According to the Department of Meteorology, there will be rain or thundershowers after 2.00 pm at some places in Western, Sabaragamuwa, Central, Southern and Uva provinces.
There may be frosty conditions in the morning in Western, Sabaragamuwa, Uva and Central provinces and in Galle and Matara districts.
The department kindly requests the people to take necessary measures to reduce the dangers caused by temporary strong winds and lightning that may occur with thunderstorms.
Press Release
Pan Asia Banking Corporation PLC reflected resilience amidst a multitude of adversities emanating from challenging macro-economic conditions. The Bank’s financial performance for the period ended 30th September 2022 demonstrates judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality from the sharp increase in interest rates. During the period under review, the Bank increased its net interest income by 11% to Rs. 7,433.6 million as testament to the enhanced management of its asset and liability portfolio, making the most of the rising rates. For the nine-month period, the Bank reported a Pre-Tax Profit of Rs.626 million and a Post-Tax Profit of Rs.433 million.
“Our performance is a testament that we have put quality over quantity this year, when the circumstances dramatically changed from what we witnessed last year. This was achieved while managing the assets and liabilities to generate returns from our existing portfolio, along with keeping a closer tab on operational expenses amid runaway inflation,” noted Nimal Tillekeratne, the Bank’s Managing Director/Chief Executive Officer.
The Bank sensibly increased its provision buffers for loan losses during the period under review by introducing changes to impairment models, taking into consideration increased risks and uncertainties emerged due to the turbulent economic conditions in the country, including additional provisions on the Bank’s investments in foreign currency denominated financial instruments of Government of Sri Lanka. The impairment expense for the reporting period includes provisions made on foreign currency exposures to the Government of Sri Lanka and amounted to Rs.1.58 billion.
Meanwhile, the Bank’s Net Fee and Commission Income recorded a growth of 6% mainly due to increased volumes and rates of international trade activities, guarantees and remittances. The Net Gains from Trading increased by 264% mainly resulting from reporting high premiums in forex swap agreements due to the unconventional developments in the swap market, which was heavily discounted in the previous period.
The Bank strived for earnings maximization through portfolio re-alignment and cost management despite sector vulnerabilities that prevailed since last year. The Bank’s Cost-to-Income Ratio improved during the period under review, owing to excellence in core banking performance, which is reflected in growth across most key revenue lines and due to various strategies and measures taken to contain the increase in overhead costs. In fact, the Bank managed to contain the increase in Other Operating Expenses at 15% during the period under review compared to the previous period despite rising commodity prices.
The Bank’s Total Asset base stood at Rs. 205 billion as at 30th September 2022, after posting a growth of 8% during the nine-month period, supported mainly by the expansion in investments and loan book. The Gross Loans and Advances book recorded a growth of 4% to reach Rs. 157.04 billion, with major contributions from the Retail segment. The Customer Deposits recorded a growth of 8% to reach Rs.157.64 billion as at 30th September 2022.
The Bank maintains all its Capital and Liquidity Ratios well above the regulatory minimum standards. The Bank’s Tier 1 Capital Ratio and Total Capital Ratio as at 30th September 2022 stood at 13.44% and 15.41% respectively. The Bank’s Statutory Liquid Assets Ratio (SLAR) as at 30thSeptember 2022 stood at 23.50% and 83.93% for Domestic Banking Unit and Off-Shore Banking Unit respectively. Meanwhile, the Bank’s Liquidity Coverage Ratio (LCR) under BASEL III stood well above the statutory minimums. The Bank maintained LCR of 194.77%and207.16% for All Currencies and LKR respectively.
The commitment to technology adoption was demonstrated via many activities deployed during 2021/22 to ensure a seamless banking experience. Pan Asia Bank became the First Bank to integrate with the Lanka Clear, Common Interface of Lanka Pay Payment platform, through Internet Banking – enabling customers to carry out government payments digitally. Existing customers were also empowered to open savings accounts through Internet Banking and to check their credit card balance through a missed call facility without having to reach the contact centre. The implementation of the new leasing system during the period under consideration enhanced internal processes and the overall customer experience. Despite the external environment, the Bank continues to invest and focused on the core operation, product management, people development, and technology integrations.
