July 31, 2017
Image1.jpg

5min

Airline supports the Dreams Soar global mission through two female aviators

Championing the importance of women’s contributions to the growth and development of aviation, Emirates recently hosted Shaesta Waiz for a Boeing 777 simulator challenge in its home base of Dubai. Waiz is the founder and pilot of Dreams Soar, Inc. (DSI), a non-profit organization whose mission is to inspire and empower young females to become the next generation of STEM (Science, Technology, Engineering and Math) and aviation professionals, through a global outreach mission.  The outreach includes a global solo flight mission, where Waiz is piloting a single-engine Beechcraft Bonanza A36 to circumnavigate the globe. Waiz stopped in Dubai, one of 34 stops across 18 countries in her five continent journey which will clock in just under 47,000 kilometres upon completion.

Shaesta was met at Emirates Aviation College by Bakhita Al Muheiri, Emirates Boeing 777 First Officer, to test her aerial skills in an Emirates Boeing 777 simulator. Bakhita is one of Emirates’ youngest female Emirati pilots at 24 years. She earned her wings in 2016 and has accumulated over 1,100 flying hours after completing the airline’s National Cadet Pilot Programme. After a short briefing, Shaesta and Bakhita began their simulator challenge in the Boeing 777 cockpit, taking-off, landing and piloting each assigned journey. Watch both pilots command the Boeing 777 simulator and share their personal experiences here.

Adel Al Redha, Executive Vice President and Chief Operations Officer Emirates airline said: “Through our National Cadet Pilot Programme, we want to grow the next generation of female pilots, by creating an environment that retains, nurtures and values them so they are able to progress and take a wider role within our industry. We also believe that one of the ways to support the need for pilots today is to tap into the female talent pool and inspire them to take their career path into aviation which is one of the most rewarding fields.”

Bakhita Al Muheiri also commented on the simulator experience with Shaesta: “I am truly inspired by Shaesta’s story. As the first civilian female pilot from Afghanistan, she has demonstrated that the world is full of possibilities and when we expose females to a wide range of careers in STEM and aviation we boost their interest to enter fast-moving sectors with a wealth of opportunities.”

Commenting on her twin engine Boeing 777 simulator challenge, Shaesta said:  “An airplane doesn’t know if you are a girl or boy, what your religion or background is. It reacts based on the input of the pilot. My hope from the time I spent flying the Boeing 777 simulator with Bakhita, learning of her empowering story, and Emirates helping to pave the way for many more young women, is for more role models to devote their time and energy inspiring our next generation.  Let us work together and expend our resources to create brighter futures for our tomorrow.”

Emirates’ female cockpit crew come from 24 nationalities, covering a diverse age range of 20 to 59 years.  Emirates also has the first Arab woman to Captain the Airbus A380, as well as the youngest Emirati female pilot operating the A380.  Additionally, Emirates employs women who are highly skilled professionals working as aircraft engineers, mechanics and aircraft maintenance and repairs technicians. Women also work in critical positions in flight operations at the airline.

Later in the day, the UAE General Civil Aviation Authority hosted Shaesta in Kidzania at Dubai Mall to speak to young girls and women about her experiences and the Dreams Soar project. Bakhita Al Muhairi and female cadets, Khalid Ali Al Mansoori and Maryam Yousuf Bin Ismail, also gave talks about their aviation journeys in an effort to inspire the young women in attendance.


July 31, 2017
Virtusa-recognized-for-Best-Use-of-CSR-practices-at.jpg

3min

COLOMBO, Sri Lanka, (1st August, 2017) – Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, received the award for Best Use of CSR Practices in the IT Industry at the Sri Lanka CSR Leadership Awards 2017 held at the Taj Samudra recently. The award is in recognition of the company’s strategic CSR initiatives under Tech Reach, Campus Reach and Digital Reach to improve IT literacy and utilize software development for social benefit.

Commenting on the award Denver DeZylva, vice president at Virtusa, who has initiated the company’s strategic sustainability projects, said, “Corporate Social Responsibility (CSR) is part of our DNA and culture, and we are committed to provide long term value to our communities. As such, we have created the three pillars of Tech Reach, Campus Reach and Digital Reach to focus our CSR efforts in a strategic manner. The pillars link our community outreach to our core competency of technology expertise and software development. We are pleased to see our efforts acknowledged and awarded at this forum.”

