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Seylan Bank Records Profit After Tax of LKR 6.59 Billion for of 2024

Seylan Bank has shown strong financial performance in a tough economic climate. The bank’s 2024 report reveals a profit after tax of LKR 6.59 billion. This marks a 46.65% growth compared to 2023.

Seylan Bank Records Profit After Tax of LKR 6.59 Billion for of 2024

Seylan’s success stems from smart strategies and economic resilience. The bank’s profit before tax rose by 47.72% to LKR 10.61 billion. This covers the nine months ending September 30, 2024.

Key indicators show Seylan’s strong financial position. Despite lower net interest income, the bank boosted its net fee-based income by 8.10%. This improvement contributed to overall profitability.

Seylan’s focus on optimizing operations and managing expenses has been crucial. These efforts have played a key role in the bank’s success.

Seylan Bank’s Financial Performance in 2024

Seylan Bank’s financial statements show strong performance in the first nine months of 2024. The bank’s profit before tax reached LKR 10,608 million, growing 47.72% from 2023. Profit after tax increased by 46.65% to LKR 6,593 million.

Net interest income decreased by 10.77% to LKR 27,262 million. This drop was due to lower net interest margins, falling from 5.76% to 5.03%. However, Seylan Bank maintained a healthy financial position through income diversification.

Net Fee-Based Income Growth

Fee-based income grew by 8.10% to LKR 5,829 million. This increase came from cards, remittances, and lending-related services. The growth shows Seylan Bank’s ability to adapt to changing customer needs.

Operating Income and Expenses

Total operating income fell by 8.32% to LKR 34,264 million. This was mainly due to lower net interest margins. Operating expenses rose by 13.20% to LKR 15,674 million.

Personnel expenses increased because of higher staff benefits based on collective agreements.

Impairment Charges and Credit Quality

Seylan Bank’s focus on credit quality and recovery initiatives paid off. Impairment charges dropped by 69.14% to LKR 4,150 million. This decrease shows the bank’s careful approach to risk management.

The bank maintained a healthy loan portfolio despite challenging economic conditions.

Key Financial Ratios and Indicators

Seylan Bank showed strong financial results in the first nine months of 2024. The bank focused on smart asset management and kept good liquidity. This approach has set them up for lasting growth and value for stakeholders.

Capital Adequacy and Liquidity Coverage Ratios

Seylan Bank’s capital ratios beat regulatory minimums. The Common Equity Tier 1 and Total Tier 1 Capital Ratio was 12.25%. The Total Capital Ratio hit 17.05%.

These numbers show the bank can handle potential losses well. The All Currency Liquidity Coverage Ratio was 442.64%. The Rupee Liquidity Coverage Ratio reached 509.82%.

Asset Quality and Impairment Ratios

The bank’s asset quality got better. The Impaired Loan Ratio dropped to 3.05% from 3.85% in 2023. This shows Seylan Bank manages credit risk well.

The Impairment to Stage 3 Loans Ratio was 72.85%. This means they have good coverage for non-performing loans.

Return on Equity and Return on Average Assets

Seylan Bank’s profit metrics grew. Return on Equity rose to 13.87%. Return on Average Assets hit 1.96%. These numbers show the bank makes good returns for shareholders.

Earnings per Share and Net Assets Value per Share

Earnings per Share grew to LKR 10.37 by September 30, 2024. This shows strong earnings growth. Net Assets Value per Share was LKR 104.22.

Seylan Bank’s focus on good governance and social duty makes it a great long-term investment. Their strong finances back this up.

Seylan Bank’s Commitment to Social Responsibility

Seylan Bank shows strong dedication to social responsibility and community engagement. Their focus on education shines through the “Seylan Pahasara Libraries” initiative across Sri Lanka. In the first nine months of 2024, they opened 29 new libraries, bringing the total to 254.

These libraries empower young minds and encourage a love for learning. They serve as community hubs where children can explore books and engage in educational activities. This initiative benefits individual children and contributes to community development.

Seylan Bank’s social responsibility goes beyond education. They participate in programs for health, environment, and social welfare. By working with local organizations, the bank creates positive change for those in need.