Going from strength to strength, Pan Asia Bank secured the Runner-up Award – Banking sector, and the Merit Award – Corporate Governance category, at the annual National Business Excellence Awards (NBEA), organized by the National Chamber of Commerce of Sri Lanka. It was also selected by LMD as one of the top 15 ‘Most Awarded Entities’ and top ‘Most Respected’ Entities along with many other accolades and recognitions. The most recent addition to this list is Pan Asia Bank’s award as one of Business Today’s Top 40 business organizations for 2021-2022. This award is given to the largest organizations in the country based on a variety of criteria such as portfolio, profits and risks taken, resilience, passion, and how well challenges are met.
Recording consistent growth year after year, Pan Asia Bank is strongly positioned as the ‘Truly Sri Lankan Bank’, marking an illustrious journey that has promoted financial security and fulfilled the aspirations of its customers while supporting the prosperity of the nation. Pan Asia Bank’s journey of progress continues with renewed commitment as the most trusted Truly Sri Lankan Bank.
Photo caption: Jayantha S B Rangamuwa – Chairman of Pan Asia Bank and Nimal Tillekerathne – MD/CEO of Pan Asia Bank
BOC announces veteran banker Russel Fonseka as next GM /CEO.
Bank of Ceylon (BoC), the No 1 bank in Sri Lanka has announced Mr. Russel Fonseka as it’s next General Manager/ Chief Executive Officer. Having joined the BOC in 1990, he has notched up 33 years of service with the banking giant and is currently its Additional General Manager and the CFO.
He is to succeed Mr. K.E.D. Sumanasiri, who will be retiring from the bank on 13th January 2023 after a successful stint as the General Manager/CEO. Mr. Russel Fonseka is a career banker who over the years has successfully steered and given leadership to the various divisions that came under his purview. He has held the positions of Chief Financial Officer, Head of Finance and Planning, Head of International, Treasury and Investments, Head of Retail Banking and Head of Corporate and Offshore Banking. The exposure to many areas of
banking would be a distinct advantage as he faces the task of steering the premier bank in Sri Lanka during what looks to be the most turbulent period the country and the globe has faced in recent times. He holds a B.Sc (Special) degree in Business Administration from the University of Sri Jayawardenepura and a MBA from the University of Southern Queensland, Australia.
He has completed the Advanced Management Programme at Harvard Business School, USA as a part of grooming of selected individuals under Bank of Ceylon’s succession planning. He is a senior fellow member of the Institute of Bankers of Sri Lanka and a fellow member of the Institute of Chartered Accountants of Sri Lanka.
He serves as a member of the Sri Lanka Accounting and Auditing Standards Monitoring Board and is the immediate past president of the AAT Sri Lanka. He is a director on the boards of a number of Bank of Ceylon’s associate and subsidiary companies.
Whilst steering the country’s largest bank as it navigates through the turbulent conditions, Mr.Fonseka’s task will be to help Bank of Ceylon elevate itself to the next level and utilize its capacities and capabilities to the fullest in assisting in the nation’s economic revival and development-a call to utilize his competencies and acumen to the fullest.
The Ambassador of Sri Lanka to the Kingdom of Thailand and Permanent Representative to the United Nations Economic and Social Commission for Asia and Pacific (UNESCAP), C.A. Chaminda I Colonne presented Letters of Credence to the President of the Lao People’s Democratic Republic, Thongloun Sisoulith, at the National Assembly, at Vientiane, as the Ambassador Extraordinary and Plenipotentiary of Sri Lanka to Lao PDR on 10 November, 2022.
Fourteen newly appointed Ambassadors from the Mexico, Qatar, Italy, Algeria, Israel, Norway, Maldives, Spain, Iran, Luxembourg, Bahrain, Belgium, Venezuela, Austria with Ambassador Chaminda Colonne, who are concurrently accredited either from Bangkok or Hanoi also presented their Letters of Credence to President Sisoulith.