Virtusa’s three pillars allow them to help those in immediate need as well as create a strategic long term value for the nation. The Tech Reach initiative, which was initiated in 2005, with a focus on utilizing its team members’ core skills of software development to support urgent social projects; Campus Reach, which was initiated in 1998, focuses on growing and supporting the IT industry in Sri Lanka and India; and Digital Reach program, started in 2009, focuses on taking IT to the grassroots level.

“It is an honor to be recognized at this prestigious forum. This award emphasizes the importance we place on our CSR initiatives and how deep rooted they are in our core business strategy and values. It is also a testament to the talent and determination of our teams that drive these solutions, sometimes in record time, for the social benefit of local communities. Their tireless efforts push the boundaries of what is possible and envision a brighter, digitally connected future for the betterment of our nation,” said Chamindra de Silva, vice president – Technology and Tech Reach leader.


July 31, 2017
Trophy-Winner-with-Prabodha.jpg

2min

Registrations are currently underway for the NDB Private Wealth Management (PWM) Junior Masters Golf Championships 2017, Sri Lanka’s most popular junior golf showcase.

Hosted by expert financial planner NDB Wealth, this tournament is now in its third year. Over 80 junior golfers of all ages signed on to participate in 2016.

Scheduled for Friday, August 18, 2017, the NDB PWM Junior Masters Golf Championships 2017 can be entered in person by visiting the tournament’s registration desk at the historic Royal Colombo Golf Course, which will remain open from 7.00 am daily until entries close on August 14, 2017. Entries can also be facilitated by calling (0714308017) or emailing (shehani.dharmakirti@ndbinvestors.com) Shehani Dharmakirti at NDB Wealth.

Categories at the NDB PWM Junior Masters Golf Championships 2017 will mirror those applicable to the National Junior Golf Rankings, which is an initiative of the Sri Lanka Golf Union in partnership with NDB Wealth.

The National Junior Golf Rankings foster junior golf in Sri Lanka, with junior golfers ranking being based on their performance at prior designated tournaments. These rankings comprise a Gold age group of 15 to 17 years old, a Silver age group of 12 to 14 years old, a Bronze age group of 10 to 11 years old, and a Copper age group of 9 years old and below.

Commenting on this increasingly popular tournament, NDB Wealth CEO Prabodha Samarasekera said, “The perfect mix of commitment, planning, foresight, calculation and ambition, Junior Golf embodies the discipline and precision vital for exemplary financial planning. For the third year running, NDB Wealth will host a large group of junior golfers at the PWM Junior Masters Golf Championships, offering them the opportunity to improve their game by competing against the very best young local talent. We encourage those from Sri Lanka, and abroad, to sign up and see how they fare against Sri Lanka’s finest junior golfers.”


July 31, 2017
Dr.-Idah-Z.-Pswarayi-Riddihough-World-Bank-Country-Director-for-Sri-Lanka-and-the-Maldives-handing-over-an-award.jpg

8min

Top 50’ Professional & Career Women Awards 2017 recognizes trailblazers from Sri Lanka and Maldives

Promoting gender equality among the women closest to you; your wife, your sister, your daughter, can lead to significant change in the landscape of a country. Sri Lanka especially needs this change, as the constraints restricting women’s participation in the labor force are behavioral and social in nature, according to Dr. Idah Z. Pswarayi-Riddihough, World Bank Country Director for Sri Lanka and the Maldives.

Dr. Pswarayi-Riddihough made these comments at the recent ‘Top 50’ Professional & Career Women Awards 2017, where women business leaders, both corporate and small and medium entrepreneurs, as well as women in the public sector and civil society, were recognized for their achievements. The Awards were presented by Women In Management (WIM), in partnership with IFC, a member of the World Bank Group.

“This award is not just a personal achievement, it’s for the nation, for our future generations. I have been traveling for the last few years to many neighboring countries as a Guest Speaker for Women in Business and I regret to say that only Sri Lankan women are uncomfortable receiving awards. Everywhere else, women are so competitive. They believe in themselves, and that they deserve to be recognized. They believe they can be the nation’s mentors. Sri Lanka’s women leaders too should endeavor to win awards, to motivate and mentor the next generation following them,” said Dr. Sulochana Segera, the Founder of Women in Management.

Held for the seventh consecutive year, the ‘Top 50’ Professional & Career Women Awards 2017 were presented by WIM in partnership with IFC, and supported by Platinum Sponsor Coral Properties, Gold Sponsor Singer, Silver Sponsors Lanka IOC and Sino Asia Holidays, Bronze Sponsors Coca Cola 5by20, McLarens Group and Takima Tech, and Hospitality Partner Taj Samudra Colombo.

