Category: Daily Financial Times

Lanka Rating Agency (LRA) has awarded LOLC Finance PLC an A+ rating with a Stable Outlook, a significant step up from its previous A (Positive Outlook) rating.

As per LRA, this upgrade highlights LOLC Finance’s firm market leadership, robust fundamentals, and its ability to deliver sustainable growth despite a challenging economic environment.

As per LRA, these exceptional performance indicators translated directly into the upgraded rating. LRA cited LOLC Finance’s commanding share of the non-banking financial institution (NBFI) sector, accounting for over 36% of sector profits, 30% of industry equity, and 20% of sector assets, its resilient capital base, and prudent risk management as key factors underpinning the A+ (Stable) assessment.

As at FY24/25, LOLC Finance’s asset base stood at approximately Rs. 430 billion, representing around 20.5% of the industry’s total assets. Net interest income surged to nearly Rs. 42 billion, up 10.8% from FY24, while the core spread improved to 11.6%, driven by declining interest rates and liability re-pricing. Profit After Tax (PAT) rose sharply by 16.4% to Rs. 25.1 billion, with core income making up 84% of total income.

As per LRA, LOLC Finance continues to maintain high asset quality with gross Non-Performing Loans (NPL) at 7.3% and net NPL at 4.97%, well below industry averages, and a Capital Adequacy Ratio (CAR) of 25.9% in FY24/25, comfortably above the regulatory minimum.

The company consolidated its market presence through a series of strategic mergers in 2022 and 2023, bringing together Commercial Leasing and Finance, LOLC Development Finance, and Sinhaputhra Finance under the LOLC Finance brand. This integration created a unified platform of unmatched scale, expertise, and reach, streamlining operations, unlocking synergies, and enabling the delivery of an expanded portfolio of innovative financial solutions to an ever-growing customer base across Sri Lanka.

LOLC Finance also offers the industry’s most extensive and diversified product portfolio, spanning leasing, loans, gold loans, factoring, credit cards, margin trading, personal finance, operating leases, and alternate financial services (Islamic finance), alongside a comprehensive suite of deposit products including fixed deposits, savings accounts, and the innovative Super Saver range.

In the digital arena, its flagship fintech solution iPay has emerged as Sri Lanka’s leading digital payment platform, with a commanding 60% share of JustPay and domestic transactions, and handling transactions worth Rs. 19 billion, highlighting LOLC Finance’s commitment to technology-driven financial inclusion.

LOFC Finance PLC Chief Executive Officer Krishan Thilakaratne said: ‘This reflects not only our performance and current financial strength, but also our vision and future business plans, together with our Environmental, Social and Governance (ESG) focus and the quality of risk management, which have always been key. LOLC Finance continues to be the role model of the industry and strives to further invest in the digital transformation of Sri Lanka’s banking sector, enhance financial inclusion within the Sri Lankan population, uplift the entrepreneurial spirit, and drive product innovation.’

LOFC Finance PLC Chairman Conrad Dias said: ‘The elevation to an A+ (Stable) rating by LRA is a powerful, independent affirmation of the strategic fortitude and robust financial discipline defining LOLC Finance. This upgrade is not merely a reflection of our industry-leading performance and consolidated market position, but a testament to the disciplined execution of our long-term vision and our unwavering commitment to sustainable, technology-driven financial inclusion across Sri Lanka. It reinforces our resolve to continue setting the benchmark for governance, innovation, and resilience within the financial sector.’

Looking ahead, LOLC Finance said it plans to leverage technology to further strengthen cost efficiency, enhance customer experience, and sustain its leading market position, while maintaining the strong governance and operational standards that underpin its newly upgraded rating.

Munchee, flagship brand of Ceylon Biscuits Ltd. (CBL), cemented its position as the undisputed leader in digital marketing by dominating SLIM Digis 2.5. Winning the highest number of awards secured by a single brand at the prestigious competition, Munchee set a new benchmark at Sri Lanka’s foremost platform for digital marketing excellence.

The victory of eight awards in total, three Silver, three Bronze, and two Merit awards, underscores Munchee’s transformation into a brand that delivers powerful, integrated marketing campaigns with digital innovation at their core. As the number one FMCG brand in Sri Lanka, Munchee continues to lead the industry with innovation at the heart of its operating philosophy. With digital platforms emerging as the most dynamic and fast-evolving media touchpoints and the future of marketing itself, Munchee remains committed to staying ahead of the curve, inspiring the industry, and setting the pace for the digital future of FMCG.

