Commercial Credit & Finance PLC, one of the leading financial services organisations in Sri Lanka, was the recipient of the Business Today Top 30 Award for the year 2017/2018.

The company which has shown a steady performance and excelled in several spheres over the recent years, is proud to be conferred with this honour for the second consecutive year.

The ceremony was held on November 12, 2018 at the Shangri- La Hotel under the patronage of the Chief Guest, President, Maithripala Sirisena. This year’s Business Today TOP 30 Awards reflect the excellence, performance and governance in the corporate sector amidst global challenges and a changing Sri Lankan political and economic environment.

“It is a great honour to be selected among the Business Today Top 30 for the second consecutive year as it proves that our continuous quest to reach the highest standards in the corporate sphere is paying rich dividends. We are thankful to Business Today for organising this event that has duly acknowledged our achievements. This recognition is a motivation and inspiration for our team, customers and stakeholders alike,” said Chairman of Commercial Credit, Cecil Perera. Internationally renowned as a premier financial services organisation, Commercial Credit has continued to set the benchmark for the highest standards of service and performance. A strong contender in the corporate sector, since its establishment in 1982, the Company has reached stellar heights within a short duration. It is also the fastest growing finance entity in the country, having grown from over 100 employees in over 12 geographic locations to over 3300 members operating within 118 locations. The highly efficient workforce is recognised as the driving force behind the Company attaining its current high standards which are part of the pioneering and innovative solutions designed to enhance the requirements of its ever-growing clientele.

Commercial Credit has been the cornerstone for empowering the lives of the marginalised in many instances as proven by the many success stories of customers from mainly the low-income segment of society. The company has played a pivotal role in enabling growth, providing opportunities and enhancing the quality of life of the people.

“Having gained prominence through resilience and sheer determination, the Company has striven to provide the best services to each and every customer throughout the years. It is in keeping with our purpose to touch and uplift the lives of our loyal clientele through simple acts of love,” the Chairman added.

People’s Bank sponsored the Employers’ Symposium 2018, which was held at Galadari Hotel recently.

Organized by The Employers Federation of Ceylon, the Employers’ Symposium 2018 focused on a gamut of issues shaping the future of the work, including Impact of Digitalization and Automation; Challenges of Transition; Future of Work and Managing Diversity under the theme, ‘Shaping the Future of Work’. The sponsorship award was accepted by Rasitha Gunawardena, Designate Chief Executive Officer/General Manager from the Association.

The event was attended by corporate leaders who shared their opinions. The symposium comprised of a broader discussion based on case study presentations and panel discussions by eminent experts representing business, policy makers, corporate management as well as employers selected from a wide array of sectors.

As one of the largest employer in the country in the banking arena, people’s Bank attributes its success to its base of over 10,000 employees. The national bank, which is driving digitisation aggressively across the enterprise, is having a positive impact on employees as well. People’s Bank’s digital journey is empowering its employees to leverage on technology to deliver a more customer oriented service to valued customers while delivering greater workplace satisfaction.

Since its inception 57 years ago, People’s Bank has opened its doors to customers across the country, from all walks of life, providing them with banking services that meet their unique needs and uplift their lives. People’s Bank currently serves over 10 million customers through 738 branches and its connected network of over 4000 ATMs is linked to the Lanka Pay gateway.

The bank also continues to play an important role in encouraging various industries including agriculture, real estate, commercial development, small and medium enterprises and exports and this in turn has helped support communities across the country.

People’s Bank has always been a driver of financial inclusivity and was also the first bank in the country to commence bilingual operations in Sinhala and Tamil, and thereafter also introduced Sri Lanka’s first trilingual cheque book.

Venora International Projects (Pvt) Ltd was selected as the Best Enterprise Services Sector (Hospitality/Tourism/Other Services) under Large Category at Entrepreneur Awards 2018, jointly organized by National Enterprise Development Authority and The National Chamber of Commerce of Sri Lanka.