The gala’s top awards went to Hon. Thalatha Athukorala, Sri Lanka’s Minister of Foreign Employment, for Woman of the Year; Niloufer Anverally, Managing Director of Cotton Collection, for Business Role Model of the Year; Premila Perera, Director at John Keells Holdings PLC, Ceylon Tobacco PLC and Holcim Lanka, Career Role Model of the Year;  Chulodara Samarasinghe, Chairperson/Managing Director of Swadeshi Industrial Works PLC, Best CEO/Leader; and Gowri Rajan, first female Rotary Governor for Sri Lanka and Maldives, for International Leadership.

Former Sri Lankan Permanent Representative to the United Nations Tamara Kunanayakam, Barefoot Founder Babara Sansoni, Kayts Divisional Secretary E. Anton Yoganatagam and Takima Tech Lanka Chairperson Dr. Sahida Hettiarachchi were also recognized as Inspirational Women of the Year. In addition, Sanasa Development Bank PLC Chairperson Samadani Kiriwandeniya and entrepreneur Prima Croose Ganarajahn, respectively, took home honors in the Outstanding Woman Entrepreneur (Large) and Outstanding Woman Entrepreneur (Small) categories.

For the Maldives, Juway’s Café and Restaurants Managing Director Juwayriyya Wajdy was awarded Entrepreneur of the Year, while Jal Health and Beauty Spa Founder Shaira Saleem received the Business Role Model of the Year recognition and Sun Siyam Chairman’s Bureau Director/State Trading Organization Non-Executive Director Aishath Rafiyya walked away with the Career Achievement award.

An important section of the Awards, the “Upcoming Women Entrepreneurs” category featured Aloka Foods proprietor Wasanthi Karunathilake, from Hambanthota; women’s activist and food center owner Kanesamoorthy Rajakala, from Batticaloa; clay pot manufacturing, small business owner B. N. Nandawathi, from Ampara; Good Luck Batik Creations, started by a collective of war displaced families in Cheddikulam; and Abaya designer and family breadwinner M.A. Azlima, from Kalmunai.

2017 also saw the awarding of Dilrukshi Kurukulasuriya, Chief Human Resources Officer at DIMO, for Human Resources – Silver; Indrani Hissale, Chief Human Resources Officer at Sri Lanka Telecom, for Human Resources – Gold;  Shanaki Ranasinghe, General Manager (Insurance) at Janashakthi General Insurance, for Banking & Finance – Silver; Shashi Kandambi, Senior Deputy GM for Corporate Banking at Sampath Bank PLC, for Banking & Finance – Gold; Caryll Van Dort, Director at MSLGroup Sri Lanka; for Advertising – Silver;  Sheron Jayasundera, Chief Operating Officer at Bates, for Advertising – Gold;  Catriona Jayasundera, Assistant General Manager for Commercial and Marketing at Colombo International Container Terminal (CICT), for Logistics – Silver; and  Anushka Weeraratne, Chief Executive Officer at Lanka Marine Services,  for Logistics – Gold.

At the same time, Chief Editor of Xtream Youth Vindya Vithana won Young Leaders (Business) – Gold;  Attorney-at-Law and Women’s Activist Hasanah Cegu Isadeen received Young Leader (Social) – Gold; Global technology executive and Emojot Inc Founder Shahani Markus was awarded Information Technology – Gold; Paradise Road Director Saskia Fernando won Arts & Aesthetics – Silver; actress Swarna Mallawarachchi received Arts & Aesthetics – Gold; Café Kumbuk Joint Owner/Director Shana Dandeniya was awarded Hospitality – Silver; and Aitken Spence PLC Executive Director Stasshani Jayawardena won Hospitality – Gold.

Further, CIC Holdings General Manager (Corporate Affairs and Business Innovation) Neelika Thilakaratne was awarded Corporate Communication – Silver; MAS Intimates General Manager (Corporate Communication/CSR & Women’s Advocacy) Shevanthi Fernando was recognized with Corporate Communication – Gold; Keells Super Head of Communications and Media Shevanthi Rajanathan was awarded for Marketing – Silver; Hemas Manufacturing General Manager (Marketing) Fiona Juriansz Munasinghe won for Marketing – Gold; MAS Holdings Director (Legal) Rajitha Jayasuriya won Legal – Silver; and National Child Protection Authority Chairperson Marini De Livera received Legal – Gold.