Munchee’s awards spanned multiple categories, reflecting its strength in digital-first consumer engagement, agile storytelling, and immersive experiences. In the Silver category, Munchee Savoury was recognised for Best Use of Digital in a Marketing Campaign – FMCG F and B as well as Best Use of Creator/Influencer Content while Munchee SnapIT earned Silver for Cross Media Integration. Within the Bronze category, Munchee SnapIT received accolades for Best Use of Digital in a Marketing Campaign – FMCG F and B and Digital Social Platform Integration. Additionally, the Munchee Digital Biscuit Bar received a Bronze accolade for Best Use of Experiential/Immersive Marketing. Merit awards were given to Munchee Savoury for Best Use of Digital Creative Content and Munchee Digital Biscuit Bar for Best Use of Agile/Moment Marketing.

Ceylon Biscuits Ltd., General Manager – Marketing Danushka De Silva said, ‘We are incredibly proud of how far Munchee’s digital journey has come. What began as a bold vision to reimagine how we connect with consumers has evolved into a powerful, always-on digital ecosystem that drives impact at scale. This success is the result of relentless innovation, collaboration, and the passion of our teams and partners who believed in pushing boundaries.’

Ceylon Biscuits Ltd., Marketing Manager and Lead for Digital Arun Gooneratne added, ‘These achievements are the outcome of a bold strategic revamp of Munchee’s digital ecosystem designed to place digital at the centre of everything we do. It demonstrates the power of integrating creativity, data, and technology to build consumer affinity and business growth. As we look ahead, we are excited to continue reimagining the future of digital marketing at Munchee, unlocking new ways to engage, inspire, and lead the industry.’

Organised annually by the Sri Lanka Institute of Marketing (SLIM), the SLIM Digis Awards celebrate outstanding achievements in digital marketing across industries. Munchee’s commanding performance this year reaffirms its status as a trailblazer in Sri Lanka’s FMCG sector – a brand that not only leads the market but also shapes its future.

Economists at the Asian Development Bank (ADB) have welcomed Sri Lanka’s strong and resilient recovery so far this year amidst persistent global uncertainty.

They said that domestic demand supported growth, thus far completing eight quarters of upturn in the economy. It was pointed out that the economic recovery is projected to continue on a strong footing, but growth is expected to slow next year due to global headwinds.

ADB Senior Country Economist Lilia Aleksanyan in an interview with the Daily FT said economic momentum is supported by recovering consumption, strong remittances, and rising private credit.

On the other hand, US tariffs have settled at historically high levels and trade uncertainty remains elevated for Sri Lanka.

Aleksanyan said new US tariffs on Sri Lankan exports (mainly garments and rubber) will have a limited impact in 2025, but are expected to weigh more heavily on growth and jobs in 2026.

Risks to the outlook include stronger-than-expected effects from US tariffs, global economic uncertainty, energy price volatility, and domestic weather-related disruptions.

The ADB in its September release of Asian Development Outlook (ADO) retained its forecast for 2025 at 3.9%, whilst marginally reducing it to 3.3% for 2026 from 3.4% estimated previously. The Sri Lankan economy gained by 5% in 2024 after two years of negative growth.

The September ADO Update was based on Sri Lanka’s performance up to the first quarter. Mid-last month, the Department of Census and Statistics said the economy in Q2 grew by 4.9% as against 4.8% in the previous quarter.

Aleksanyan noted that the economy in Q2 significantly outperformed earlier forecasts. ‘We were very positively surprised by the strong Q2 growth. What is particularly important to note is that this recovery is now broad-based, with main sectors industry, agriculture, and services showing resilience,’ she said.

Pursuing structural reforms to make the economy more efficient was also stressed.

The ADB also expects the Central Bank of Sri Lanka’s (CBSL) monetary policy stance will also help inflation to gradually improve.

ADB Senior Economics Assistant Dinuk de Silva said Sri Lanka’s inflation projection for 2025 has been revised down significantly due to longer-than-expected deflation, whilst the forecast for 2026 is maintained at 4.5%, anticipating a gradual rise as deflation pressures fade.

