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Maris Motor Rally 2026 on 1 Aug. set to boost Negombo’s hospitality, SME and tourism economy

MARIS Motor Rally 2026 MMR 26 is set to return this August with a stronger tourism, community and economic development focus, positioning Negombo as a vibrant weekend destination for local and international visitors.

Organised by the Old Boys’ Association of Maris Stella College, Negombo, MMR 26 will bring together motorsport, international music entertainment, hotel and restaurant partnerships, destination experiences and year-round CSR initiatives under one platform. The event is expected to create wider economic benefits for hotels, restaurants, transport providers, small vendors, youth groups and community-based businesses in Negombo.

MMR 26 is backed by a strong group of corporate and hospitality partners, with St. Joseph’s Hospital serving as the title sponsor, BYD as the automobile partner, Jetwing Hotels as the hospitality partner and Ritzbury CBL as the confectionery partner. A and E Yarn and Tuk Tuk Wine and Dine have also joined as supporting partners, strengthening the event’s ability to deliver an integrated motorsport, entertainment and tourism experience while generating wider economic activity across Negombo.

The program was unveiled at a press conference held at Vertical by Jetwing on 11 June, followed by a public warm up party on 17 July at Tuk Tuk Wine and Dine. The main MMR 26 TSD Rally will flag off on 1 August at 8.00 a.m. from Maris Stella College premises, with an expected audience of around 2,000. The MMR 26 Together official music festival will take place on 1 August from 4.00 p.m. at Jetwing Blue premises, with an expected audience of around 8,000. The weekend will conclude with an after-party on 2 August at Tuk Tuk Wine and Dine.

A key highlight of this year’s festival will be the performance by Australian-based internationally acclaimed ABBA tribute show Björn Again, which was created in Melbourne in 1988 and has toured internationally. The performance is expected to add a strong international entertainment appeal to Negombo’s tourism calendar and create fresh interest among both domestic visitors and foreign travellers.

MMR 26 will also activate a One Pass visitor scheme, where the QR code on the event ticket will provide access to exclusive discounts and offers from partner hotels, restaurants and selected tourism experiences across Negombo. This initiative is designed to encourage visitors to stay longer, spend more within the local economy and explore Negombo beyond the event venue.

‘Sri Lanka’s tourism recovery needs strong destination-level experiences that connect visitors with local communities. MMR 26 is not only a rally or a music festival; it is a platform to promote Negombo as a complete weekend economy covering hotels, restaurants, entertainment, transport, small businesses and community initiatives,’ said Maris Stella College OBA President Dhammika Fernando.

The 2026 edition builds on the momentum created by MMR 25, which was positioned as a festival of speed, spirit and revival for Negombo. Media coverage in 2025 highlighted the event’s role in supporting tourism revival, sustainability, youth engagement and local business activity.

Sri Lanka’s tourism sector is also entering a critical growth phase. According to the Sri Lanka Tourism Development Authority, the country recorded over one million tourist arrivals between January and May 2026, crossing the one-million mark within the first five months of the year. In this context, destination-led events such as MMR 26 can play an important role in spreading tourism income beyond traditional hotel occupancy, by creating direct opportunities for restaurants, informal workers, transport operators, entertainment providers and small businesses.

MMR 26 will continue its CSR and community development initiatives throughout the year. The organisers have already installed six PET bottle collection points in prominent locations, conducted a major beach cleanup with over 1,000 participants on Negombo beach, completed stage one of the Negombo Fort restoration project in partnership with the Negombo Municipal Council, and supported cleaning initiatives around key tourist attractions including the Negombo Jetty area. The organisers also donated 200 lunch packets to the Negombo Municipal Council in support of the Clean Sri Lanka initiative.

These initiatives are expected to strengthen Negombo’s positioning as a responsible tourism destination, where entertainment and visitor attraction are linked with environmental care, heritage protection and civic participation.

‘Negombo has the natural advantage of being close to the airport, having a strong hotel base, a rich cultural identity and a vibrant coastal economy. Through MMR 26, our objective is to help convert these strengths into real income opportunities for the local community while creating a positive image for Sri Lanka’s tourism sector,’ Fernando added.

With motorsport, music, hospitality partnerships, environmental action and community participation brought together under one umbrella, MMR 26 is expected to become a larger platform for tourism promotion, local livelihood development and economic activity in Negombo.