Other notable winners in 2017 included W.I.P P.N. Hewapathirana, CID (Criminal Division), for Civil & Security – Silver; S.P. Wimathi Periyapperuma, Assistant Police Superintendent, for Civil & Security – Gold; Manohari Ramanathan, Member of the Monetary Board of the Central Bank of Sri Lanka, for State & Government – Silver; Jeevani Siriwardena, Director General of the Export Development Board, for State & Government – Silver; Nedra Weerasinghe, Group Director of The Capital Maharaja Organization/MTV/MBC Channels/Capital Maharaja Organisation, for Electronic Media – Gold; Pushpa Rowell, Editor of Dinamina, for Print Media – Gold; Darshi Thalapehwa, Head of Group HR/Legal/Corporate Communication & Sustainability/Group Security at Hayleys PLC, for Career Achievements – Gold; Roshanie Jayasundera Moraes, Executive Vice President of John Keells Holdings PLC, for Career Achievements – Gold; and fastest women in South Asia Rumeshika Kumari, for Sports – Gold.

Meanwhile, Hilton Colombo was recognized as the Best Private Sector Organisation Promoting Women in the Workplace, while NDB Bank was highlighted as Best CSR Programme in the Private Sector for Women’s Empowerment.


July 31, 2017
Cycle-to-Recycle-Logo.jpg

2min

Rally to create an awareness for recycling of used / disposed plastics – Koenraad Pringiers President PRISL

COMPLAST, the complete plastics exhibition in its 4th edition, together with its organizers Enterprising Fairs India, The Plastics & Rubber Institute of Sri Lanka (PRISL) and the Lions Club District 306B2 will come together in organizing a unique cycling rally creating awareness with the aim of instilling proper use and dispose of plastics responsibly.

The awareness cycle rally will start from Independence Square Colombo 07 on the 3rd of August 2017 at 7.00am and will reach the BMICH after a city round. The campaign will take forth the message Refuse- Reduce-Reuse-Recycle and keep Sri Lanka Clean through the awareness riding campaign. The rally will be flagged off by Hon. Patali Champika Ranawaka Minister of Megapolis and Western Development.

Speaking about the event Koenraad Pringiers President PRISL said, “The biggest issue is that the community is not aware of the correct way in disposing used plastics to enable recycling which is pivotal in this age. Proper awareness and correct methodology in use of plastic and its product will make a significant impact to the entire world. We are happy to organize this awareness campaign together with the Enterprising Fairs (Pvt) Ltd. and the Lions Club District 306B2.

The “Cycle to Recycle” campaign is a preamble to the 4th Edition of COMPLAST – The International Plastics Exhibition, formerly known as Sri Lanka Plast. The COMPLAST Exhibition will take place from August 3rd to August 5th  from 10am – 6pm at the BMICH Colombo, and will see over 130 exhibitors in the plastics Industry from India, China, Taiwan, Thailand, Malaysia, Bangladesh and Sri Lanka. This exhibition is organized by Enterprising Fairs (Pvt) Ltd. co-organized by PRISL and supported by NSIC.


July 31, 2017
2.-Mr-Arjun-Fernando-CEO-DFCC-Bank.jpg

8min

31st of July 2017, Colombo : The DFCC Group reported an excellent half year performance for 2017, with DFCC Bank leading the charge on the back of its strategic growth drive as a rapidly emerging full service commercial bank.

The DFCC Group comprises DFCC Bank PLC (DFCC) and its subsidiaries, Lanka Industrial Estates Limited (LINDEL), DFCC Consulting (Pvt) Limited (DCPL) and Synapsys Limited (SL), a joint venture company, Acuity Partners (Pvt) Limited (APL) and Associate Company, National Asset Management Limited (NAMAL).

DFCC Group recorded profit before tax of LKR 3,616 million in the first six months of 2017, a 68% growth over LKR 2,151 million in the comparable period in 2016. The Group recorded a consolidated profit after tax (PAT) of LKR 2,944 million up 71% over the LKR 1,721 million recorded in the comparable period. PAT for the quarter ended 30th June 2017 was LKR 1,571 million which reflects a growth of 14.4% over LKR 1,373 million reported in the first quarter of 2017.

DFCC Bank completed yet another successful first half year by reporting profit before tax of LKR 3,446 million a 74% growth and profit after tax of LKR 2,815 million a 76% growth over the period ended 30 June 2016 despite increased taxes and narrowing margins due to fluctuating interest rates which prevailed during the period.