In terms of medium-term challenges, ADB Principal Economics Officer Lakshini Fernando was of the view that attracting high investments especially will be key, along with greater diversification of exports, for which the National Export Strategy will be a great fillip.

She also said policies are required to bring in non-debt Foreign Direct Investment (FDI), whilst the Government needs to persist with the restructuring of State-Owned Enterprises (SOEs). In that context, she welcomed upcoming new legislations, such as the SOE law and the Public Private Partnership law.

‘It is important to create the environment for higher capital to flow into the country, because there will be opportunity due to global capital volatility,’ Fernando emphasised.

The ADB is also satisfied with the progress with regard to fiscal management, but was of the view that the revenue momentum must be sustainable and critical capital expenditure must be expedited.

de Silva also said Sri Lanka needs to further strengthen external buffers with higher inflows from exports, tourism, and remittances so as to be ready when debt repayment kicks in from 2028.

ADB Associate Economics Analyst Nirukthi Kariyawasam said whilst macro-economic fundamentals have improved considerably, Sri Lanka needs to make social spending and support to the poor and vulnerable more effective against future shocks, along with a proper graduation program. Climate risks and disaster resilience are also issues that need continuous focus, she added.

The ADB team of economists is also looking forward to the Budget 2026 to be presented next month by President and Finance Minister Anura Kumara Disanayake for greater clarity and long-term policies, especially those aimed at attracting higher investments and strengthening of institutions.

The Election Commission of Sri Lanka (ECSL) was named the Electoral Commission of the Year at 2025 International Electoral Awards Ceremony held in Gaborone, Botswana on Friday (3). The Award was received by the Commissioner General of Elections Saman Sri Ratnayake.

When selecting the recipient, the awards committee takes into consideration the effort taken to foster a community of good citizens among election practitioners and the search for best practice, evidence based research and policy in the field of elections of Electoral Commissions worldwide.

Electoral Commissions worldwide are the independent watchdogs of democratic process checking and balancing the use of democratic means by the governing political elite. Their duties are manifold and so are their Electoral challenges. Every Electoral Commission depending on their country’s Electoral system, demographic and geographic constitution has to approach its task in a fundamentally different way. Even the organisational composition and structures of Electoral Commissions differs vastly.

The award for the Electoral Commission of the Year will honour a commission taking into consideration the above described diversity of challenges, duties and organisational structures.

Organisations that want to prosper understand that creating a great customer experience is essential. It has to be a strategic approach that cascades down from the C-Suite to the front-liners. In reality, creating customer experience is not the sole responsibility of the customer service department. It is a culture set within the organisation, in which everybody in the entity consistently tries to create a unique experience of value that is highly appreciated by the recipient, who can often be any stakeholder. In today’s hyper-competitive marketplace, turning every employee into a brand ambassador is no longer optional. It is a critical mission, made possible through the contribution of every employee who has the right mind-set to do so.

In this Customer Service Week – ‘Mission: Possible’ – it should be considered a timely reminder to reflect and see whether the everyday actions taken by people across all functions create value for customers. Do we genuinely take care of the customer for their physical and mental well-being, saving time, money and effort on their part?

Possible by every role

The front-liners or salespeople who deal directly with customers often make promises. These promises lead customers to form expectations. In fulfilling these expectations, a great deal of work has to be done by everyone, including the support staff. The support staff should also be aware that, at the point of delivery, living up to the expectations customers have formed is crucially important.

For example, although there may be no direct interaction with the end user, a support function such as a software developer who improves the user interface to make things easier for the customer enhances customer satisfaction. At a leading insurance company’s staff recognition ceremony, the Managing Director’s (MD) award was won by a junior executive from the Information Technology division. When asked by the compere, ‘Why do you feel you have won this prestigious annual MD’s award?’ the recipient’s answer was very meaningful. He simply said, ‘When I design a solution, the primary factor I take into consideration is user convenience, irrespective of whether the party is internal or external.’ There is a direct correlation: when employees feel connected to the mission, customers feel it too.

Possible empowerment – The key to ownership

One of the most powerful ways to transform employees into ambassadors is to give them ownership of customer outcomes. Employees should therefore be ready to Take Personal Responsibility (TPR) in their actions.

