Category: Daily Financial Times

A special meeting between the members of the Sri Lanka National Women’s Cricket Team and Prime Minister Dr. Harini Amarasuriya was held last week at Temple Trees.

During the meeting, the Prime Minister engaged in a cordial discussion with the members of the Sri Lanka National Women’s Cricket Team and asked about their preparations for the ongoing ICC Women’s Cricket World Cup tournament.

The Prime Minister also inquired the players’ views regarding the responsibilities that the Government should undertake for the betterment of women’s cricket and the overall development of the sport.

She further inquired about the current conditions, available facilities, and enthusiasm for women’s cricket in schools and universities and reaffirmed the commitment to extend maximum support through the Ministry of Education and the Ministry of Higher Education to promote sports development.

The Prime Minister stated that the upcoming education reforms, scheduled to be implemented next year, have allocated more space for sports and extracurricular activities.

During the discussion, attention was also drawn to the measures being taken to promote cricket at the provincial level. The Prime Minister emphasised the importance of developing all sports equally across every province, ensuring equal facilities for all and highlighted that it could unite the entire nation through sports.

Special attention was also drawn to ensuring the safety and well-being of female players and providing them with necessary facilities. She expressed her appreciation for the dedication and contribution shown by the national women’s cricket team in elevating women’s cricket as a popular sport in Sri Lanka.

The event was attended by Deputy Minister of Sports Sugath Thilakaratne, National Women’s Cricket Team Captain Chamari Athapaththu, Vice-Captain Anushka Sanjeewani and the team, Sri Lanka Cricket Chairman Shammi Silva, Secretary Bandula Dissanayake, Treasurer Sujeewa Godaliyadda, and Women’s National Cricket Team Head Coach Ratnayake.

Standard Chartered Sri Lanka has appointed Kumudu Munasinghe as Head of Corporate Affairs, Brand and Marketing, effective 15 October.

In her new role, Kumudu will join the Country Management Team and will be responsible for crafting and delivering the overall strategy for Corporate Affairs, Brand and Marketing for the Sri Lanka franchise.

Kumudu, an experienced communications, PR and marketing professional, brings over 25 years of extensive cross-industry experience in the Sri Lankan corporate sector with a strong focus on ESG communications and social impact.

Prior to joining Standard Chartered, Kumudu served as a Senior Assistant Vice President at the John Keells Group acting as the Head of Corporate Communications, Head of Operations – Social Entrepreneurship Project – Plasticcycle, and Group Lead for Diversity, Equity and Inclusion. Her prior experience also includes roles at Citibank N.A. Sri Lanka.

In 2021, she was recognised at the Top 50 Professional and Career Women Awards by Women in Management and the International Finance Corporation for Excellence in Corporate Communications. Kumudu holds a Master of Science in Marketing from the University of Leicester, UK, and a Postgraduate Diploma in Marketing from CIM, UK.

Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri said: ‘We are delighted to welcome Kumudu to the Standard Chartered Sri Lanka leadership team. Her extensive experience and proven leadership in strategic communications will be instrumental in further strengthening our brand presence and stakeholder engagement in Sri Lanka. I’m confident that under her leadership, we will continue to build meaningful connections with our clients, communities, and colleagues, reflecting Standard Chartered’s purpose of driving commerce and prosperity through our unique diversity.’

Union Bank continues to strengthen its commitment to innovation and customer convenience through strategic collaborations. The Bank collaborated with Mastercard to enhance its digital payment ecosystem, offering customers smoother, safer and more seamless transaction experiences across multiple platforms. The collaboration also supports Union Bank’s vision to drive Sri Lanka’s transition towards a digitally empowered economy, combining Mastercard’s global expertise with the Bank’s local insight to deliver cutting-edge solutions for individuals and businesses alike.

Union Bank Vice President – Head of Cards and Retail Products Malinda Perera said: ‘Our collaboration with Mastercard is a strategic step in Union Bank’s digital growth agenda, as we continue to invest in technologies that enhance customer experience and deliver enhanced value through digitalisation.’

Mastercard Sri Lanka and Maldives Country Manager Sandun Hapugoda said, ‘Mastercard is proud to leverage its global expertise in payments technology to support Union Bank’s digital growth journey. This collaboration aims to deliver more secure, seamless, and future-ready transaction experiences for the bank’s customers. It reflects our shared commitment to empowering individuals and businesses with world-class infrastructure that ensures security while enabling long-term growth and success.’

Aitken Spence PLC yesterday announced a remarkable achievement at the 15th Top50 Professional and Career Women Global Awards 2025, hosted by Women in Management (WIM).

Aitken Spence PLC Chairperson Stasshani Jayawardena, was recognised with the coveted ‘Trailblazing Corporate Leader’ award, celebrating her visionary leadership and transformative impact on the corporate landscape.