As Seylan Bank grows, it remains committed to social responsibility. They recognize their success is tied to community well-being. Through various initiatives, the bank aims to create a lasting positive impact on society.

Sri Lanka Christians Wave Black Flags to Protest Bombing Probe

With black flags, Sri Lanka Christians protest bombing probe

Christians in Sri Lanka chose a silent way to protest. They raised black flags at churches and homes. This action showed their frustration with the slow investigation into the Easter bombings. These bombings killed 269 people. Cardinal Malcolm Ranjith led this protest. He suggests that the real planners behind the attack might still be free.

At St. Sebastian’s Church in Negombo, the pain is deep. Many here lost loved ones. Manilal Ranasinghe criticizes the government for ignoring warnings. During the demonstration, Muslims also showed support by displaying black flags. This unity shows Sri Lanka’s strength in fighting terror.

Key Takeaways

Sri Lanka’s Christians show dissent through nationwide black flag protest.
Questioning of the integrity and thoroughness of the government’s bombing probe.
Cardinal Malcolm Ranjith has voiced suspicion over the arrests relating to the bombings.
Communities across religious lines in Sri Lanka showcase solidarity amidst tragedy.
Increased security measures enforced in response to the threat of terrorism.

Overview of the Easter Sunday Bombings and Subsequent Protests

On Easter Sunday, April 21, 2019, Sri Lanka faced chaos. This was because of suicide bombings by ISIS-inspired groups. National Thowheeth Jama’ath and Jammiyathul Millathu Ibrahim were behind it. They attacked Christian churches and luxury hotels in Colombo. This violence killed 270 people, including worshippers and foreigners, and hurt over 500.

This was the deadliest violence in Sri Lanka since 2009. The peace of a sacred holiday was destroyed for many. It reminded people of past conflicts.

Sectarian tensions grew after the bombings against the Muslim community. These people, making up 10% of the population, faced violence and boycotts. Despite warnings, the government’s response was slow due to issues and inefficiencies. This led to more trouble.

The Christian communities in Sri Lanka protested in response. They mourned their losses by waving black flags and demanded justice. These actions showed their pain and the need for better security.

The Sri Lankan Supreme Court pointed out serious governmental mistakes. These included inaction by the then-President Maithripala Sirisena despite prior warnings. This criticism has sparked widespread demand for improved security and accountability.

Aspect	Details
Incident Date	Easter Sunday, April 21, 2019
Locations Affected	Christian churches and luxury hotels in Colombo, Sri Lanka
Casualties	270 dead, over 500 injured
Perpetrators	Local Islamist extremist groups inspired by ISIS
Public Response	Protests, waving of black flags by Christians
Government and Legal Response	Judicial reprimand, call for security reforms

For more on Sri Lanka’s socio-economic stability, visit Sri Lanka’s economic crisis and recovery

With black flags, Sri Lanka Christians protest bombing probe

After the Easter Sunday attacks in 2019, Sri Lanka’s Christians are demanding justice. They’ve raised black flags as a symbol of their protest. This act comes as twenty-five people were recently charged for the bombings. These developments question the government’s investigation efforts.

About 7% of Sri Lanka’s population is Christian, mainly in areas like Negombo. This community was hard hit by the attacks, which claimed 269 lives. The attacks targeted them heavily, showing the risk they face in a country of diverse religions.

Sri Lanka’s Religious Demographics and Christian Minority

Christianity in Sri Lanka is mostly made up of Roman Catholics. This community, though small, was greatly affected by attacks on churches and hotels. It was the first major terror event since the Civil War ended in 2009. Such violence showed the religious group’s vulnerability among Buddhists, Hindus, and Muslims.

Accusations of Government Inaction and Political Conspiracy Allegations

The attack’s impact was profound, revealing political conspiracies. It highlighted a lack of cooperation between key leaders at the time. This resulted in missed warnings from foreign intelligence.

In Negombo, Christians gathered silently at St. Sebastian’s Church, waving black flags. They’re calling for action and measures to prevent future violence. Their protest shows they want those in power to take responsibility seriously.

Solidarity Across Communities in the Face of Tragedy

Despite being a minority, Christians saw support from other faiths after the bombings. Muslims and Christians united, raising black flags in grief. This act was a stand against the extremism that caused the tragedy.