A strong example is The Ritz-Carlton Hotel, which globally empowers its staff to spend up to $2,000 per guest, without approval from management, to resolve any problem for their guests. The policy is less about the money and more about trust to achieve customer delight. It implies that employees are not simply following rules but stretching themselves to deliver the brand’s promise.

Making every employee a brand ambassador should be led by leadership. The C-Suite should consistently and repeatedly communicate that creating a great customer experience is everyone’s prime responsibility. Staff members who contribute immensely to this purpose with empathy, by leading without a title, and by providing an end-to-end solution should be recognised and rewarded

This kind of empowerment fosters a proactive mindset. Employees stop asking, ‘What’s my job?’-which confines them to the rule book-and start thinking, ‘What is the right thing for the customer I should do to create an experience?’

Often, superiors doubt whether such empowerment could lead to staff abusing it. However, research proves that if integrity is a core value of an organisation, and if utmost emphasis is placed on trustworthiness during recruitment, there are hardly any instances of misuse.

The Ritz-Carlton Hotel’s service credo is, ‘We are ladies and gentlemen serving ladies and gentlemen.’ When the culture is set with such a philosophy, staff maintain harmony with each other, speak courteously, go all out to serve one another, and demonstrate genuineness in everything they do with pride.

Possible breakdown of silos

For this mission to succeed, companies must dismantle the invisible walls between departments. The departmental mind-set often works towards achieving the glory of the respective units. Such an approach can be blind to the requirements of other divisions of the organisation. The divisional mind-set should now transform into a Total Solution Focus (TSF) mind-set, in which every division works hand in glove with a Centre of Expertise mind-set, with the sole intention of achieving overall stakeholder delight.

Cross-functional meetings, shared metrics and integrated systems allow marketing, operations and service teams to work together, keeping the promise given to the customer in everybody’s mind. This alignment is essential in an era where, through social media, one poor experience can quickly go viral. Be mindful that when you blame another division, the shame and the claim remain within the organisation with severe consequences.

When an airline crashes, the easiest reaction is to pass the blame to pilots who are no more. However, rebuilding trust in the brand thereafter requires enormous effort and time.

Possible cultural shift

Making every employee a brand ambassador should be led by leadership. The C-Suite should consistently and repeatedly communicate that creating a great customer experience is everyone’s prime responsibility. Staff members who contribute immensely to this purpose with empathy, by leading without a title, and by providing an end-to-end solution should be recognised and rewarded.

Toyota Lanka Ltd., regularly recognises their best-performing branch. The best branch then shares its success story with the other 18 local branches, emphasising the best practices that led to monthly recognition. Moreover, these best practices are shared on a global platform. Such activities build tremendous enthusiasm amongst staff and inspire everyone across the company to create an outstanding customer experience.

When employees see their colleagues celebrated for living the brand values, others are also more likely to follow suit. The ripple effect is powerful: customers sense the alignment, loyalty deepens and advocacy grows.

For this mission to succeed, companies must dismantle the invisible walls between departments. The departmental mind-set often works towards achieving the glory of the respective units. Such an approach can be blind to the requirements of other divisions of the organisation. The divisional mind-set should now transform into a Total Solution Focus (TSF) mind-set, in which every division works hand in glove with a Centre of Expertise mind-set, with the sole intention of achieving overall stakeholder delight

Mission possible worth accepting

In 2025, the companies that achieve outstanding results will be those where every level-from the C-Suite to the lowest rank-works together with the shared goal of achieving an exceptional customer experience.

This mission is possible. It requires a strong belief in a sense of belonging, empowerment and deeper commitment, with the understanding that every role is a customer service role. When everyone performs their responsibilities to the best of one’s ability, they create great customer experiences. Making every employee a custodian of the brand is truly a mission possible for everyone who loves the organisation.

Mercedes driver George Russell says he ‘feels ready to fight for a championship’ after taking a dominant victory in the Singapore Grand Prix.

Russell’s second win of the season, following success in Canada in June, came on the same track on which he had crashed out of third place on the final lap while chasing a victory in 2023.

He finished ahead of Red Bull’s Max Verstappen with McLaren’s Lando Norris third and championship leader Oscar Piastri fourth.