Award ceremony was held on November 13, 2018, at Sri Lanka Foundation Institute Auditorium, Colombo-07.

Venora was initiated with five employees by Deshamanya Eng. Sagara Gunawardana in 2013. Throughout Eng. Gunawardana’s experience and the guidance, Venora is driving to its success day by day. With a team experienced and qualified engineers and business professionals in various business units, today, Venora International, is fully geared to meet the demands of the Local & Foreign market place. All the business models operate autonomously sharing primary culture of placing customer on top with an unswerving commitment to offer the best in value and quality to every customer.

Venora Group expanded its business by establishing Venora International Projects (Pvt) Ltd, Venora Telecom (Pvt) Ltd, Venora Lanka Power Panels (Pvt) Ltd (BOI oriented company), Venora Engineering (Kenya) and more recently Venora – Horra Ethiopia (Pvt) Ltd. Venora shows its progress step by step by maintaining the highest quality. Our well trained team ensures to provide the best services to our clients to fulfill their requirements.

Venora covers a wide range of services including design and supply of Electrical Systems in Low/Medium and Extra Low Voltage, assembling of type tested Switch Boards up to 6000A, installation of Telecommunication equipment, Earthing, Lightning and Surge Protection. We work with world renowned brands such as Schineider Electric, Forend, Rexton and Pelco. The company has also successfully completed major electrical installation projects in manufacturing industry, commercial buildings, apartment towers and many other projects in other sectors in countries such as the Maldive Islands and Seychelles.

Venora has successfully ventured into markets in Bangaladesh, Maldives, Kenya, Ethiopia, Seychelles and Myannmar. Venora has recently commenced a joint venture business with JFS Holdings, Japan to set up a Solar Installation in Sri Lanka

Venora has been recognized by the award for quality and Business Prestige in November 2005 in Geneva, Switzerland, International Socrates Award winner 2012 and 2016 (Oxford UK) , Arch of Europe for Quality and Technology - Frankfurt in 2012, Best Enterprise 2012 (Europe Business Assemble Corporation of Social Partners) Perfection, Quality and Ideal Performance -2012 Association of Other ways Management & Consulting - France and the Manager of the year etc.

Locally Venora has won the Silver Award at National Chamber of Exporters 2018 and the Bronze award in 2017 and continuously won Bornze award at CNCI Achiever Awards ( The Ceylon National Chamber of Industries) from 2014 - 2017.

Eng. Sagara Gunawardana, Chairman and Managing Director of Venora is highly appreciative of all its clients who placed their confidence in Venora throughout its 15 year journey and supported in many ways to receive this award.

Managing Director of Sisitha Industries Sisitha Nuwan Rasanjana was awarded the Start Award for business excellence under Services Category at the Star Award 2018 Awards Ceremony organized by the Department of Industrial Development and Enterprise Promotion (DIDEP) Central Province.

The event was held on a grand scale in Kandy under the patronage of Central Province Governor P.B. Dissanayake and Chief Minister Sarath Ekanayake. Sisitha Industries which is a premier advertising agency in Sri Lanka was started in 1998 and recently celebrated its 20th anniversary in business with all the grandeur warranted of such an occasion.

Sisitha Industries supplies; hoardings, dealer boards, LED, plastic and fibre name boards, safety signs, 3D letters and stainless steel and wooden signs, digital printing of flex, stickers, banner printing, reflective stickers, plastic ID and types of rubber stamps, vehicle stickers, ornamental items, laser engraving, mugs, crystal printing, sky lift hire service and all other advertising needs under one roof. Creative products made with the use of the latest technology and designs are available at their office located on 101, Hatton road, Ginigatthena. Blessed with a creative, talented and friendly staff, Sisitha Industries has left its mark as a pioneer in the country’s advertising industry.

DFCC Bank will partner the Fairway Galle Literary Festival 2019 as the Official Banking Partner for the second consecutive year.