In the Career Excellence category, there were two awards – Aitken Spence Aviation Ltd. Assistant Vice President – Operations and Administration Dilrukshi Kudaliyanage won the award for ‘Women in Aviation and Leadership’ and Aitken Spence Group General Manager – Corporate Communication and Stakeholder Strategy Stephanie Rahaman won for ‘Media and Communication Professional.’

Further underscoring the Group’s commitment to gender equity and inclusive leadership, Aitken Spence Logistics was awarded ‘Best Corporate for Women Leadership’ under the Corporate and Organizational Excellence category.

These accolades reflect the company’s unwavering dedication to empowering women leaders and fostering a culture of excellence, innovation, and inclusivity across its diverse business sectors.

Stasshani Jayawardena said: ‘I am deeply honoured to receive the ‘Trailblazing Corporate Leader’ award. This recognition is a testament not only to my journey but to the collective strength, resilience, and brilliance of every woman who dares to lead, to challenge convention, and to uplift others along the way. I am proud to stand alongside my colleagues and be part of a team where women are not only empowered but celebrated for their courage, innovation, and impact.’

Women in Management (WIM), the organiser of the awards, is a globally recognised platform that champions women’s leadership, entrepreneurship, and advocacy. With chapters across the Maldives, Malaysia, the UK, Africa, and Canada, WIM continues to spotlight and celebrate the achievements of women who are shaping the future.

In line with its strategic growth vision and ongoing commitment to serve members and customers across the nation, PMF PLC will open its newest branch in Bandarawela tomorrow.

This landmark opening represents another significant step in PMF PLC’s mission to promote financial inclusion and deliver accessible, people-centred financial services to communities throughout Sri Lanka. The new Bandarawela branch will offer a comprehensive range of cooperative financial solutions to meet the diverse needs of individuals, families, and businesses in the region.

PMF PLC Chairman Malik Cader said: ‘The opening of the Bandarawela branch is a reflection of our continued commitment to empowering communities through convenient, reliable, and responsible financial services. We are proud to bring the PMF PLC experience closer to our members in the Uva region.’

Through this new branch, PMF PLC aims to contribute to the socio-economic development of the Bandarawela community by empowering local entrepreneurs, small businesses, and farmers with accessible financial solutions and advisory support. The branch will also focus on promoting savings habits, enhancing financial literacy, and creating employment opportunities, thereby strengthening the foundation for long-term community growth and prosperity.

The Bandarawela branch features modern facilities and a welcoming, customer-focused environment, ensuring every member enjoys personalised, efficient, and high-quality service.

Sri Lanka Customs officers have arrested a 39-year-old Indian national attempting to smuggle 2.8 kilograms of heroin into the country, with the narcotics valued at approximately Rs. 84.96 million.

The suspect had arrived in Sri Lanka from Kuala Lumpur, Malaysia, aboard SriLankan Airlines flight UL 315, which landed at 4:30 p.m. last Sunday at the Bandaranaike International Airport (BIA).

During an inspection, officers of the Narcotics Control Unit uncovered the heroin concealed within a false bottom of the suspect’s checked-in luggage. The seized narcotics, weighing 2,832 grams, were valued by Customs officials based on the street price of around Rs. 30 million per kilogram.

Customs Media Spokesman Chandana Punchihewa said the Narcotics Control Unit of Sri Lanka Customs is carrying out further investigations. The suspect and the confiscated heroin are to be handed over to the Police Narcotics Bureau (PNB) for legal proceedings.

Customs officials commended the vigilance of their officers, noting that continued coordination between agencies remains vital in curbing the smuggling of narcotics through Sri Lanka’s ports.

Opposition parties, including the Sri Lanka Podujana Peramuna (SLPP), Sri Lanka Freedom Party (SLFP), United National Party (UNP), and National Freedom Front (NFF), yesterday announced the launch of a joint campaign against the Government, beginning with a large rally in Nugegoda on 21 November.

Leaders of the alliance said they plan to hold a series of rallies across the country as part of the movement. They compared their collaboration to the coalition of forces that united against Adolf Hitler during World War II, saying the campaign would symbolise a united stand for the country’s future.

The coalition is formed under the banner ‘Maha Jana Handa’ (Voice of the People).

Organisers said the campaign will focus on issues of governance, corruption, and democratic decline, and will include a series of rallies across the country.

The Samagi Jana Balawegaya (SJB), however, was notably absent from the media briefing announcing the alliance. Although the party had been listed among the participating groups, no SJB representative attended the event.

SJB MP S.M. Marikkar said yesterday that the party would not take part in the proposed rally.

Other parties joining the alliance are: Pivithuru Hela Urumaya (PHU), Mahajana Eksath Party, National Freedom Front (NFF), Sri Lanka Mahajana Party, and Nava Janatha Peramuna.