Community bells rang at 8:45 a.m., marking the moment the tragedy began. This gesture called for peace and showed the community’s resilience. It’s a plea for respect and understanding among different faiths, aiming for a peaceful coexistence.

Sri Lanka Cancels School Exams Due to Paper Shortage

Sri Lanka’s education system is in chaos due to the country’s worst economic crisis since 1948. The severe paper shortage has forced authorities to postpone term tests indefinitely. Millions of students are affected by this unprecedented disruption.

The nation of 22 million lacks essential imports like food, fuel, and medicine. Around two-thirds of Sri Lanka’s 4.5 million students can’t take exams. This paper shortage has paralyzed schools’ ability to assess learning.

Sri Lanka’s economic troubles have caused inflation to soar to 15.1 percent in February. Food prices have risen by a staggering 25.7 percent. The rupee’s value has dropped by over 30 percent, making matters worse.

The education sector is suffering greatly from this resource scarcity. Printers can’t get materials, leaving schools unable to give exams. The long-term effects on Sri Lanka’s youth are deeply concerning.

Sri Lanka’s Education System Disrupted by Economic Crisis

Sri Lanka’s economic crisis has severely impacted education, affecting millions of students. Resource scarcity, including paper shortages, has disrupted the academic calendar. This has hindered learning processes across the country.

The economic challenges have led to widespread disruptions in schools. Students face uncertain futures as their education suffers from these ongoing issues.

Millions of Students Affected by Exam Cancellations

Over 4.3 million students are affected by term test cancellations. These exams are crucial for assessing progress and grade promotion. The indefinite postponement has caused widespread student distress.

Continuous Assessment Process Hindered

Without regular evaluations, teachers struggle to gauge student performance. This setback may lead to long-term academic issues. Students miss out on critical feedback and growth opportunities.

The economic crisis has worsened education access disparities. Rising fuel prices make school transportation unaffordable for many. Only 45% of students have access to internet-based education.

The government faces challenges in allocating resources to education. In 2018, only 2.14% of GDP went to education. This falls short of the recommended 4-6% by Education 2030 Framework.

Without sufficient funding, the education system risks further decline. This could lead to a brain drain as students seek opportunities abroad.

Acute Paper Shortage Cripples Education Sector

Sri Lanka’s education sector faces a severe paper shortage due to dwindling foreign exchange reserves. The government struggles to import essential supplies, affecting millions of students. This scarcity has forced educators to seek alternative solutions for academic continuity.

Limited foreign exchange reserves have restricted paper imports. Printers and publishers can’t get materials for textbooks and exam papers. Schools now use different methods to keep learning going.

Government Struggles to Address Resource Scarcity

Sri Lanka’s government is trying to tackle the paper supply issues. They’re working to allocate limited resources and prioritize education needs. However, the economic crisis makes finding quick solutions difficult.

The government is considering several measures to address the problem:

Encouraging the use of digital resources and e-learning platforms
Partnering with international organizations to secure essential supplies
Implementing conservation measures to minimize paper wastage
Exploring alternative paper sources and domestic production capabilities

Educational Institutions Adapt to the Crisis

Schools in Sri Lanka are finding new ways to keep education going. They’re using digital tools and different teaching methods to overcome resource limits. Online platforms, e-books, and virtual classes help fill the gap left by paper shortages.

The paper shortage continues to strain the education system. Government and schools are working together to find long-term solutions. They aim to protect students’ academic progress during this ongoing crisis.

Economic Turmoil Leads to Academic Setbacks

Sri Lanka’s economic crisis has hit the education sector hard. A severe paper shortage has forced the cancellation of school exams for millions of students. This crisis will likely impact student learning and achievement for years to come.

The country’s financial woes stem from reduced tourism and agricultural exports. Sri Lanka’s debt to GDP ratio has reached a staggering 111%. A ban on chemical fertilizers has cost the tea industry $573 million.

The government struggles to address resource scarcity and repay debts. Meanwhile, the education sector continues to suffer. Sri Lanka has achieved self-sufficiency in poultry, but ensuring uninterrupted learning remains a challenge.