‘I’m a very different driver today to the one I was a couple of years ago, and I feel more complete, more confident,’ Russell said.

‘I know exactly what I need to do in given circumstances.

‘Of course, I was nervous before the race, as you’d expect, but I didn’t feel any additional nerves or any additional pressure. It just felt like another race, and I knew I had a chance to win, and I felt comfortable with that.

‘So I’ve said it for a while – I feel ready to fight for a championship. I feel ready to take it to my next step.’

Russell put his improvement this year down to ‘experience, just knowing how to maximise every situation.’

He added: ‘Probably a couple of years ago I was driving a bit more tense and probably over-pushing in circumstances when I shouldn’t have been.

‘Now I just feel much more relaxed. Going into today, I was relaxed. When it was raining an hour before the race, I just said: ‘You know, it is what it is. It’s the same for everybody. There’s nothing I can do, so there’s no point stressing about it.’ Myself a few years ago would have been slightly different.’

Russell said he believed Singapore had been ‘probably my most dominant weekend’ but hesitated to categorise it as his best win, saying last year’s victory in Las Vegas was ‘pretty cool’.

He also said that winning in Singapore had been ‘so unexpected’ – Mercedes have had a difficult run of races and their second place in the constructors’ championship was coming under threat.

Tamil National Alliance (TNA) MP Shanakiyan Rasamanickam has welcomed the Government’s latest tourism promotion drive in Southern India, while urging authorities to strengthen connectivity through air, sea, and potential land routes to maximise its impact.

Posting on ‘X’ on Saturday, the MP said: ‘We welcome the initiative by Tourism Minister Vijitha Herath and the Sri Lanka Tourism team on launching the 3-city roadshow in Chennai, Coimbatore, and Madurai to promote Sri Lanka in Southern India.’

The three-city roadshow, announced by Sri Lanka Tourism to boost arrivals from one of the island’s fastest-growing source markets, kicked off this week in Chennai, with subsequent events planned in Coimbatore and Madurai.

Rasamanickam, however, stressed that enhanced connectivity would be critical to sustaining the momentum generated by the campaign.

‘To make this initiative even more impactful, improved connectivity is essential-not only through more direct flights and affordable sea links, but also by exploring land connectivity options that could truly transform regional travel,’ he noted.

He added that easier access between the two countries would unlock Sri Lanka’s potential as ‘the most convenient short-haul destination for Indian travellers.’

The full announcement of the roadshow was featured in Voyagers World on Saturday under the title ‘Sri Lanka Embarks on a Three-City Roadshow Series in Southern India.’ (https://voyagersworld.in/2025/10/04/sri-lanka-embarks-on-a-three-city-roadshow-series-in-southern-india/).

We, the undersigned, condemn Sri Lankan authorities’ continuing surveillance, harassment, and intimidation of Kumanan Kanapathipillai, a prominent Tamil photojournalist from Mullaithivu.

Kumanan has, for more than a decade, reported on and documented human rights violations committed by various actors in the Northern and Eastern Provinces (North-East); thereby playing a proactive role in the Tamil community’s post-war demands for human rights protection and accountability. His work includes documenting militarisation, crackdown on protests and memorialisations, repression of civil society, families of the disappeared, land appropriation, and broader Sinhala-Buddhisation of the North and East. He has moreover highlighted the plight and struggles of the families of the disappeared for years, and the Tamil community’s demands for justice for the atrocity crimes committed during the armed conflict.

The relentless harassment of Kumanan has been continuing for many years, prompting several international human rights organisations to classify him as a ‘journalist-at-risk’. In 2020, a group of men attacked Kumanan and another journalist while they were covering the illegal smuggling of trees. In 2024, Counter-Terrorism Investigation Division (CTID) visited Kumanan’s parents and interrogated his associates. The harassment reached a crescendo on 17 August 2025, when the CTID interrogated Kumanan for seven hours, framing his photojournalism as work ‘against the government’ and a ‘terrorist’ activity. On 26 September 2025, during the United Nations’ Committee on Enforced Disappearances’ review of Sri Lanka in Geneva, a government representative made a statement justifying their harassment of Kumanan by alluding to suspicions about his involvement in financial crimes and terrorism.