Officials from DFCC Bank and the festival committee gathered at a press conference on October 25, 2018, where the Deputy CEO of DFCC Bank, Thimal Perera, handed over the sponsorship formally to Sunela Samaranayake, Festival Director of Fairway Galle Literary Festival 2019, as the official banking partner for the event.

Fairway Galle Literary Festival, since its launch in 2007, has become one of the most anticipated literary events in South East Asia for both authors and literary enthusiasts around the world.

The festival is celebrated annually, in and around the historic Dutch Galle Fort, an UNESCO World Heritage Site. By sustaining its commitment to the culturally significant event, DFCC Bank has proved its credentials as a true and committed patron of arts and culture in the country, helping put Sri Lanka on the global literary map.

To be held from January 16 to 20, 2019, the festival will attract renowned writers such as Sir David Hare, one of the best known contemporary playwrights; Kamila Shamsie, a respected voice in literature who has just had her latest book, Home Fire, long-listed for the Man Booker Prize; celebrated photojournalist Sir Don MuCullin; poet Vahni Capildeo; Canadian writer Madeleine Thien; detective writer Anthony Horowitz; famed Sri Lankan writer Romesh Gunasekera; and noted historian and author Sir William Dalrymple. Furthermore, children’s book author Nandana Das will contribute to the children’s programme at the festival while celebrity chef Peter Kuruwita is expected to launch his latest cookbook at the venue.

Commenting on the sponsorship, Deputy CEO of DFCC Bank, Thimal Perera said, “DFCC Bank is pleased to continue its commitment to one of the premier literary events in the world, the Fairway Galle Literary Festival, once again in 2019. This event not only attracts renowned literary and arts and culture personalities to Sri Lanka, but it has also raised Sri Lanka’s profile as a country that values knowledge and learning. DFCC Bank will ensure that our customers get the best out of the festival by accessing our services at the venue while also enjoying some of the exciting events we have planned throughout the festival.”

DFCC Bank is a fully-fledged commercial bank and prides itself on delivering tailor-made products that are designed to meet the specific financial needs of both retail and business customers, attractive interest rates, structured repayment plans, easy access to all funds and fast and prompt customer service.

Under a new Colombo Plan project, a 19-member team of Sport Scientists from Edith Cowan University in Australia will spend two weeks in Sri Lanka collaborating with counterparts at the University of Sri Jayewardenepura exchanging views and transferring expertise.

“This is a wonderful opportunity for academics to get to know each other, strengthen people-to-people contact, learn of each other’s history, culture and way of life while imparting knowledge to achieve high order outcomes in the field of sport,” said Rosh Jalagge, Honorary Consul for Sri Lanka in Western Australia who has actively fostered good relations between Australia and Sri Lanka, at the reception he hosted for the team prior to their departure. Rosh Jalagge provided a significant assistance throughout the implementation and execution of this project.

The Australian Team led by Associate Professor (Adjunct) Hallam Pereira will amongst other things, conduct Sport Science Tests on Sri Lankan athletes to determine shortcomings and help them to reach high performance in sport.

Furthermore, the team will demonstrate how Australia conducts Physical Education in schools with a view to encouraging children to enjoy physical activity and take responsibility to look after their own physical and mental health throughout future life.

A memorandum of understanding between the Sri Lankan Institute of Sport Medicine and the School of Medical and Health Sciences at Edith Cowan University will also be signed to facilitate the transfer of expertise and the conduct of joint research.

Comark Engineers (Private) Limited, a subsidiary of Lanka Aluminium Industries PLC specializing in design, manufacture and distribution of a range of aluminium builders’ hardware announced that their products will help to significantly reduce the costs of construction of buildings and homes.

Comark is the first manufacturer of aluminium builder’s hardware in Sri Lanka.