Officials are seeking ways to minimize disruptions to education. However, economic challenges persist. Inflation hit 18.7% in March 2022, and diesel fuel shortages are expected to worsen.

These academic setbacks will likely affect the future workforce and economic growth. Urgent measures are needed to address Sri Lanka’s economic turmoil and its impact on education.

FAQ

Why has Sri Lanka cancelled school exams for millions of students?

Sri Lanka has run out of printing paper due to a severe financial crisis. This shortage has forced the cancellation of school exams. The crisis has affected about two-thirds of the country’s 4.5 million students.

How many students are affected by the cancellation of term tests in Sri Lanka?

Around 3 million students can’t take their term tests. These tests are vital for grade promotion at year’s end. The cancellation impacts two-thirds of Sri Lanka’s student population.

What has caused the acute paper shortage in Sri Lanka?

Sri Lanka lacks foreign exchange reserves to buy essential imports. Printers can’t get paper and ink due to this currency crisis. This has led to a severe scarcity of printing materials.

How is the Sri Lankan government addressing the education crisis caused by the paper shortage?

The government is trying to find ways to assess students without paper tests. They’re working to minimize disruptions to education. However, economic challenges make this task difficult.

What are the long-term impacts of the education crisis in Sri Lanka?

The exam cancellations are just one part of Sri Lanka’s broader education crisis. This situation may harm student learning and achievement long-term. It could affect students’ future prospects and the country’s overall development.

National Museum of Colombo Unveils Exhibition Showcasing Ancient Artifacts

The National Museum of Colombo has unveiled a captivating exhibition of ancient artifacts. It showcases Sri Lanka’s rich cultural heritage through historical relics. Visitors can explore fascinating pieces from various ancient civilizations.

The Colombo National Museum, established in 1877, is a premier destination for archeological discoveries. Its diverse collection spans archaeology, anthropology, art, and ethnography. Visitors can see ancient manuscripts, regal statues, traditional masks, and historical weapons.

National Museum of Colombo Unveils Exhibition Showcasing Ancient Artifacts

The museum is open from Tuesday to Sunday. Entry fees are Rs. 500 for foreigners and Rs. 25 for local adults. Guided tours are available to enhance the visitor experience.

Photography is allowed in most areas, with some restrictions. The exhibition offers a unique journey through Sri Lanka’s vibrant history. Visitors can explore artifacts from prehistoric times to ancient civilizations.

The National Museum of Colombo is a must-visit for history and archaeology enthusiasts. It attracts visitors worldwide with its impressive collection and engaging exhibitions. The museum remains a cornerstone of Colombo tourism, showcasing Sri Lanka’s cultural tapestry.

Discover the Rich Cultural Heritage of Sri Lanka at the Colombo National Museum

Step into Sri Lanka’s vibrant past at the Colombo National Museum. Established in 1877, it’s the country’s largest and most-visited museum. It houses a wealth of artifacts showcasing the island’s fascinating history.

The museum’s collections span from ancient times to the colonial era. In the Gallery of Ancient Kings, you’ll find royal regalia and artifacts. These exhibits offer insights into Sri Lanka’s cultural tapestry and identity-shaping traditions.

Immerse Yourself in Sri Lanka’s Fascinating History

The museum provides a comprehensive educational experience about Sri Lanka’s captivating past. Exhibits range from ancient tools to rare manuscripts and colonial-era artifacts. These treasures offer a glimpse into the lives of past generations.

The museum focuses on antiquities preservation to safeguard these valuable items. This ensures future generations can appreciate and learn from Sri Lanka’s rich heritage.

Explore Diverse Collections from Ancient Civilizations to Colonial Era

Admire intricate sculptures, exquisite art, and delicate ceramics reflecting Sri Lanka’s artistic heritage. The museum houses an impressive collection of historical documents. These offer insights into the political and social dynamics of different eras.

From the ancient Anuradhapura kingdom to the Dutch colonial period, the exhibits are diverse. They paint a vivid picture of Sri Lanka’s multifaceted past through cultural exploration.