Tokyo Cement Group (Tokyo Cement) has reported a turnover of Rs. 16,322 million and a Profit After Tax (PAT) of Rs. 1,003 million for the 2nd quarter ending 30 September, compared to a turnover of Rs. 13,833 million and a PAT of Rs. 1,082 million, in the same period last year. Whilst volume growth remained stable quarter-on-quarter, profit margins contracted with the capitalisation of the Trincomalee expansion projects.

In a statement, the company said the quarter started with renewed optimism, highlighting a sustained boom in construction activities. Manufacturers and suppliers of construction materials reported continued volume growth, supported by a stable pricing environment, which further propelled sectoral performance. Reflecting the industry’s steady recovery, September recorded the highest sales volumes in cement sales since the onset of the 2022 economic crisis. Another key enabler of this growth was the notably lesser rainfall experienced in 2025 compared to the previous two years, which allowed construction sites to operate relatively uninterrupted.

Lower interest rates and improved macroeconomic stability spurred a significant expansion in private sector credit, driving increased investment activity across both construction and real estate sectors. Developers of large-scale residential and mixed-use projects capitalised on the low-interest environment by introducing attractive financing schemes, stimulating end-user demand. This momentum was further reinforced by Government-led infrastructure development projects starting with the Kadawatha-Mirigama section of the Central Expressway and several other regional developments undertaken by local Government bodies.

Robust fiscal performance was underpinned by improved Government revenue collection, whilst the economy was estimated to have grown by 4.8% during the first half of 2025. Notable improvements in inflows from tourism and workers’ remittances helped stabilise the Rupee’s performance against the Dollar, and led to an upgrade in the country’s sovereign rating by all three major rating agencies.

The recently announced credit rating upgrades coupled with a positive fiscal trajectory, signalled that the country is within reach of achieving its short-term fiscal targets. This reaffirms a steady recovery from the economic challenges that plagued the business environment in the past years.

The continuation of low interest rates, a stable currency, and subdued inflation over the medium to long term is expected to sustain this growth momentum, despite temporary shocks that may arise due to weather disruptions and energy cost fluctuations that can impact inflation targets.

Sustained economic progress, however, depends largely on the Government’s ability to attract Foreign Direct Investment (FDIs) into key sectors and to strengthen partnerships with multilateral lending agencies. A series of new policy-based lending agreements with the World Bank and the ADB are anticipated to channel critical investments into nationwide construction activities. Moreover, the resumption of major foreign-funded infrastructure projects is expected to spur demand for cement and concrete.

Tokyo Cement said it maintains its conservative short- to medium-term outlook but remains confident in the country’s economic fundamentals. The Group is well positioned to capture the anticipated growth in demand arising from renewed development activity with a robust production capacity. Continuing its disciplined cost management approach, Tokyo Cement Group remains committed to safeguarding stakeholder value and playing an active role in supporting the nation’s economic resurgence.

Pan Asia Banking Corporation PLC said yesterday it has reported a stellar financial performance for the nine months ended 30th September 2025, reaffirming its resilience and strategic agility amid a gradually recovering yet challenging macroeconomic environment.

The Bank recorded a 36% increase in Profit After Tax (PAT), reaching Rs. 3.02 billion, and an Earnings Per Share (EPS) of Rs. 6.83, reflecting strong portfolio and cost management, coupled with a steadfast commitment to sustainable profitability.

In a statement PABC said the Bank’s unwavering commitment to maintaining superior asset quality was demonstrated by sustaining one of the lowest Stage 3 Loan Ratios in the industry at 2.06% as of 30th September 2025-reflecting the strength of its prudent credit risk management and robust underwriting practices.

The Bank achieved a remarkable 38% growth in net fee and commission income during the period under review, underpinned by strong demand for loans and advances in a low-interest rate environment and favourable macroeconomic conditions. Additionally, fee income from trade and remittance services recorded substantial growth, further demonstrating the Bank’s diversified revenue capabilities and operational strength.

The investments in people development reinforce the Bank’s focus on attracting, retaining, and developing high-calibre professionals who are essential for delivering superior customer experiences, fostering innovation, and sustaining long-term shareholder value.

The Bank reported a Net Interest Margin (NIM) of 4.64% for the period under review. Return on Equity (ROE) stood at 14.46%, while Pre-Tax Return on Assets (ROA) reached 2.11%, reflecting the Bank’s capacity to deliver strong returns to shareholders

Total assets grew by 12%, driven primarily by an expansion in loans and advances, which increased by 26% across the SME Banking, Corporate Banking, and Retail Banking segments due to heightened credit demand. The Bank’s customer deposits rose by Rs. 26 billion, or 14%, surpassing the Rs. 217 billion by the end of the nine months of September 2025. The Current and Savings Account (CASA) ratio remained steady at 21.27%, reflecting a stable low-cost deposit base.