After warmly welcoming and congratulating the newly appointed Ambassadors, President Sisoulith extended warm best wishes to all Heads of State, thanked for all support given to Lao PDR, outlined his country’s achievements in Sustainable Development Goals and conveyed hope that newly appointed Ambassadors would further strengthen relations, friendship and cooperation with Lao.
Ambassador Colonne conveyed warm greetings from President Ranil Wickramasinghe of Sri Lanka to President Sisoulith and assured to consolidate relations with the Lao PDR, based on Buddhist religious values. She also extended an invitation to President Sisoulith to visit Sri Lanka. President Sisoulith extended sincere best wishes to the President Ranil Wickramesinghe and recalled his visit to Sri Lanka in the past.
Ambassador Colonne also had fruitful bilateral discussions with the Deputy Minister of Foreign Affairs Phoxay Khaykhamphithoune, Deputy Minister of Industry and Commerce Manothong Vongxay and the Deputy Minister of Information, Culture and Tourism Phosy Keomanivong on promoting relations and cooperation between the two countries in the fields of political, socio-cultural, trade, economic, investment, tourism etc. and enhancing people to people contacts.
Ambassador also paid courtesy calls on Director General of Protocol Amphay Kindavong, and the Director General of Asia Pacific and Africa Department, Viroth Sundara, of the Ministry of Foreign Affairs of Lao PDR, and had discussions with the President of Lao National Chamber of Commerce and Industry, Xaybandith Rasphone, Director General of Lao Front for National Development, Bounthavy Phonethasine, and the President of the Lao Association of Travel Agents Somphong Deviengxay. Sri Lanka Honorary Consul in Lao PDR Manilay Thiphalansy facilitated the Ambassador during her stay in Vientiane.
Ambassador Colonne paid homage to President of Central Buddhist Fellowship Organization Most Venerable MahaBounma Simmaphome, Chief Monk of the Sisaket temple Venerable Mahavet Masenai, Vice President of Central Buddhist Fellowship Organization and Chief Monk of the Ongtu temple of Lao Most Venerable Phuangphaserd Phoumavong. They conveyed their highest blessings to the newly appointed Ambassador and assured their commitment to consolidate Sri Lanka-Lao Buddhist and religious relations. The Ambassador also met members of the Sri Lankan community who live and work in Lao PDR at the Sri Lanka Honorary Consulate in Vientiane.
Embassy and Permanent Mission of Sri Lanka
Bangkok
15 November, 2022
Ambassador Dr. Palitha Kohona who was the keynote speaker at the CIIE International Jewellery Summit on 10 November, 2022 urged participants attending the event to visit Sri Lanka not only to satisfy their dream of purchasing a gem from the island’s fabulous harvest of precious stones but also to enjoy its incomparable tourist attractions and fabled tourist attractions. He stated that kings, queens and princesses continue to adorn themselves with Sri Lanka’s fabulous gems, while the biggest ones are on display at museums.
He furter stated that Sri Lanka has been producing a wide range of valuable coloured stones for millennia and was continuing to do so. The motherland was nowhere near to being exhausted. Today, Lanka is recognised as the blue sapphire capital of the world.
The event was well attended by the Chinese industry, including representatives of the government regulatory bodies and the Shanghai Gem and Jade Exchange. Among the speakers were Shanghai People’s Government Shu Guiyu, Chairman of China Council for Brand Development Liu Pingjun, and among the key international speakers (on line) were Chairman of Confederation Internationale Common Standards Gaetano Cavalieri, who spoke extensively on the Blue Books, President Coloured Stone Association Clement Sabbagh and Chairman of ASEAN Gem and Jewellery Association among others.
Embassy of Sri Lanka
Beijing
15 November, 2022
Reports emerge that Sri Lanka Women’s Rugby Captain Dulani Pallekondage has gone missing while participating at the Asia Rugby Seven’s Series Tournament in South Korea.
Learning her disappearance, the Women’s Rugby Team Manager has informed the Police through officials of the Korea Rugby Union, and the Namdong Police in Incheon, SK launched an investigation into the disappearance of the SL Women’s Rugby Captain.
Both SL men’s and women’s rugby teams that contested the tournament are set to leave SK from Incheon International Airport at around 11.30 am, and the Korean Police have said that they would do their best to find Pallekondage’s whereabouts before the group leaves the country.