Gain Insights into the Vibrant Culture and Traditions of Sri Lanka

Visiting the Colombo National Museum is both educational and culturally immersive. The artifacts display showcases vibrant traditions that have shaped Sri Lankan society. Colorful traditional costumes and intricate masks used in ancient rituals are on display.

These exhibits offer a fascinating glimpse into Sri Lanka’s rich cultural tapestry. Visitors can gain a deeper appreciation for the diverse influences shaping Sri Lanka’s unique identity.

National Museum of Colombo Unveils Exhibition Showcasing Ancient Artifacts

The Colombo National Museum has launched an exciting exhibition. It highlights Sri Lanka’s cultural heritage and ancient civilizations. Visitors can explore diverse galleries, each offering a unique view of the country’s history.

Archaeological Gallery: A Journey Through Prehistoric Artifacts and Ancient Civilizations

The Archaeological Gallery houses a wealth of prehistoric artifacts. These items reveal ancient Sri Lankan civilizations. Stone tools, pottery, and intricate jewelry showcase the skills of early inhabitants.

The gallery’s collection spans thousands of years. Visitors can admire the craftsmanship of these ancient pieces. This experience deepens appreciation for Sri Lanka’s archaeological heritage.

Ethnographic Gallery: Celebrating the Diverse Ethnic Groups of Sri Lanka

The Ethnographic Gallery highlights Sri Lanka’s ethnic diversity. It displays artifacts, traditional attire, and multimedia exhibits. These items showcase the customs and lifestyles of various ethnic groups.

Visitors can explore cultures of Sinhalese, Tamils, Moors, and Burghers. The gallery offers insight into Sri Lanka’s cultural mosaic. It shows how different groups have shaped the country’s identity.

Art Gallery: Masterpieces by Renowned Sri Lankan Artists

The Art Gallery showcases Sri Lankan artistic talent through history. It houses paintings, sculptures, and other artworks. These pieces illustrate the evolution of Sri Lankan art over time.

Visitors can admire intricate details in masterpieces by famous artists. The gallery highlights Sri Lanka’s rich artistic heritage. It also shows art’s role in preserving culture.

Annual Literary Festivals Celebrate Sri Lankan Writing and Poetry

Sri Lanka’s literary scene thrives through yearly festivals celebrating the nation’s rich writing traditions. These Annual Literary Festivals Celebrate Sri Lankan Writing and Poetry showcase local talent in Sinhala, Tamil, and English literature. The festivals provide a platform for established and emerging writers to share their works.

The Fairway Galle Literary Festival stands out, held annually in the historic Dutch Galle Fort. Its 2018 edition featured over 110 events, including film appreciation, poetry readings, and gourmet dinners. The festival also recognized outstanding local talent through the Fairway National Literary Awards.

Attendees can engage with renowned international authors at these events. Lord David Puttnam, a British film producer with numerous accolades, has participated. Alexander McCall Smith, author of over 100 books, and Richard Flanagan, a Man Booker Prize winner, have also attended.

These festivals promote and preserve Sri Lanka’s literary heritage. They encourage the growth of Sinhala, Tamil, and English literature. The events nurture emerging writers and poets, celebrating the power of storytelling.

events foster appreciation for the art of language. They provide diverse programs catering to various interests. Multiple concurrent sessions and book launches take place throughout these literary gatherings.

Galle Literary Festival: A Premiere International Event

Since 2007, the Galle Literary Festival has become South Asia’s most anticipated literary event. It unites acclaimed authors in an intimate setting. The festival fosters engaging discussions, writing workshops, and cultural experiences.

The festival offers diverse activities for book lovers. These include panel discussions, poetry readings, and literary lunches. It takes place in Galle Fort, a UNESCO World Heritage Site.

Showcasing Sri Lankan and International Authors

The festival has featured over 70 events and hosted numerous writers. More than 40 international and 50 Sri Lankan authors have participated. This lineup showcases both local and global literary talent.

Diverse Program of Literary Events and Cultural Experiences

Attendees can enjoy a wide array of literary and cultural activities. These include thought-provoking panel discussions and intimate writing workshops. Enchanting poetry readings and delightful literary lunches are also part of the program.

