Sampath Bank profit rises 13% despite higher provisions

Sampath Bank posted a 13% year-on-year increase in profit after tax to Rs. 16.6 billion for the six months ended June 30, 2026, despite a sharp rise in impairment charges and higher operating expenses, reflecting continued growth in its core banking business.

The bank’s total operating income increased 17% to Rs. 63.3 billion during the first half, supported by an 11% increase in net interest income and a 26% rise in net fee and commission income. Net interest income reached Rs. 42.8 billion, while net interest margin improved to 4.21% from 4.11% a year earlier.

A particularly strong contributor to non-interest earnings was foreign exchange-related income. Total exchange income surged 198% to Rs. 7.2 billion, helped by the depreciation of the rupee against the US dollar and higher foreign exchange transaction volumes. Non-fund-based income overall rose 30% to Rs. 20.5 billion.

However, the earnings performance was significantly affected by higher provisioning. Sampath Bank recognised a total impairment charge of Rs. 5 billion, up 324% from Rs. 1.2 billion in the corresponding period of 2025. Impairment charges on loans and advances alone increased to Rs. 5.3 billion from Rs. 1.4 billion.

The bank attributed the higher provisions primarily to the rapid expansion of its loan portfolio and a prudent provisioning approach amid continuing geopolitical and macroeconomic uncertainties.

It also increased management overlays and conducted reviews of exposures in higher-risk sectors.

Despite the higher provisioning burden, the bank’s lending business expanded strongly. Gross loans increased by Rs. 226 billion, or 18%, from end-2025 to Rs. 1.449 trillion at June 30. The expansion included Rs. 197 billion in rupee-denominated lending and Rs. 29 billion in foreign-currency loans.

The bank said asset quality remained resilient despite the accelerated loan growth. Its Stage 3 portfolio declined by Rs. 10.8 billion, although Stage 2 exposures increased by Rs. 36.8 billion following a proactive review of the portfolio and the reclassification of selected exposures.

Funding also expanded alongside lending. Customer deposits rose by Rs. 118 billion to Rs. 1.76 trillion, while total assets increased 8% from end-2025 to Rs. 2.13 trillion.

Operating expenses, however, grew 21%, faster than operating income, pushing the cost-to-income ratio to 41.7% from 40% a year earlier. The increase reflected higher staffing and operating costs as well as investments in technology, digital capabilities and business expansion.

The bank’s capital and liquidity positions remained above regulatory requirements. Its Common Equity Tier 1 ratio stood at 13.21% and total capital ratio at 15.62% at June 30. The ratios were lower than at end-2025, largely because of increased risk-weighted assets arising from loan growth.

Sampath Bank subsequently strengthened its capital position by issuing a Rs. 10 billion Basel III-compliant green bond in July, which was oversubscribed.

At group level, Sampath reported profit before tax of Rs. 26.6 billion and profit after tax of Rs. 17.9 billion for the first half.

The bank also recorded a marked improvement in second-quarter profitability, with quarterly profit after tax rising 69%, helped by a 22% increase in operating income and an 89% reduction in impairment charges, including an impairment reversal of more than Rs. 3 billion following recoveries of long-outstanding loans.

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Karoline Leavitt's 'real reason' for quitting as Donald Trump's Press Secretary

Karoline Leavitt has resigned as Donald Trump's White House Press Secretary, with the 28-year-old citing wanting to spend more time with her family.

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Europe’s tallest Virgin Mary statue unveiled in rural Poland

A statue of the Virgin Mary believed to be Europe’s tallest has been formally unveiled in a small Polish village

The 55.6-metre (182ft) concrete figure is roughly two double-decker buses longer than Rio de Janeiro’s smaller – if more prominently placed – Christ the Redeemer monument, though it still pales in comparison to a 98m Virgin Mary erected in the Philippines.

The ecclesiastical sculpture in rural Konotopie was consecrated by a local bishop in a ceremony on Saturday, a day chosen to coincide with the Feast of the Assumption of the Blessed Virgin Mary.

Its inauguration comes at a time when the influence of the Catholic church on public life in Poland has declined.

The icon’s remote location – in a field miles from any of Poland’s population centres – is largely due to it being commissioned by a millionaire couple who live locally.

Two helicopters circled to drop rose petals over the Virgin Mary, which stands in a large crown with open arms, during Saturday’s ceremony.

Bishop Krzysztof Wętkowski, who consecrated the statue, told those congregated that “many contemporary people look only to the earth, focused on themselves”, whereas the figure beckoned “to raise our gaze upwards to God and heaven”, according to Polish news agency PAP.

(BBC)

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Major S Mahindan – An Officer of honour, a Gentleman of Character

(30th March 1960 – 17th June 2026)

There are moments when words seem inadequate to express the sorrow of losing an extraordinary soul. Today, we remember Major Seevaratnam Mahindan (Retd), an exemplary officer, an inspiring instructor, a devoted Catholic, and above all, a true gentleman whose life was defined by honour, humility, compassion, and unwavering faith.