“These products were imported into the country to support the burgeoning local construction sector which caused a significant drain on foreign exchange reserves. We are now saving substantial foreign currency while creating employment in the newly set up factory,” said Dinal Peiris-Managing Director, Comark Engineers (Pvt) Ltd.

Comark’s “AlFe” range of aluminium builders’ hardware consists of hinges and tower bolts which are widely used especially in plywood, PVC and aluminium doors and windows to meet international standards and are an affordable alternative to be used specially in low-cost construction which uses PVC and plywood doors. These products have a very high resistant to corrosion and is recommended for use in coastal areas as well.

Comark also manufactures solar panel accessories which are used in the installation of solar panels in domestic and industrial applications. In this instance too, imports have been reduced substantially due to local manufacture, thus saving foreign exchange.

In addition to the solar panel accessories, Comark is manufacturing stainless steel four bar hinges/friction stays which meet international standards for both local and export markets. These friction stays are used in the mounting of aluminium windows which is a standard feature in most of the buildings.

Comark Engineers is the only manufacturer of these products and offer warranties on all of their products. The stainless steel used in the manufacture of these products is tested and their SUS 304 grade is certified as suitable for coastal application.

Comark Engineers also introduced noncorrosive aluminium foldable clothes drying racks, especially for the apartments and coastal areas under the brand name “Sunbeam”. These powder coated racks which have a high loading capacity can be folded away when not in use and is resistant to outdoor weather conditions including salt spray.

The product comes with a one-year warranty and is available in five colors. Clothes racks are becoming more popular due to space restrictions in modern homes.

Milco (Pvt) Ltd launched its range of new dairy products produced under the national toxin free dairy programme and presented them to President Maithripala Sirisena at the first ever ‘National Dairy Farmers summit’ organized to empower the local dairy farmers in Narahenpita on Friday.

Milco, a fully government owned entity collects more than 50% of dairy milk from farmers around the country and the company’s success is entirely dependent on over 60,000 dairy milk farmers and 2,300 dairy farmer societies.

The company has begun construction of a new milk factory in Badalgama, Gampaha and the operation is to commence end of next year.

The President also handed over the some cash dividends from Milco Dairy Farmers’ Societies to some of the farmers and also presented scholarships for the children of the farmers.

Sri Lanka is one of the first countries to openly support and join in the Belt and Road Initiative (BRI), said Chinese Ambassador in Sri Lanka, Cheng Xueyuan.

He was making the opening speech at the Chinese Embassy and the Bandaranaike Center for International Studies (BCIS orgniased international seminar on ‘BRI at Five Years -- Regional and Global Dimensions’ at the BMICH last Friday to mark the 5th Anniversary of the BRI.

“The pragmatic cooperation between our two countries has made a great contribution to Sri Lanka’s development, and also brought tangible benefits to our two countries.”

“The completion of the Norochcholai Power Station provided about 40% of the nation’s electricity supply, the Colombo Airport Expressway has brought great convenience to domestic and international travelers.”

“The CICT has become the fastest growing container terminal in Asia, and the Moragahakanda Project, which is the biggest water reservoir in Sri Lanka, has brought great benefits to local agriculture and people.”

Besides, Colombo Port City development, as well as the Hambantota Port and Industrial Park, are expected to become the new engines for Sri Lankan economic take-off. Today the world is undergoing great changes, with instability and uncertainty continues to increase, while economic globalization and global governance encounter setbacks.

To tackle all these challenges and to promote the development of the world economy, BRI has provided a common solution to the world.

Over the past five years, the BRI has developed from an initiative to a reality, from a vision to an important platform, and has become more and more popular around the world.

By the end of September, nearly 130 countries, regions and organizations had signed more than 150 agreements under the BRI framework with China.

The trade value between China and BRI countries exceed US$ 5.5 trillion. China’s direct investment to these countries exceeds US$ 70 billion, which have created 244,000 jobs for the local people.

“As a new initiative, BRI need to keep advancing in the exploration, keep growing in the challenge, and keep innovating in the development. We are glad to see that more and more countries have already begun to share their achievements and constructive suggestions under the BRI framework,” he added.