Set in the Historic Galle Fort, a UNESCO World Heritage Site

The festival’s location in Galle Fort adds to its charm. The fort’s colonial architecture provides a magical backdrop. This setting creates an inspiring and unforgettable atmosphere.

Harper’s Bazaar Magazine UK named it the “No.1 Literary Festival in the world” in 2011. After a three-year break, it returned spectacularly in 2016. This comeback reaffirmed its status as a premier literary event.

Other Notable Literary Festivals in Sri Lanka

Sri Lanka boasts a vibrant literary scene beyond the Galle Literary Festival. Several events showcase the island’s rich literary heritage. These festivals celebrate Sinhala, Tamil, and English literature, giving writers platforms to share their works.

The Jaffna Poetry Festival highlights Tamil poets’ resilience and creativity. It unites poets from Sri Lanka and the diaspora, promoting cultural exchange. Attendees enjoy poetry readings, workshops, and discussions on Tamil literature.

Colombo International Book Fair

The Colombo International Book Fair is a key event in Sri Lanka’s literary calendar. It draws publishers, authors, and book lovers from across the country. Visitors can explore books, attend launches, and join literary discussions.

The fair promotes reading culture and supports the local publishing industry. It serves as a platform for literary enthusiasts to connect and share ideas.

Smaller literary events occur throughout the year. The Kandy Writers’ Collective unites writers from central Sri Lanka. The Kilinochchi Book Fair and Batticaloa Writers’ Forum celebrate literature in northern and eastern provinces.

These events offer writers chances to network, collaborate, and share their works. They provide platforms for both established and emerging authors to connect with readers.

Sri Lanka’s literary festivals showcase talent and boost the economy. The Galle Literary Festival drew thousands to the south coast in 2024. It provided a significant economic boost for Galle and Sri Lanka.

The Colombo Stock Exchange (CSE) reported positive economic indicators. Sri Lanka’s stock market became Asia’s second-best performing equity market as of October 25, 2024. It showed a 29.65% year-to-date return in USD terms.

Annasi and Kadalagotu Literary Festival

The Annasi and Kadalagotu Literary Festival celebrates both Sinhala and Tamil literature. It aims to foster cultural exchange between the two communities. The event highlights Sri Lanka’s shared literary heritage.

Attendees can enjoy poetry readings, book launches, and panel discussions. Authors from both languages participate, promoting understanding and appreciation of diverse literary traditions.

Literary Festivals Celebrate Sri Lankan Writing and Poetry

Sri Lanka’s literary festivals showcase the nation’s rich heritage. They celebrate established and emerging writers in Sinhala, Tamil, and English. These events promote new voices and preserve Sri Lanka’s cultural legacy.

The Galle Literary Festival, started in 2005, is a top international event. It attracts renowned authors and intellectuals worldwide. The festival offers author talks, panel discussions, book launches, and workshops.

In 2024, the 11th edition will feature international authors. It will explore themes in fiction, non-fiction, and poetry. The event engages readers of all ages and interests.

Other notable festivals include the Jaffna Literary Festival and Colombo International Book Fair. These events showcase emerging writers through poetry slams and competitions. They help grow and preserve Sri Lankan literature.

Preserving Sri Lanka’s Cultural Legacy

These festivals celebrate writing and preserve Sri Lanka’s cultural heritage. They promote works in Sinhala, Tamil, and English. This highlights the diversity of Sri Lankan literature.

The events foster cultural exchange and community engagement. They nurture a love for the arts. This ensures Sri Lanka’s literary traditions thrive for future generations.

Conclusion

Sri Lanka’s annual literary festivals are vital to its literary community. They celebrate writing and poetry in Sinhala, Tamil, and English. These events showcase authors’ works and foster intellectual exchange.

The Galle Literary Festival and others draw global participants. Writers, poets, and literary fans come together at these events. They offer diverse programs like book readings, panel discussions, and workshops.

These festivals preserve and promote Sri Lanka’s literary heritage. They encourage new talent and inspire love for literature in younger generations. The events bring authors and readers together, celebrating the power of words.

Literary festivals strengthen Sri Lanka’s position in South Asian literature. They showcase the country’s rich cultural traditions and artistic expression. These events continue to grow in popularity and scope.