Court grants Ekiti APC gov aspirant bail in defamation case

An Ekiti State Chief Magistrate’s Court in Ado Ekiti on Thursday granted bail to Abimbola Olajumoke Olawumi, an All Progressives Congress governorship aspirant in the 2026 election, who is standing trial over alleged cyberstalking, threats and defamation.

Olawumi was arraigned on a four-count charge bordering on the alleged transmission of threatening messages and making false accusations against three individuals through social media platforms.

She, however, pleaded not guilty to all the charges preferred against her.

According to the charge sheet, the defendant allegedly posted the photographs and addresses of Mrs Yemisi Samuel Joluwe, Mr Adeleke Ajibade and Mrs Okewale Olayemi on Facebook and TikTok with threatening messages, contrary to Section 398 of the Ekiti State Criminal Law, 2021.

The prosecution also alleged that Olawumi falsely accused Joluwe of embezzling Ekiti State Government funds without any justification, an offence punishable under Section 106 of the Criminal Law of Ekiti State, 2021.

At the commencement of proceedings, the Police Prosecutor, Samson Osobu, informed the court that the prosecution was not opposed to the defendant’s application for bail.

Counsel for the defendant, A.O. Okunade, urged the court to grant his client bail, describing the charges as bailable offences.

He said, ‘They are all bailable offences and this court is empowered to grant these types of prayers. She is a senior citizen of this state and was one of the contestants for the office of the Governor in Ekiti State. We urge the court to grant her bail.’

In his ruling, the Chief Magistrate, Abayomi Adeosun, admitted Olawumi to bail on self-recognition.

The case was thereafter adjourned till July 28, 2026, for further hearing.

NIMC, NITDA, others collaborate for Tinubu’s digital identity agenda

The National Identity Management Commission (NIMC) has intensified its strategic engagement with key Ministries, Departments and Agencies (MDAs) as part of ongoing efforts to drive the implementation of the newly enacted NIMC Act 2026 and advance President Bola Tinubu’s digital identity reform agenda.

Lead1ing the engagements, the DG/CEO of NIMC, Engr. Abisoye Coker-Odusote has continued a series of high-level working visits to critical government institutions to strengthen collaboration, align national priorities and foster partnerships that will support the delivery of a secure, interoperable and citizen-centric digital identity ecosystem. The engagements build on the Commission’s ongoing reforms aimed at expanding access to digital identity and strengthening Digital Public Infrastructure (DPI) across Nigeria.

During a working visit to the National Information Technology Development Agency (NITDA), the Director-General, Kashifu Inuwa, commended the progress made by NIMC and reaffirmed the Agency’s commitment to supporting the Commission’s mandate.

‘We are ready to collaborate and make available every digital infrastructure we have put in place to ensure seamless implementation, including the National Public Key Infrastructure (NPKI),’ Inuwa stated.

Both institutions agreed to strengthen collaboration in secure data exchange, cybersecurity, Digital Public Infrastructure (DPI), Public Key Infrastructure (PKI) and digital trust frameworks.

According to Head, Corporate Communications at NIMC, Kayode Adegoke, the DG/CEO also visited the Minister of Youth Development, Comr. Ayodele Olawande, who expressed the Ministry’s readiness to partner with NIMC in expanding digital identity access for young Nigerians. The Minister commended the Commission’s ongoing reforms under the NIMC Act 2026 and noted that enhanced collaboration would enable more young people to benefit from government programmes, digital opportunities and socio- economic initiatives.

At the Independent National Electoral Commission (INEC), the Chairman, Prof Ojo Amupitan, SAN, commended the Commission’s significant progress in increasing National Identification Number (NIN) enrollment and acknowledged the complementary mandates of both institutions. He noted that the NIMC Act 2026 provides a stronger legal framework for collaboration in identity management, cybersecurity, data protection and addressing duplicate identities within the electoral register.

Similarly, during a working visit to the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, discussions focused on the role of trusted digital identity in promoting trade, investment and economic growth. The Minister congratulated NIMC on the enactment of the NIMC Act 2026 and commended the Commission’s efforts in expanding Nigeria’s digital identity ecosystem. She stressed the importance of the National Identification Number (NIN) in improving the ease of doing business and unlocking opportunities under the African Continental Free Trade Area (AfCFTA).

The engagements form part of NIMC’s broader collaboration with strategic MDAs to ensure the effective implementation of the NIMC Act 2026 and strengthen Nigeria’s Digital Public Infrastructure. As the Commission continues consultations with other government institutions, it remains committed to fostering partnerships that will enhance service delivery, promote economic inclusion, strengthen national security and accelerate Nigeria’s digital transformation.