Affectionately known as Mahindan, he embodied the finest qualities expected of an officer and a gentleman. Quietly confident, impeccably disciplined, unfailingly courteous, and deeply compassionate, he earned the admiration and respect of all who knew him.

He received his education from Hindu College Nuwara Eliya, Hindu College Jaffna and Hindu College Bambalapitiya, where the values of discipline, humility, and excellence that would define his life were firmly rooted.

His military journey began on 28 April 1980, when he joined the pioneering First Intake of the Short Service Commission (SSC 1) and proceeded to the Officers Training School in Madras, India, later at the Army Training Centre Diyatalawa. On completion of his training successfully, he was commissioned as Second Lieutenant and posted the 4th Field Regiment Sri Lanka Artillery.

A proud Black Belt and accomplished martial artist, Mahindan possessed remarkable physical and mental strength, yet remained one of the gentlest of souls. His professionalism, integrity, and sound judgement earned him the confidence of both his superiors and his peers. As an Officer Instructor at the Kotelawala Defence Academy (KDA), Adjutant of the 4th Regiment, Sri Lanka Artillery, and later Adjutant of the Sri Lanka Military Academy (SLMA), he moulded generations of young officers through discipline, example, and genuine care.

I was privileged to know him first as one of my Officer Instructors at the KDA and later as Adjutant at the SLMA. To us, he represented the very essence of military leadership. His commanding presence, immaculate turnout, and uncompromising standards inspired every cadet under his charge.

Yet, beneath that disciplined exterior was a heart of extraordinary kindness. I vividly remember an occasion when our Intake 3, raised concerns that the quality of our lunch was far below acceptable standards. As the Duty Officer, Lt Mahindan intervened with his characteristic calmness and resolved the matter without unnecessary confrontation. It was only many years later that we discovered the additional food served to us that day, including the extra bull’s-eye eggs, had been paid for from his own pocket. He never spoke of it, nor did he seek recognition. That quiet act of generosity revealed the true measure of the officer.

We were indeed blessed to have outstanding young officers such as Lt Mahindan, Lt Dushantha Chelliah (retired in a higher rank and now settled in, Virginia, USA), and Captain Raj Fernando (passed away in 2024) as our instructors. They were uncompromising in matters of military training, discipline, and standards. Yet, behind closed doors, they tirelessly advocated during officers’ meetings to improve the welfare, meals, and living conditions of Officer Cadets.

As young cadets, we saw only their strictness. It is only now, more than four decades later, that we fully appreciate how deeply they cared for our wellbeing and how courageously they stood up for us. Their leadership extended far beyond military instruction; they genuinely cared for the young men entrusted to them.

Beyond his distinguished military career, Mahindan was a devoted husband, a loyal friend, and a man of profound Christian faith. His greatest earthly blessing was Dushy, whom he first met during a train journey from Mannar to Colombo, a chance encounter that blossomed into a lifelong love. They later exchanged their marriage vows before God at the altar of St. Lawrence’s Church, Wellawatte with fellow Artillery officers, Capt. Jagath Rambukpotha (retired as Maj General) and Capt. Ranjith Rupasinghe (retired as Colonel) standing proudly beside him as his best men. Together, Mahindan and Dushy built a marriage founded on love, faith, mutual respect, and unwavering commitment.

In October 1990, Maj Mahindan bid farewell to his military career and embarked on a new chapter of life in Toronto, Canada, with his beloved wife, Dushy.

A cradle Catholic and a faithful servant of Christ, Mahindan lived his faith not merely in words but through his actions. He faithfully shared God’s Word, encouraged those around him, and placed his complete trust in the Lord throughout every joy and every trial.

My final conversation with him was on his birthday, 30 March. Despite his illness, there was no fear in his voice only serenity, courage, and unwavering faith in God’s will. That was Mahindan: calm in adversity, steadfast in faith, and always an inspiration to those around him.

Today, we mourn his passing, but we also celebrate a life lived with honour, dignity, humility, and selfless service. His military achievements were distinguished, but his character was greater still. His legacy will endure not only in the many officers he trained but also in the countless lives he touched through his kindness, integrity, humility, and quiet leadership.

On 11 July, Maj Mahindan’s batchmates and fellow officers of the Regiment of Artillery organized a Requiem Mass at the Sacred Heart Church, Rajagiriya. Held in a deeply solemn and prayerful atmosphere, the Mass was offered for the repose of his noble soul, in recognition of his distinguished and dedicated service to the Sri Lanka Army and the nation.

The service was attended by a large gathering that included the serving and former Commanders of the Army, retired and serving military personnel, family members, relatives, and friends, all united in paying their final respects to a soldier, gentleman, and patriot whose life of honour and selfless service will be remembered with gratitude and admiration

May Maj Mahindan’s soul, and the souls of all the faithful departed, through the mercy of God, rest in peace eternally.