The first final match between SL and Hong Kong ended at about 1.00 pm Sri Lankan time, and the SL players were seated to watch the men’s third match. Both teams had been to the players’ lounges thereafter and Captain Pallekondage had sat to appear for a briefing, at which she was reported to have disclosed the reason behind the team’s defeat and the wrongdoings that contributed to it.
Following the prize giving ceremony, the Team Manager had called for the Team Captain twice in Sinhala, urging her to get in to the team bus, but Pallekondage was nowhere to be found.
About an hour later, the team bus carrying members of the two teams left the stadium for their residing hotels, and the managers of both the women’s and men’s teams stayed at the stadium assisting the Police and Korean Rugby officials in search of Pallekondage.
MIAP
Former MP Hirunika Premachandra, who along with several other women was arrested by the Kurunduwatta Police yesterday (14) was released on a personal bail of Rs. 500,000 by the Colombo Chief Magistrate today (15).
The group led by the ex MP was arrested for protesting against the Police over an arrest made by the Police on a group of women who staged a street drama in front of the United Nations Office in Colombo in objection to violence against women.
MIAP
Sri Lanka is to introduce transformational reforms and improve governance to come out of the current crisis, as the island suffers the worst currency crisis in the history of its intermediate regime central bank.
An important reform was for Sri Lanka to improve governance to make sure that the “system works there is a level playing field and there are fewer opportunities for a mis-use of the system or even corruption,” Timmer said.
“The first priority is to set up a very efficient social safety net and put in place some measures so that a large part of population can become more productive and have access to markets and to finance,” Timmer said.
Before new funding came the Sri Lanka had to do the required reforms, improve governance and also make progress on debt sustainability alongside the IMF program.
The Government is to appoint a Presidential Commission to achieve reforms in the public sector.
The move was announced by President and Finance Minister Ranil Wickremesinghe in his presentation of the 2023 Budget yesterday in Parliament.
The President revealed that there are 1.45 million public servants currently working in the various Government agencies, hence, a large portion of the Government revenue has to be spent on their salaries and wages. It has become a challenge to allocate resources for other public purposes, including developmental purposes.
Wickremesinghe said the proposed Presidential Commission will review all the aspects of public service in line with current requirements and make recommendations including necessary reforms.
In 2023 Budget Salaries and wages account for Rs. 1 trillion apart from Rs. 375 billion for pensions.
“At the same time, it will be possible to implement the proposed reforms to make the public sector to optimum level. Hence, I believe that considerable relief can be given to the public servants and pensioners at the latter part of the year 2023,” the President assured.
However he revealed that at present the State is bearing the cost of 420 Government institutions and enterprises. The annual loss of these major 52 SOEs is Rs. 966 billion in the first half of 2022.
“I hope to table these lists of institutions in Parliament in two or three days. Has the country benefited from these institutions for many years? Or has the country suffered,” the President queried during his Budget speech.
He also proposed to stop those SOEs paying PAYE/APIT tax liability of its employees from 1 January 2023.
Another proposal is the daily transfer of all revenue and receipt collections by Ministries and Departments, directly to the General Treasury with effect from January 2023 to reduce the substantial cost of finance due to delay in remitting revenue collection to the Consolidated Fund.
The President referred to the Interim Budget introducing several proposals, including the introduction of new Public Financial Management (PFM) Act incorporating binding fiscal rules and appointment of an Inspector General to keep the expenditures in check, which will be implemented in the near future. In addition, a number of circular instructions have already been issued to ensure strict control of Government expenditure.
Sri Lanka is to introduce transformational reforms and improve governance to come out of the current crisis, as the island suffers the worst currency crisis in the history of its intermediate regime central bank.
An important reform was for Sri Lanka to improve governance to make sure that the “system works there is a level playing field and there are fewer opportunities for a mis-use of the system or even corruption,” Timmer said.
“The first priority is to set up a very efficient social safety net and put in place some measures so that a large part of population can become more productive and have access to markets and to finance,” Timmer said.
Before new funding came the Sri Lanka had to do the required reforms, improve governance and also make progress on debt sustainability alongside the IMF program.