Jollibee celebrates Filipino fandom with exclusive JolliBINI Meal Bundles

Jollibee is giving fans another reason to enjoy their favorite meals with the launch of the exclusive JolliBINI Bundles. Available for a limited time, the new promotion pairs Jollibee’s best-loved menu favorites with exclusive collectibles inspired by the nation’s biggest P-pop girl group, BINI.

Available in all Jollibee stores nationwide until August 31 for dine-in and takeout, the JolliBINI Bundles let customers enjoy iconic Jollibee favorites while collecting limited-edition merchandise featuring all eight BINI members.

Every bundle comes with random member collectibles, while lucky customers also have the chance to receive a rare Special Group Photocard.

“With the JolliBINI Bundles, fans can enjoy their Jollibee favorites while collecting exclusive BINI-inspired merchandise. Every visit becomes an opportunity to discover a new collectible, celebrate their favorite member, and create moments worth sharing with fellow Blooms. We hope this campaign brings even more joy as fans collect, trade, and complete their JolliBINI collection together,’ Dorothy Ching, vice president for marketing of Jollibee Philippines.

Customers can enjoy two bundle options during the promotional period.

The JolliBINI Bundle A, starting at P269, includes a choice of an Original or Special Cheesy Yumburger, one-piece Chickenjoy with rice, a regular drink, and one random JolliBINI Collectible Set consisting of a Bag Charm and Photocard.

Meanwhile, the JolliBINI Bundle B, starting at P399, comes with a choice of an Original or Special Double Cheesy Yumburger, one-piece Chickenjoy with rice, a large drink, and two random JolliBINI Collectible Sets.

By pairing exclusive collectibles with Jollibee’s iconic menu favorites, the latest Jollibee and BINI collaboration transforms every meal into an exciting unboxing experience that fans can enjoy and share.

The launch is expected to spark another wave of online excitement, with Blooms sharing unboxing videos, collection reveals, photocard trades, and bag charm styling across social media as they race to complete the full JolliBINI collection and find the coveted Special Group Photocard.

Tinubu receives Northeast leaders in ‘thank-you’ visit over Shettima’s 2027 renomination

President Bola Tinubu on Thursday received a delegation of political leaders and senior government officials from the Northeast at the State House, Abuja, in what was understood to be a formal appreciation visit following his decision to retain Vice President Kashim Shettima as his running mate for the 2027 general election.

The delegation was led by Borno State Governor, Prof. Babagana Zulum, who also chairs the Northeast Governors’ Forum.

Although the Presidency did not disclose the agenda of the meeting, officials familiar with the visit said it was organised to thank President Tinubu for renominating Shettima as the All Progressives Congress (APC) vice-presidential candidate for the 2027 elections.

Among those at the meeting were former Borno State Governor and APC stalwart, Senator Ali Modu Sheriff; Minister of Agriculture and Food Security, Senator Abubakar Kyari; former Minister of the Federal Capital Territory and Special Adviser to the President on General Duties in the Office of the Vice President, Aliyu Moddibo Umar; Deputy Chief of Staff to the President in the Office of the Vice President, Senator Ibrahim Hassan Hadejia; and the Minister of Information and National Orientation, Mohammed Idris.

The visit came exactly one week after President Tinubu formally presented Shettima with his APC vice-presidential candidacy certificate at the Presidential Villa, reaffirming the party’s presidential ticket ahead of the 2027 polls.

During an earlier visit to the President, Governor Zulum had informed journalists that the North-East governors intended to lead a broader regional delegation to express appreciation to Tinubu for retaining Shettima on the APC ticket.

‘By next week we shall be preparing to come and see him,’ Zulum had said after seeking the President’s consent for the visit.

Shettima, a former two-term governor of Borno State, is the first politician from the Northeast geopolitical zone to serve as Nigeria’s Vice President.

The Northeast, comprising Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe states, remains one of the APC’s strongest political bases.

In the 2023 presidential election, the Tinubu-Shettima ticket secured victory across all six states in the region.

BBNaija S11: Fans anticipation soars ahead of July 26 premiere

Excitement is mounting ahead of the premiere of Big Brother Naija Season 11 on July 26, with millions of fans eagerly awaiting the return of Africa’s biggest reality television show.

Across Nigeria and beyond, social media platforms have been flooded with countdowns, predictions, debates and expectations, underscoring the programme’s enduring popularity and cultural influence.

For many viewers, each new season offers the chance to discover new stars, witness memorable friendships and rivalries, and enjoy moments that dominate public conversation long after the show concludes.