The ill-founded accusations and persistent harassment are an attempt to silence Kumanan, as well as to make an example of him as a warning to silence other Tamil-speaking journalists and activists in the heavily militarised and surveilled North-East. Even though Kumanan is not the only person in the recent past to experience inquiries and intimidation, the level of harassment that Kumanan faces, which goes beyond mere inquiry, is intended to remind other journalists of the existence of repressive structures. The psychological pressure and reprisals not only against them, but also their families and colleagues if they continue reporting on matters that challenge the official version of the truth, force journalists to self-censor.

The National People’s Power (NPP) Government was elected on a promise to bring about ‘system change’ by charting a different course than previous Governments, particularly with regard to the treatment of Tamils. Regrettably, the attempts to curtail the freedom of expression of Kumanan and other media personnel in recent times are no different to the approach adopted by past Governments. This demonstrates the failure of the NPP government to adhere to its election promises, particularly with regard to dismantling and reforming repressive State structures, such as the security agencies that disregard and violate the rights of the people, especially those in the North-East. Tolerating dissent, respecting and protecting press freedom and broader freedom of speech are the hallmarks of a healthy democracy.

We would like to reiterate that the Government is responsible for the actions of security agencies; it has the duty to subject them to civilian scrutiny and ensure they do not violate the rights of citizens in the guise of safeguarding national security. In order to accomplish this, the Government would have to respect constitutional safeguards, the rule of law and due process. Kumanan’s treatment indicates to the public, and particularly the Tamil community, that it is business as usual for state structures which are repudiating ‘system change’. Such actions of state entities will undermine the credibility of the Government and increase the mistrust of the Tamil community in state structures.

In light of the escalation of the intimidation and harassment of Kumanan, we call upon the Sri Lankan Government to immediately cease the surveillance, harassment, and intimidation, stop weaponising the law to label journalists terrorists for practicing their profession, respect constitutionally protected rights and end the mis and disinformation campaign against them.

We urge the international community to impress upon the Government the importance of taking on board and implementing the aforementioned requests, and pay increased attention to the human rights situation in the North-East, particularly the treatment of Tamil-speaking journalists and human rights activists.

Signatories:

01.Alagaiyah Alageswari – Member, ARED

02.Ambika Satkunanathan

03.Amalaraj Amalanayaki – President, ARED, Batticaloa

04.Ammasi Rasalingam – Freelance Journalist

05.Andrew Fidel Fernando – Journalist

06.Anithra Varia

07.Anu Piyasena – Activist and citizen journalist

08.Anuratha Rajaretnam

09.Anushani Alagarajah

10.Arasaretnam Panushkaran

11.Arumugam Sornalingam

12.B. Gowthaman

13.B. Vasanthagowrey

14.Channaka Jayasinghe

15.Chanaka Karunarathne – Journalist

16.Damith Chandimal

17.Denver Mark – Independent Human Rights Activist

18.Dharmasiri Lankapeli

19.Dilrukshi Handunnetti, Trustee, SAWM SL

20.Dr. Chulani Kodikara

21.Dr. Kaushalya Perera

22.Dr. Kumaravadivel Guruparan

23.Dr. Mario Gomez

24.Dr. Sanjana Hattotuwa

25.Dr. Wara Thiyagarajah

26.Dulan Dissanayake – Attorney-at-law

27.Ermiza Tegel

28.Hana Ibrahim, Trustee, SAWM SL

29.Hiranyada Dewasiri – Journalist

30.Jayaraman Kobinath – Human Rights Activist

31.Joanne Senn

32.Juliyes Uthayasegram

33.K. Aingkaran, Attorney-at-Law

34.Kanagasabai Sarojinidevi: Vice Treasurer, ARED

35.Kandumani Lavakusarasa – Convenor, North East Social Movement (NESM)