Since its birth, BRI has always adhered to the golden rules of joint consultation, contribution and shared benefits, following international and market rules. The cooperation between China and Sri Lanka is a very good example of the BRI practice.

He said that they are confident that as long as all countries could make joint efforts and constantly push forward BRI cooperation, it will bring more and better prospects to the world.

Cargills Bank recorded a modest post-tax profit of Rs. 71 million for the 9 months ended September 30, 2018.This reflects a growth of 56% over the corresponding period of last year, after discounting the one-off gain of Rs. 481million from the disposal of its subsidiary.

The net interest income of Rs. 1,530 million improved by 46%, reflecting increased income from a larger loan portfolio, interest rate benefits from currency swaps and the impact of the inflow of Rs. 1billion from the disposal referred to.

Net Fee- based Income of Rs. 115milion for the 9 months reflected an increase of 43%. Most of this was attributable to income from growth in the loan portfolio and to higher guarantee commissions. This income would have been substantially higher if not for the delay in the launch of credit cards.

Other income for the nine months grew 23% when the exceptional gain in 2017 is excluded, an important contributor being increased earnings on foreign exchange.

Impairment charges increased 223% from Rs. 73 million in 2017 to Rs. 237 million in 2018. Growth in the loan portfolio, non-performance by some large customers and delayed settlements on other loans contributed to this. The bank’s NPA ratio increased from 3.55% at 31 December 2017 to 5.78% at 30 Sep 2018. This is receiving close attention; management considers the increase temporary. The bank stringently assesses credit quality and strengthens monitoring and recovery to contain NPAs at an acceptable level.

Operating expenses increased by 27% for the 9 months. Higher depreciation costs and personnel expenses accounted for most of this increase. The employee head count at September 30 2018 was 524 against 418 at September 30, 2017.

The Rs. 24.5 billion loan portfolio of the bank at September 2018 was 18% higher than at December 31, 2017. Credit growth was moderated by a shift in focus to secured lending, an exit from large low yielding facilities and a re-deployment of funds in the SME segment. Growth was slower than expected given the prevailing macroeconomic environment.

The bank’s deposit base, at Rs. 18 billion at September 30, 2018, remained flat compared to the base at 31 Dec 2017. Rupee denominated deposits grew by a modest Rs. 2 billion which was cancelled out by outflows in foreign currency deposits.It commenced, during the 3rd quarter, a deposit campaign targeting 6 month, 1 year and 5 year deposits.

This promotion has been well received and we are seeing a steady inflow of deposits.The Bank also unveiled its new ‘Podihitiyo’ Children’s Savings Account on World Children’s Day, offering an attractive interest rates for children’s savings accounts to help create a culture of savings in the community. Targeted promotions to attract deposits will continue. The Bank’s CASA ratio stood at 16% at September 30, 2018.

The Capital Adequacy Ratio of Cargills Bank continued to be well above the minimum regulatory requirement during the period. At 30 Sep 2018, the Tier I Capital Ratio was 32.3% and the Total Capital Adequacy Ratio was 32.7%. The Bank remains focused on the need to productively deploy the capital buffer it presently carries.

All the sub-indices of PMI Manufacturing recorded values above the neutral 50 threshold signalling an overall expansion in October compared to September.

The improvement observed in manufacturing activities in October was mainly driven by the improvement in new orders and production, especially in manufacturing of food and beverages activities, led by the positive outlook with the seasonal demand.

Even though the employment in the manufacturing of food and beverages activities has improved with seasonal trend, overall employment slowed down. This was mainly evident in manufacturing of textiles, wearing apparels, leather and related activities due to difficulties to find employees in the market.

Stock of purchases indicates an expansion with the stock holding in manufacturing of furniture activities in preparation for the upcoming season. Lengthening of suppliers’ delivery time usually indicates that economy is booming with expanding activities in the short run.