Rest in eternal peace, dear Maj Mahindan. Your life was a lesson in honour, your faith an inspiration, and your legacy will continue to live on in every officer you trained, every soldier you inspired, every friend you cherished, and every life you quietly transformed.

Nilakshan Perera

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“A Book That You Will Never Read”

Journalist Mubeena Barry’s book, “A Book That You Will Never Read”, was launched recently at the Lakshman Kadirgamar Institute (Light House Auditorium and Lawns), Colombo. With an intriguing title that captures attention, A Book That You will Never Read, invited readers reflection,imagination and thought provoking ideas.

The High Commissioner of Malaysia, Badli Hisham Adam, was the Chief Guest and he received the first copy of the book. Renowned author Anthea Senaratna also attend as the Guest of Honour.

The event brought together members of the literary community, media professionals, and distinguished guests to celebrate the launch of this new publication.

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Tribute to the King of Pop at Cinnamon Life

As the lights of Colombo shimmer into the night, a new era of entertainment is quietly taking shape. The city of Colombo is no longer simply a place to dine, stay and unwind, it is becoming a destination for spectacular experiences where luxury, culture and live entertainment meet.

It was against this exciting backdrop that Cinnamon Box Office unveiled its new Destination Event Calender at the City of Dreams Sri Lanka promising to bring an impressive line up of entertainment to Colombo and give the city’s social calender a glamorous new beat.

Cinnamon Box Office unveils a new era of entertainment with the world’s leading Michael Jackson tribute concert, This Is Michael – Relive the Legend, presented by City of Dreams Sri Lanka

Cinnamon Box Office (CBO), the strategic ticketing engine connecting audiences, event partners and world-class productions, introduced its Destination Event Calendar at the official launch event held on 06 August, 2026, at City of Dreams Sri Lanka, marking a significant milestone in Sri Lanka’s evolving entertainment landscape and reinforcing Colombo’s ambition to emerge as a vibrant regional hub for culture, creativity and entertainment.

Mariam Gunawijayah (PR) introducing the evening programme

As part of its expanding Destination Event Calendar, Cinnamon Box Office introduced This Is Michael – Relive the Legend, the world’s premier Michael Jackson tribute show celebrating the music and legacy of the King of Pop. The live show will take place on 08 and 09 November, 2026, at The Podium, City of Dreams Sri Lanka, bringing this internationally acclaimed production to Sri Lankan audiences.

Recognised internationally as a leading Michael Jackson tribute production, This Is Michael – Relive the Legend recreates the energy, artistry and spectacle of the King of Pop’s legendary performances through an electrifying concert production. Featuring a world-class performer celebrated for his striking resemblance and vocal likeness to Michael Jackson, the concert combines iconic choreography, live music, spectacular visuals, signature costumes and Michael Jackson’s greatest hits, delivering a performance that has captivated audiences across the globe.

This is Micheal – Relive the Legend Presented by City of Dreams Sri Lanka

Destination Event Calender: Launch event

With events of this nature, Cinnamon Box Office supports the growth of Sri Lanka’s creative economy by connecting audiences, event partners and globally recognised productions. The platform supports Colombo’s evolution into a dynamic city defined by year-round cultural, entertainment and lifestyle experiences.

Built on more than a decade of experience delivering entertainment, lifestyle and knowledge experiences across Cinnamon Hotels & Resorts, Cinnamon Life and now City of Dreams Sri Lanka, CBO, brings together expertise in ticketing, event access, hospitality and audience engagement. The platform builds on a strong legacy of a successful diverse portfolio of ticketed experiences across entertainment, lifestyle, knowledge and destination events.

From bringing Broadway productions, such as Mamma Mia the Musical and The Sound of Music to Sri Lanka, to facilitating experiences featuring internationally renowned culinary personalities including Nigella Lawson, George Calombaris, Gary Mehigan and Marco Pierre White, Cinnamon Box Office has continued to expand the scope of premium entertainment available to Sri Lankan audiences.

Its portfolio has also included knowledge-driven and lifestyle experiences, such as the Future of Tourism Conferences, Travel Sloggers Conference of Asia, Cinnamon Summer Camp, Cinnamon Island Weddings, celebrity-led experiences, featuring Manushi Chhillar and Jacqueline Fernandez, as well as through leadership engagements, featuring global personalities such as Mo Gawdat, former Chief Business Officer of Google X.

More recently, the platform supported La Samba: The Song of Veracruz, presented by City of Dreams Sri Lanka and John Keells Foundation, further strengthening its role in Colombo’s evolving entertainment landscape.

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Moment two planes narrowly avoid disaster of mid-air crash

The FAA and the airline have launched an investigation into how the near-disaster occurred.

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