Fans are optimistic that Season 11 will surpass previous editions by featuring housemates with diverse personalities, compelling life stories and strong entertainment value.

Many viewers are looking forward to innovative twists that could reshape the competition. Over the years, BBNaija has become known for surprise evictions, secret tasks, unexpected entries, immunity challenges, and game-changing nominations.

Fans expect the organisers to introduce even more unpredictable elements that will keep audiences glued to their screens throughout the season.

With a record-breaking grand prize of N160 million, viewers expect the housemates to bring their best strategies, resilience, and determination. Many fans believe the increased reward will encourage contestants to be more competitive, making every challenge and nomination week even more intense.

Beyond entertainment, BBNaija has become a platform for discovering future actors, musicians, entrepreneurs, influencers, and media personalities.

Fans are hoping Season 11 will introduce individuals whose talents extend beyond the reality show, allowing them to build successful careers after leaving the house.

Social media users are equally excited about the online conversations that accompany every season. From humorous memes and reaction videos to heated debates over nominations and evictions, fans expect BBNaija to once again dominate discussions on X, Instagram, TikTok, Facebook, and other digital platforms.

Many viewers have already begun predicting possible fan favorites even before the official unveiling of the housemates.

As the countdown to Sunday’s launch continues, anticipation keeps building among fans who are eager to discover what surprises the organisers have prepared.

Viewers are expecting Season 11 to deliver another exciting chapter in the history of Big Brother Naija.

With millions expected to tune in for the premiere, all eyes will be on the Big Brother house as a new group of contestants begins a journey that could change their lives forever.

Oyo agency impounds 19 cows in Iseyin over illegal grazing

The Oyo State Rule of Law Enforcement Authority (OYRLEA) has impounded 19 cows in Iseyin Local Government Area following a petition from a farmer over repeated destruction of farmlands by grazing cattle.

Acting on the petition, OYRLEA’s enforcement team carried out an early morning anti-open grazing operation to intercept the herders and their cattle before they exited the affected farms.

A total of 19 cows were apprehended and taken into the custody of the Authority

The agency said efforts were ongoing to identify the owners for legal action.

Reaffirming the Authority’s mandate, the Chairperson of OYRLEA, Justice Aderonke Aderemi, said the operation was part of efforts to protect farmers, safeguard food production, and ensure strict compliance with the laws of Oyo.

She warned herders to desist from grazing on farm settlements and cultivated lands, noting that violators would face the law.

Justice Aderemi also assured residents and farmers of OYRLEA’s commitment to prompt response to petitions.

She urged the public to continue reporting cases of illegal grazing and other acts that threaten public peace and farmers’ livelihoods, assuring OYRLEA will continue to enforce the law without fear or favour.

It’s always someone else who profits

The International Monetary Fund cut its global growth forecast for 2026 to 3 percent this month, the second downgrade this year. Iran war escalation has kept energy prices elevated. Trade tensions simmered under volatile Middle East diplomacy attempts. In the same report, the Fund pointed to one bright spot: Artificial Intelligence stocks, whose valuations helped a handful of countries post better numbers than expected.

Rockets booming over the Gulf and technology share prices booming in the stock markets sat in the same paragraph of the same document, and nobody at the IMF thought this strange enough to comment on.

It is not a new arrangement. In 1348, the Black Death killed roughly a third of Europe’s population within four years. Villages emptied and grain rotted in fields with no one left to harvest it. And over decades, the merchant class members who survived became significantly wealthier than the merchant class that existed before the plague. Labor scarcity drove wages up for the peasants who remained alive.

Land ownership consolidated into fewer hands. Guilds, the trade associations that controlled who could work and at what price, became dominant. The same merchant families who buried their children commissioned the Danse Macabre frescoes that decorated churches across the continent within a generation or two. The frescoes personified Death as a skeleton leading chained bishops and kings toward the grave. They were painted with money made possible by the very death the paintings depicted.

Catastrophe made men rich in 1348.

The year 2026 has a modern version. The dying is not villages emptied by plague, but soldiers and civilians killed in the Gulf or in Ukraine. The wealth is not more land for merchant families but more profits for Nvidia shareholders, chip company executives, the people holding stock in the handful of firms that make the hardware everyone else needs and cannot make themselves. And we should not forget the oil traders now buying a new Rolls-Royce or Bugatti.