36.Kanapathipillai Maheswari: Member, ARED

37.Karththiha Suvendiranathan

38.Kirushnasami Kalaivani: Vice President, ARED

39.Konamalai Rasamani: Member, ARED

40.Krishanth – Human Rights Activist

41.Kulanthavel Sumithradevi: Treasurer, ARED

42.Kumudini Samuel

43.Leeladevi Anandarajah – General Secretary, ARED

44.M. Krishnapillai: Member, ARED

45.Maathumai Paranthaman

46.Mahendran Thiruvarangan – University of Jaffna

47.Maithreyi Rajasingham

48.Marissa De Silva

49.Mimi Alphonsus – Journalist

50.N. Pushpathevi: Member, ARED

51.Niresh Eliatamby – Senior Journalist

52.Nimalka Fernando – Attorney-at-law

53.P. Muttulingam

54.Paba Deshapriya

55.Pamodi Waravita – Journalist

56.Peter Rezel

57.P.N. Singham

58.Raisa Wickrematunge

59.Rakulan Kandasamy

60.?Rasalingam – Human Rights Activist

61.Rajan Thevaki – Secretary, ARED, Batticaloa

62.Ramakirushnan Hibakaran

63.Rekha Nilukshi Herath – Journalist

64.Ruki Fernando

65.S. Sunthareswaran

66.Sabaraththinam Sivayoganathan – Human Rights Activist

67.Sabra Zahid

68.S. Rubatheesan – Independent Journalist

69.Shanmugam Thavaseelan – Freelance Journalist

70.Sandun Thudugala

71.Saradha Devi – Human Rights Activist

72.Sarah Arumugam – Attorney-at-Law

73.Selvanayagam Kirishanth

74.Sharmini Boyle, Trustee, SAWM SL

75.Sharoth Asmathullah – Independent Consultant

76.Souminy Ravichandran

77.Srinagaruban Pathujan

78.Stella Victor

79.Sulochana Peiris – Documentary-maker, writer and researcher

80.Sumathy Sivamohan

81.Sujeevan Tharmaratnam – Activist, Sirakukal Amaiyam

Contd. on page 14

82.Suventhiran – Human Rights Activist

83.Tehani Ariyaratne

84.Thambirasa Selvarani – President, ARED

85.Tharanga De Silva

86.Tharindu Uduwaragedara – Journalist

87.Thevasakayam Ranjana: Secretary, ARED

88.Thisa Thiruchelvam

89.Vanie Simon – Women’s Rights Activist

90.Vinayagamoorthy Rubesh

91.Adayaalam Centre for Policy Research

92.Aham Humanitarian Resource Centre (AHRC), Trincomalee

93.Amparai District Women’s Network

94.Asia Lanka Social Development Cooperation (ALSDC)

95.Association for Relatives of the Enforced Disappeared, Ampara

96.Association for Relatives of the Enforced Disappeared, Batticaloa

97.Association for Relatives of the Enforced Disappeared, Jaffna

98.Association for Relatives of the Enforced Disappeared, Killinochchi

99.Association for Relatives of the Enforced Disappeared, Mannar

100.Association for Relatives of the Enforced Disappeared, Mullaithivu

101.Association for Relatives of the Enforced Disappeared, Trincomalee

102.Association for Relatives of the Enforced Disappeared, Vavuniya

103.Association of War Affected Women

104.Batticaloa District Aruvi Women’s Network

105.Batti Press Club

106.Child Vision Sri Lanka

107.Civil AMAYAM

108.Empowerment and Community Development Organisation

109.Environment and Community Development Information Centre (ECDIC)

110.Environmental Action Network

111.Forum for Affected Families

112.Human Elevation Organization

113.International Centre for Ethnic Studies

114.Jaffna Institute for Law and Policy

115.Jaffna Islands Women’s Network

116.Jaffna Vadamaradchi Media House

117.Journalists for Rights

118.Kilinochchi Press Club

119.Law and Human Rights Centre

120.Law and Society Trust

121.Mannar Social and Economic Development Organisation

122.Mullaitivu Press Club

123.National Peace Council

124.North East Social Movement (NESM)

125.Parivartan

126.People for Justice

127.People’s Action

128.People’s Collective for Climate Justice

129.Right to Life

130.South Asian Women in Media- Sri Lanka (SAWM)

131.Tamil Civil Society Forum

132.Thalam Organisation Trincomalee

133.Transparency International Sri Lanka

134.Trincomalee District Women’s Network

135.UVA Shakthi Foundation

136.Vali North Resource Centre

137.Vavuniya Press Club

138.Viluthu

139.Women and Media Collective

140.Women’s Action Network

141.Women’s Life and Rights Association

Sri Lanka’s banking sector assets grew 14.9% year-on-year (YoY) to Rs. 23.8 trillion in the second quarter of 2025, up from Rs. 20.7 trillion a year earlier, according to the Central Bank of Sri Lanka’s (CBSL) Financial Soundness Indicators (FSI) Report for Q2 2025. The report said the growth was primarily driven by increased investments, loans, and advances.