Meanwhile, the services sector expanded at a higher pace in October, underpinned by a strong upturn in business activities, expectations for activity and new businesses. The expansion in business activities was seen mainly across financial services and transportation and warehousing sub sectors.

However, respondents cited that the depreciation of the local currency had an adverse impact on import volumes and thereby on their activity growth. New Businesses also expanded across financial services and professional services sub sectors. Employment levels expanded at a higher rate in October owing to the expansion in Business Activities. Service providers’ optimism on the three months business outlook strengthened in October 2018 due to upcoming festive season and the peak season for tourism. However, respondents raised concerns over the current political situation and the weakening of the domestic currency which could moderate the realisation of expectations.

Sri Lanka Prosperity Index (SLPI), increased to 0.771 in 2017 from 0.661 recorded in 2016, mainly due to improvements in ‘Economy and Business Climate’ and ‘Socio-Economic Infrastructure’ sub-indices.

Economy and Business Climate sub-index has improved during 2017, due to increase in per capita Gross Domestic Product (GDP) and enhancements of the aspects associated with employment.

With regard to the sub index of Socio-Economic Infrastructure, improvements to the road network with the extensions to the expressways, construction of bridges and flyover projects, availability of electricity facilities and improvements in pipe borne water quality were the key drivers.

Even though the ‘Well-being of the People’ sub index has declined during 2017 mainly due to the reduced levels of purity of environment and air quality, improvements were recorded in the aspects of availability of healthcare facilities, availability and quality of education, wealth of people and their engagement in entertainment activities.

Provincial Prosperity Indices, compiled to measure the level of prosperity across provinces, increased in North Western, Sabaragamuwa, Southern and Western provinces.Meanwhile, enhancements in rankings could be observed in North Western and Sabaragamuwa provinces.

Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs. 54 million for the quarter and Rs. 153 million for the six months ending September 30, 2018.

This represents a 110% and 452% increase respectively over the corresponding period of the previous year. Furthermore, operating profit for the quarter increased to Rs. 74.7 million from Rs. 41.8 million during the same period the previous year. This represents a growth of 79% for the quarter and a total growth of 159% for the half year despite the increase in costs.

Major contributors to this result were the Padiyapelella mini hydropower plant and the Rathganga Mini Hydropower plant which contributed Rs. 93 million and Rs. 50 Million respectively to the Group’s net profit during the period under review. In addition, the Manelwala mini hydropower plant too made significant contributions towards the growth in revenue during the quarter. The period under review also includes the Group’s diversified solar power income which was initiated in the previous quarter.

During this period the Group’s revenue increased by 137% compared to the previous six months once again due to major contributions from the Padiyapelella and the Rathganga mini hydropower plants. By exercising prudent cost control practices, the Group was able to reduce the finance cost by 9% to Rs. 45.5 million during the same period. Commenting on these strong results, Panasian Power Chief Executive Officer Dr. Prathap Ramanujam said, “We are pleased to once again post strong results thereby validating the confidence all our shareholders have in us.

This continued success is only possible thanks to the calculated steps we took last year to diversify our income streams and implement vigilant cost control measures that have helped grow our bottom line. We have since gone from strength to strength and fully expect this trend to continue in the near term as we unveil and complete new hydro and solar projects that take our country closer to a clean, green energy future.”

Speaking about the company’s future, Dr. Prathap said, “We have commissioned an 800 Kw rooftop solar power project during the quarter and a 900 Kw rooftop solar plant in Kelaniya is in the final stage of construction. The latter will be connected to the grid during the third quarter of this financial year. These projects represent our continued commitment to diversification and we believe they will fuel our future growth.”

