rs. 595.28 billion from Rs. 593.6 billion as at 31 December 2025, while total deposits grew to Rs. 712.5 billion from Rs. 707.17 billion. The Bank’s Current Account Savings Account (CASA) ratio stood at 23.6% as at end-1H 2026, compared with 27% at end-2025. Total equity attributable to shareholders amounted to Rs. 80.05 billion, while Group equity stood at Rs. 87.55 billion as at 30 June 2026.

The bank maintained a sound liquidity and capital position throughout the period under review. Liquidity Coverage Ratios (LCR) in both rupee and all-currency terms stood at 163.5% and 163.2%, respectively, while the Net Stable Funding Ratio (NSFR) was 129.5%. All ratios remained comfortably above the regulatory minimum requirement of 100%.

The bank’s solvency position also remained robust, with Common Equity Tier 1 (CET 1)/Tier I Capital and Total Capital Adequacy Ratios (CAR) of 9.7% and 15.3%, respectively, as at 30 June 2026, remaining above applicable regulatory minimum requirements. The corresponding restated ratios as at 31 December 2025 were 11.3% and 14.8%, respectively.

All Key Performance Indicators (KPIs) for 1H 2026 are presented after incorporating the financial impact of the fraud, with comparative figures similarly restated. Return on Average Equity (ROE) improved to 12.7% for 1H 2026, compared with a restated ROE of 7.5% for FY 2025. Pre-tax Return on Average Assets (ROA) was 2.2%, compared with a restated 1.4% for FY 2025.

Annualised Earnings per Share (EPS) increased to Rs. 23.49 from a restated Rs. 13.83 for FY 2025. At Group level, ROE and EPS stood at 11.8% and Rs. 23.54, respectively, compared with restated FY 2025 figures of 8.4% and Rs. 15.77. Net Asset Value (NAV) per share stood at Rs. 185.21 as at 30 June 2026 compared with a restated Rs. 187.67 as at 31 December 2025, while the closing share price was Rs. 112.50 (FY 2025: Rs. 141.25). Group NAV per share was Rs. 199 compared with a restated Rs. 201.61 at end-2025.

Commenting on the bank’s financial performance for 1H 2026, Director/Chief Executive Officer Kelum Edirisinghe said:

‘The bank continues to demonstrate resilience and stability, remaining firmly aligned with its strategic priorities despite the challenges encountered during the year. While dedicated teams remain fully engaged in addressing matters relating to the fraud incident, the broader organisation continues to execute its business strategy with focus, ensuring continuity in operations and service delivery to our customers.

Following the discovery of the fraud, the bank acted swiftly and decisively to strengthen its governance and risk management framework. A comprehensive forensic review by Deloitte is ongoing, while a series of enhanced control measures have already been implemented across the organisation. Investigations by the relevant law enforcement authorities are also progressing independently.

Importantly, the bank remains well-capitalised and liquid, with capital and liquidity buffers comfortably supporting our business operations and future growth ambitions. Our balance sheet strength, coupled with our prudent risk management practices, positions us well to navigate the evolving operating environment.

We remain focused on supporting Sri Lanka’s economic recovery and growth, particularly through continued engagement with the small and medium enterprise (SME) and retail sectors, which are critical drivers of economic activity. The confidence and trust placed in us by our customers, depositors, investors, and other stakeholders have been deeply encouraging, and we remain committed to honouring that trust through consistent execution and responsible stewardship.’