Gross loans and receivables rose 11.4% YoY to Rs. 12.3 trillion compared to Rs. 11 trillion a year ago, while banking sector investments increased 26.2% YoY to Rs. 9.9 trillion from Rs. 7.8 trillion.

Total liabilities of the banking sector expanded 14.4% YoY to Rs. 21.6 trillion in Q2 2025 compared to Rs. 18.9 trillion in the corresponding period last year. Total deposits grew 12.9% from Rs. 17 trillion in Q2 2024 to Rs. 19.2 trillion this year.

Banking sector borrowings rose 16.6% YoY to Rs. 1.48 trillion, while equity capital and reserves increased 20.4% YoY to Rs. 2.2 trillion during the quarter.

The report said the regulatory capital to risk-weighted assets ratio of the banking sector improved to 19.4% at the end of Q2 2025 compared to 18% a year ago, mainly due to higher growth in retained earnings.

The non-performing loans to total loans ratio of the banking sector declined to 12% from 12.8% a year earlier, indicating a gradual reduction in default risk. In absolute terms, gross non-performing loans increased 4.4% YoY to Rs. 1.46 trillion in Q2 2025 from Rs. 1.4 trillion a year ago.

The sector reported a Profit After Tax (PAT) of Rs. 187.8 billion in Q2 2025, recording a 68% YoY increase, mainly due to higher net interest income, which grew 26.8% YoY to Rs. 501.1 billion, the CBSL said.

Creativity is a driving force behind business growth and cultural influence. Jonathan Joseph, an AOD graduate, exemplifies how Sri Lankan design talent can shape both local and international markets through strategic, commercially-minded creativity.

A graduate of AOD’s BA (Hons) Graphics and Visual Communication Design program, awarded by Northumbria University UK, Jonathan began his journey with the AOD Foundation program, which provided a solid platform for his creative and entrepreneurial development. Today, he runs his own design studio, specialising in brand identity and packaging, and is evolving his practice into Brandkind, a multidisciplinary agency with ambitions to serve global markets across branding, packaging, 3D, and digital design.

Jonathan’s portfolio includes projects that resonate deeply with Sri Lankan consumers, from FMCG products to leading tea brands. His rebranding of the national energy drink RIDE revitalised its identity, positioning it competitively on the global stage. In the tea sector, Jonathan has transformed packaging for over 11 brands, including Tea Avenue, Hyson Tea, Tea Tang, and Cassandra Organics crafted for Dubai supermarkets with vibrant visuals that merge Sri Lankan heritage with international retail sensibilities.

These projects demonstrate how AOD graduates like Jonathan combine cultural authenticity with global appeal, enabling Sri Lankan products to travel seamlessly across borders.

Jonathan’s work extends beyond local brands to collaborations with global leaders such as Google, Visa, Prudential, and Workday, reflecting the versatility instilled by AOD. He has also represented Sri Lanka at Young Spikes Asia, a platform celebrating the region’s top young creative talent, illustrating how AOD prepares designers to compete on an international scale.

Jonathan’s achievements mirror AOD’s philosophy of blending creativity with entrepreneurship. The program’s combination of hands-on learning, mentorship, and real-world client exposure provided him with the confidence to launch his studio immediately after graduation. As Jonathan reflects:

‘AOD allowed me to embrace independence, creativity, and confidence to build my practice the way I envisioned it. The exposure to real-world projects and mentorship gave me the courage to launch my studio right after graduation.’

This foundation has been pivotal in Jonathan’s evolution from a young graduate to a global-minded entrepreneur.

Jonathan’s journey highlights how AOD nurtures talent into tangible industry success. Graduates are equipped not only with creative expertise but also strategic and entrepreneurial skills that allow them to lead projects, innovate in business contexts, and compete internationally. Through AOD, Jonathan learned to approach design as a strategic tool, creating work that drives both cultural relevance and commercial impact.