The Ambassador of Sri Lanka to the Kingdom of Bahrain, Dr A. Saj U. Mendis, met with the Minister of Labor and Social Development of the Kingdom of Bahrain, Jameel bin Mohammed Ali Humaidan, and Zayed bin Rashid AlZayani, Minister of Industry, Commerce and Tourism to discuss the most efficacious and result oriented courses of action and strategies to aggrandize and expand the economic, commercial, touristic and trade relations between the two countries as well as creation of employment for Sri Lankan nationals in Bahrain.

Both the Minster and Ambassador were convinced of the utility and of the potentiality to enhance and to augment the commercial and economic relations with greater and more result-oriented cooperation, collaboration, engagement, facilitation and partnership, which would benefit both the countries. “Sri Lankan Produce & Food Mart”scheduled to be held on November 28 in close coordination with, Lulus Hypermarket, one of the largest retail supermarkets in the entire region of Middle East, South Asia and South East Asia.

This is an initiative of the Economic Diplomacy Program of the Ministry of Foreign Affairs of Sri Lanka to promote exports, investments, FDI, employment and tourism, among others.

The two paramount objectives of this event are to enhance and boost exports from Sri Lanka to Bahrain and tourism from Bahrain to Sri Lanka as well as to showcase, project and profile the image of the country, amongst others.

Ambassador said that a number of Sri Lankan goods, produce and products would be on display as well as on sale at the Lulus Hypermarket. Ambassador Mendis emphasized the fact that the current Government is tenaciously and aggressively focuses on enhancement and expansion of Economic and Commercial Diplomacy.

During the meeting with the Minister, Ambassador accentuated the fact that the Government of Bahrain has extended a highly favorable environment and milieu for Sri Lankans to live and to work, peacefully and comfortably, in the Kingdom of Bahrain, thus mutually benefiting both the countries.

The Minister and the Ambassador were of firm conviction that gainful employment opportunities in the categories of semi-skilled, skilled and highly-skilled for Sri Lankan nationals in Bahrain would intrinsically and inherently benefit both the countries.

Ambassador said that the remittances from the migrant and expatriate Sri Lankans who are employed outside of Sri Lanka are a significant and momentous source of income/foreign exchange for the country.

He also added that the financial contribution of the migrant and expatriate Sri Lankans is nearly 9% of the GDP of the country which is almost equivalent to the total remittances and earnings of garments, tourism, tea and gems and jewelry respectively.

Sampath Bank was recognized as one of Sri Lanka’s best performing companies at the Business Today Top 30 Awards 2017 – 2018 held at the Shangri-La Hotel, Colombo recently.

Moving up two places from last year, the Bank has been ranked fifth in this year’s listings.

Nanda Fernando, Managing Director, Sampath Bank PLC accepted the award on behalf of the Bank from President Maithripala Sirisena amidst a distinguished audience of leaders from across the public and private sectors.

Currently in their 21st year, the awards rate companies listed on the Colombo Stock Exchange based on their business performance during a given financial year. The listing is compiled with the assistance of KPMG Sri Lanka using publicly available, published information.

“It is our honor to stand tall alongside some of Sri Lanka’s most iconic enterprises in the Business Today TOP 30 rankings for 2017 - 2018. We are especially proud of moving up two places to be ranked fifth this year. This wouldn’t have been possible without the guidance and support of our Chairman, Board of Directors and shareholders and the steadfast commitment of the over 4,000 members of Team Sampath. I would like to take this opportunity to thank and congratulate them,” said Nanda Fernando, Managing Director, Sampath Bank PLC.

This year’s ranking is a reflection of Sampath Bank’s outstanding performance during the financial year 2017.

The Bank had registered an impressive 32.7% growth in its After-Tax Profits (PAT), which stood at Rs.12.1 billion as at 31st December 2017.

“Our focus on customer centric innovation has always been a key driver of our performance, allowing us to grow consistently, irrespective of the wider macro-economic conditions.We look forward to continuing to innovate to deliver greater value and convenience to our customers’ lives as we move forward along our growth trajectory,” Fernando added.