The Government is to appoint a Presidential Commission to achieve reforms in the public sector.
The move was announced by President and Finance Minister Ranil Wickremesinghe in his presentation of the 2023 Budget yesterday in Parliament.
The President revealed that there are 1.45 million public servants currently working in the various Government agencies, hence, a large portion of the Government revenue has to be spent on their salaries and wages. It has become a challenge to allocate resources for other public purposes, including developmental purposes.
Wickremesinghe said the proposed Presidential Commission will review all the aspects of public service in line with current requirements and make recommendations including necessary reforms.
In 2023 Budget Salaries and wages account for Rs. 1 trillion apart from Rs. 375 billion for pensions.
“At the same time, it will be possible to implement the proposed reforms to make the public sector to optimum level. Hence, I believe that considerable relief can be given to the public servants and pensioners at the latter part of the year 2023,” the President assured.
However he revealed that at present the State is bearing the cost of 420 Government institutions and enterprises. The annual loss of these major 52 SOEs is Rs. 966 billion in the first half of 2022.
“I hope to table these lists of institutions in Parliament in two or three days. Has the country benefited from these institutions for many years? Or has the country suffered,” the President queried during his Budget speech.
He also proposed to stop those SOEs paying PAYE/APIT tax liability of its employees from 1 January 2023.
Another proposal is the daily transfer of all revenue and receipt collections by Ministries and Departments, directly to the General Treasury with effect from January 2023 to reduce the substantial cost of finance due to delay in remitting revenue collection to the Consolidated Fund.
The President referred to the Interim Budget introducing several proposals, including the introduction of new Public Financial Management (PFM) Act incorporating binding fiscal rules and appointment of an Inspector General to keep the expenditures in check, which will be implemented in the near future. In addition, a number of circular instructions have already been issued to ensure strict control of Government expenditure.
In a breakthrough step forward, the Urban Development Authority (UDA) has launched a One-Stop-Shop (OSS) to lure new investments by fast-tracking approval for development applications.
Prime Minister Dinesh Gunawardena marked the launch of the facility along with Urban Development and Housing Minister Prasanna Ranatunga and UDA Chairman Nimesh Herath ceremoniously on Thursday at Waters Edge.
The OSS will facilitate entrepreneurs who have submitted all necessary documents to obtain approval for development permits in a fast-tracked manner of 21 days removing all unnecessary red tape which hindered growth.
The system will also forward the applications for the approval of other relevant institutions necessary for the development permits. OSS comprises 26 institutions at present and a Scope Committee has been established to represent and monitor all institutions on board. The Scope Committee will give the final approval for the development permits.
Speaking at the event Premier Gunawardena said the OSS will be a game-changer for the economic development of Sri Lanka.
“It is a milestone for the UDA as a public sector institution, to get all the information and approval from one place. This new unit is a great opportunity to explore technological advancements and contribute to the making economy.
This process will be a unique record of the UDA and urban development. It will become a breakthrough in Sri Lanka’s development,” he added.
Prime Minister also highlighted that it was necessary to speed up the implementation of projects to ensure the attractiveness of the destination.
“All the local Government institutions and departments should join hands in the program to achieve these goals without delay. It is a necessary practice of efficient public service to fulfil the responsibility of the overall State sector institutions and to actively contribute to overcoming the economic crisis,” he explained.
Noting that regional countries work efficiently by capitalizing on information technology, Premier Gunawardena insisted on adopting technology to all public institutions to improve productivity and delivery.
“The UDA is entrusted to effectively attract investment opportunities to the country nationally and internationally, ” Prime Minister Gunawardena said.
Urban Development and Housing Minister Prasanna Ranatunga pointed out that investments will only flow into countries that have simplified approval processes and business-friendly policies.
“The primary objective of introducing the OSS is to attract more investment by reducing the time for the approval process to issue development permits.
It will also reduce fraud and corruption by enhancing transparency in the whole process. The system will provide a facility for high-ranking officials to monitor it anytime,” he explained.
Minister Ranatunga also said laws should be amended to take action against the bureaucracy if they fail to give approval within 21 days of submission of the development application.