Throughout the nine-month period, the Bank maintained a strong capital and liquidity position, reinforcing its resilience in a dynamic economic environment. Capital buffers remained well above regulatory minimums, demonstrating prudent management. The Common Equity Tier 1 (CET1) Capital Ratio and Tier 1 Capital Ratio were 15.43%, comfortably above the regulatory thresholds of 7.00% and 8.50%, respectively. The Total Capital Ratio stood at 17.07% versus the statutory minimum of 12.50%, while the Leverage Ratio remained robust at 7.96%, well above the 3% regulatory benchmark.

Liquidity levels remained strong despite significant growth in the loan book. The Bank’s All-Currency Liquidity Coverage Ratio (LCR) was 166.27%, and the Rupee LCR stood at 180.89%, both exceeding regulatory requirements. The Net Stable Funding Ratio (NSFR) of 127.90% underscores the Bank’s capacity to maintain stable funding in a gradually recovering economic environment. These metrics collectively highlight the Bank’s commitment to financial stability, sustainable growth, and long-term shareholder value.

As the Bank commemorates its 30th anniversary, the Bank celebrates three decades of prudent growth, financial stability, and strategic evolution. Since its establishment in 1995, Pan Asia Bank has developed into a leading mid-tier bank in Sri Lanka, recognized for its strong governance framework, disciplined risk management, and consistent delivery of shareholder value.

The Bank’s 2025 financial results reflect solid performance across key indicators, underscoring resilience in a dynamic economic environment. Sustained growth in the Corporate, Retail and SME segments, combined with robust capital adequacy and liquidity positions, has reinforced the Bank’s financial foundation. The Bank continues to demonstrate strong cost discipline and asset quality, positioning it well for long-term profitability and sustainable expansion.

Chairman Aravinda Perera said: ‘For three decades, the Bank has consistently evolved to meet the demands of a dynamic financial landscape. Guided by a resilient balance sheet, a culture of innovation, and a commitment to excellence, we have delivered sustainable value to our shareholders and earned the trust of our stakeholders. As we look to the future, we are strategically positioned to lead the next era of banking – driving innovation, expanding our footprint, and creating long-term, enduring growth for all our stakeholders.’

Director and CEO Naleen Edirisinghe said: ‘Pan Asia Bank’s strong performance during the first nine months of 2025 reflects our disciplined execution and unwavering focus on value creation. Despite a dynamic operating environment, we achieved steady growth and improved profitability, underscoring the strength of our core banking strategy and the trust our customers continue to place in us. As we enter the next phase of our growth trajectory, we are investing in digital transformation, advanced risk management, and trade finance capabilities. These strategic initiatives are designed to enhance operational efficiency, deepen market penetration, and align with global best practices in banking and sustainability-enabling us to unlock long-term value and deliver sustainable growth for all stakeholders.’

With a renewed strategic focus on technology-driven banking, ESG integration, and prudent capital management, Pan Asia Bank aims to strengthen its position as a trusted financial partner within Sri Lanka and beyond. The Bank’s 30-year legacy stands as a testament to its commitment to transparency, innovation, and long-term value creation for its investors.

Emojot has been crowned AI Technology of the Year at the prestigious 27th National ICT Awards, NBQSA 2025, organised by BCS The Chartered Institute for IT (Sri Lanka Section) in association with FITIS.

This coveted recognition cements Emojot’s leadership in Emotion AI, a ground-breaking intelligence framework that converts emotional signals into actionable business insights, helping enterprises create stronger customer connections and measurable business growth. In addition to this landmark win, Emojot also secured the Silver Award in Retail and Distribution (Consumer Category) for its Retail CX Transformation solution, an AI-powered platform revolutionising how retailers capture feedback, analyse sentiment, and deliver customer-centric experiences. Significantly, it was the only awardee in its category, with no Gold or Bronze presented, underscoring Emojot’s unmatched innovation and impact on retail experience transformation.

The dual recognition is a defining moment not just for Emojot but for Sri Lanka’s entire tech ecosystem. By spotlighting homegrown innovation on a national stage, the awards affirm Sri Lanka’s potential as a hub for world-class AI solutions. Emojot Inc., Founder, Chairperson and CEO Dr. Shahani Markus said: ‘Winning the AI Technology of the Year award at the 27th NBQSA is a proud moment for Emojot. It reflects our belief that the future of AI lies in empathy, in creating technology that not only understands data but also connects with human emotion.’ With this achievement, Emojot continues its mission to redefine how businesses understand and respond to human experience, combining AI, emotion, and empathy to drive transformative outcomes.