Earlier this year, Sampath Bank was recognized as Sri Lanka’s ‘Best Retail Bank’ and ‘Best Commercial Bank’ for the 5th consecutive year at the prestigious World Finance Banking Awards. The Bank was also included to the MSCI Frontier Market 100 Index, becoming the only Sri Lankan company in the Index with a weightage of 0.36%.

Transact Lanka Pvt Ltd (TLPL), developers of the acclaimed cashless mobile payment system ‘ROKA’ announced the appointment of Simon Lourensz as the new Chairman of the board.

Simon will overlook ROKA’s core operations in Sri Lanka and the Maldives in addition to its worldwide support services. Simon presently serves as the Managing Director of his company, with an overseas subsidiary.

Simon hails from an illustrious family, well-known for their pioneering spirit. His late father Brian Lourensz is acclaimed as the inventor of the kerosene outboard motor which became a global success. Today, his invention contributes to the livelihoods of fishermen in Sri Lanka and in the region.

Speaking on his appointment Simon thanked outgoing Chairman, Sunil Wijesinghe for his dedication and commitment in bringing TLPL and ROKA into the forefront of the mobile payment solutions market. He reiterated his goal was to ensure ROKA, which has been feted with several ICTA-NBQSA awards, ascend to the number one cashless payment solution globally.

Incorporated in 1978 in Sri Lanka, Trade Finance and Investments PLC celebrates its 40th year anniversary this year.

Being a forerunner in the financial services sector with strong fundamentals and values has ensured Trade Finance and Investments PLC’s long-standing success over the last forty years. Securing its position as a trusted and respected financial institution, Trade Finance and Investment PLC is reaping benefits of its long-term visionary strategic managerial decisions.

A subsidiary of Commercial Credit and Finance PLC, Trade Finance and Investments PLC has seen tremendous growth and success over the years. The last concluded fiscal year showcased the achievements of Trade Finance and Investments PLC.

The company was able to reach an asset base of Rs. 7.4 billion, recording a 100% growth in the Company’s total asset base. Trade Finance and Investments PLC also successfully recorded a 47% growth in its profit after tax while its total loan portfolio also grew exponentially by 107% - reaching a value of Rs. 7.1 billion. The Company’s net interest margin remains among the best in the industry despite major portions of its growth portfolio being funded by bank borrowing.

Also showing growth from the perspective of shareholders, the net assets per share of the Company showed a positive upward trend and improved to Rs. 26.38.

Chairman of Trade Finance and Investment PLC L.G.S. Perera said, “As we celebrate 40 years of successful operations at Trade Finance and Investments PLC, we look back at our past and are very grateful for the efforts of our predecessors. In our 40 years of operations we have encountered many changes and challenges both internally and externally but despite these upheavals we have prevailed and carried forward the growth momentum to lead us to the successes of a competitive and dynamic market within which the Company operates today. We are truly humbled and stay committed to follow this path towards greater success and growth for all our stakeholders.”

“The Company continues to focus on improving efficiency and increasing its geographic reach by leveraging on existing branches as well as executing the plans on opening new branches. The continuous support and guidance from our parent Company, Commercial Credit and Finance PLC has enabled us to achieve remarkable results that benefit all stakeholders. Furthermore the reliability and stability of the Company is further re-iterated by the retention of the credit rating of BBB- bestowed by ICRA Lanka Limited”, said Managing Director of Trade Finance and Investments PLC, L.A.J.F. Morais.

Trade Finance and Investments PLC offers a wide range of products and services including but not limited to Financial Leasing, Security Loans, Personal Loans, Fixed Deposits and Pawning, Micro Finance and Revolving Business Loans (RBL).

The Company is known to offer competitive interest rates and comprehensive and efficient solutions at variable terms that benefit its clientele.

Having won the hearts of many investors of Sri Lanka, Trade Finance and Investments PLC is a strong suite in terms of stability in the Sri Lankan finance company sector and is predicted to see further growth in the years to come.