The IMF noted that Taiwan, South Korea, Thailand and Malaysia posted better economic numbers than expected because they sit inside the AI supply chain. China grew faster than forecasted partly on high-tech manufacturing. The rest of the world, the Fund said plainly, absorbed the damage and got nothing back.

The Philippines sits in that second group. The country has no meaningful AI hardware manufacturing base, no value-added chip fabrication capacity worth mentioning, and a stock exchange with almost no exposure to the companies driving the boom.

When global energy prices rise on Gulf tension, Filipino households pay the higher prices on everything. When AI valuations rise on the same set of global conditions, no Filipino portfolio captures the gain, because the PSEi was never built with export-oriented or technology listings in mind. The country absorbs the downside of a global arrangement it has no upside position in or any potential for improvement.

That is the predictable result of decades spent building an economy around domestic consumption and remittance inflows rather than the kind of production base that would put a Filipino company inside a semiconductor supply chain instead of downstream of one.

BSP policy can manage the currency and smooth the inflation numbers, but it cannot manufacture equity exposure. OFW remittances remain the country’s actual hedge against global disruption, arriving in dollars regardless of Nvidia’s stock price being up 75 percent in 18 months.

Remittances do their job. The failure sits elsewhere, in an industrial base the Philippines never built, the one that would let it participate in booms the way our Asean neighbors now do.

The frescoes in Europe’s churches were not subtle. They showed exactly who was profiting and who was dying. The IMF’s July report does the same thing in a table instead of a painting. Whoever is prepared and positioned or can adapt then captures the boom, and everyone else pays for the disruption that made the boom possible.

What assets made money for countries and individuals this year? Oil and petroleum products obviously. AI and tech names fueled big gains in Taiwan and South Korea. Precious metals turned in strong double-digit performance.

In 2026, the global ledger balances death and disruption against the staggering windfalls of technology and energy. For the Philippines, the lesson is merciless: a nation cannot forever rent out its resilience through remittances while producing nothing of its own. We pay the full price of chaos, yet collect none of the dividend. Until we build, we will only subsidize everyone else’s prosperity.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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.’

Owolabi Salis meets Atiku, seeks talks with Tinubu, Obasanjo on Democratic Reforms

Nigeria’s first astronaut, Chief Owolabi Salis, has met former Vice President Atiku Abubakar as part of what he described as a strategic consultation with prominent national leaders aimed at charting a new course for Nigeria’s democratic and socio-economic development.

Salis, a New York-based lawyer and chartered accountant, disclosed that the meeting with Atiku marked the beginning of a series of planned engagements with key statesmen, including President Bola Ahmed Tinubu, former President Olusegun Obasanjo, former Heads of State Gen. Yakubu Gowon, Gen. Ibrahim Babangida, and Gen. Abdulsalami Abubakar.

According to him, the consultations are driven by growing concerns over Nigeria’s democratic trajectory despite more than two decades of uninterrupted democratic governance.

He lamented that the country had yet to fully harness its enormous potential, attributing the situation to electoral malpractice, weak democratic institutions and self-serving political leadership.

‘It is unfortunate that Nigeria is still drifting after over two decades of democracy despite its enormous potential,’ Salis said.

He argued that the consequences of poor governance are most evident in the widening gap between the rich and the poor, with many Nigerians unable to afford basic healthcare and other essential services.

According to him, thousands of vulnerable citizens continue to die from preventable illnesses because they cannot afford basic medications, while the wealthy often seek medical treatment abroad.

Salis said he personally spends between $4,000 and $5,000 monthly to support indigent Nigerians with food and medical expenses, stressing that the scale of hardship reflects deeper systemic failures.

He also pointed to inadequate infrastructure in many communities, particularly those inhabited by low-income earners, as evidence that governance has failed to meet citizens’ expectations.

The former Lagos State governorship candidate of the Alliance for Democracy (AD) called for comprehensive electoral reforms, insisting that credible elections remain the foundation of national development.

‘There is currently a dangerous trend that allows for rigging and writing of election results, which is dangerous for national development,’ he said.

Recalling his experience during the Lagos governorship election, Salis claimed he witnessed electoral irregularities firsthand while inspecting election materials at the Independent National Electoral Commission (INEC).

He further expressed concern over declining public confidence in key democratic institutions, including the judiciary and the National Assembly.

While declining to disclose the details of his proposals, Salis said he has developed practical solutions to Nigeria’s democratic challenges, which he intends to present privately to President Tinubu and other national leaders during the planned consultations.

‘I believe I have solutions, but I would rather discuss them directly with the country’s leaders than in the media,’ he said.