The Chief Executive Officer of DFCC Bank, Arjun Fernando noted that this strong bottom line growth was achieved despite a challenging operating milieu. “The external environment was fairly challenging due to rising taxes and pressure on margins in the face of interest rate volatility experienced during the year. However, our sustained momentum in Q2 2017 confirms that our growth strategy is on track. We took the challenging market conditions into consideration in planning our strategy and we have deployed an array of financially prudent measures, customised financial solutions, digitalisation initiatives, branch expansion and other deposit mobilisation schemes along with staff engagement programmes to fuel our progress.”

“DFCC Bank is always striving to ensure that our customers get the very best in service by working together as a team to listen and respond to their changing needs. Our people continue to be our biggest strength, and the Bank has embarked on many customer engagement initiatives. We will continue to deliver services in the most cost effective and efficient way to provide the best possible value for our customers” he further stated.

Strengthening access to customers, the Bank opened nine full service state of the art branches in strategic locations this year, spreading DFCC’s footprint to Kahawatte, Kochchikade, Giriulla, Wennappuwa, Hikkaduwa, Nawalapitiya, Dankotuwa, Ambalanthota and Wattegama.

The Bank also increased its focus on digital transformation technology to accelerate shift away from traditional banking during the year. The Bank’s revolutionary Vardhana Virtual Wallet gained further momentum attracting a large number of users including DFCC customers, non-customers and merchants whilst also achieving a high transactional value. The Wallet is revolutionising payments and offering unparalleled convenience to customers due to its easy to use functionalities. The merchant base has rapidly expanded into large scale supermarkets, fast food chains, retail clothing chains, online stores, salons, cinemas and other merchant categories will be introduced in the near future.

This expansion has significantly extended DFCC Bank’s market coverage and ability to reach a larger and more diverse customer base.  The fruition of this expansion initiative is already being reflected in the rise in deposits and lending. It is also noteworthy that despite the increase of 28% in operating cost due to ongoing expansion activities that include new branches, business promotions and IT related expenses, DFCC Bank has continued to maintain one of the lowest cost to income ratios in the industry at 47.1%, (post exceptional gain adjustment).

The Bank’s Loans portfolio grew by LKR 31,694 million to LKR 198,438 million compared to LKR 166,744 million as at 30 June2017, reflecting a growth of 19% year on year. The year to date growth in loan portfolio was LKR 12,652 million (7%). The Bank’s deposit base increased to LKR 168,357 up 40% from LKR 120,089 million in June 2016. The growth in customer deposits during the first half year 2017 was LKR 27,843 million (20%) which was well above the growth in loan portfolio during the same period. The Bank’s CASA ratio, which represents low cost deposits over the total deposits of the Bank, has declined to 15.9% from 20.2% in December 2016. This was mainly due to the increase in fixed deposits by LKR 29,806 million during the period which was used to fund the lending growth of the Bank. The DFCC bank continues to enjoy medium to long term low cost borrowing lines that helped to reduce the funding cost. When these term borrowings are added to deposits, the ratio improves to 26.1% as at 30thJune 2017.

Total assets of the Bank grew by 14,814 million (5%) during the first half 2017. The total assets growth compared to June 2016 was LKR 42,829 Million (16%).

The Bank has also retained a strong focus on lending quality.  However, despite the  increase seen in the Non-Performing Advances (NPA) ratio as at 30th June 2017 of 3.02% when compared to 2.97% in December 2016, this is an improvement from the March 2017 NPA ratio of 3.34%. The Bank has streamlined its recovery process and strengthened loan appraisals to help contain the accumulation of NPAs.

While pursuing rapid growth, the DFCC Group has continued to observe strict regulatory compliance and has maintained minimum capital ratios well above statutory requirements, while also enhancing shareholder wealth through dividend payments.

As at 30 June 2017, the Group Tier 1 capital adequacy ratio was 13.39% and the total capital adequacy ratio was 15.64%. The Bank’s Tier 1 and total capital adequacy ratios were 12.41% and 15.24% respectively as at 30 June 2017. The Bank is also well within the minimum capital requirement for Basel III reporting which will be effective from July 2017.

The Banking landscape is fast changing bringing about many challenges as well as opportunities. DFCC Bank’s philosophy is to provide the best service through a number of delivery channels making the products and services accessible to customers wherever they are. In line with this, DFCC Bank plans to invest significantly to increase the Bank’s digital footprint.



About us

Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.




Follow Us


Newsletter