Economy

BOC, NSB and People’s Bank Records historical highest profit in 2025

Published

5 months ago

April 21, 2026

The People’s Bank achieved its highest-ever profit in 2025, while the Bank of Ceylon recorded its strongest financial performance in its 87-year history during the same year. The National Savings Bank also registered a record pre-tax profit of Rs. 59 billion in 2025, according to the Chairpersons of the respective banks.

These remarks were made during the presentation of the 2025 Annual Reports of the People’s Bank, Bank of Ceylon and National Savings Bank to President Anura Kumara Dissanayake at the Presidential Secretariat.

Accordingly, Chairman of the People’s Bank Prof. Narada Fernando, Chairman of the Bank of Ceylon Mr Kavinda De Soysa and Chairman of the National Savings Bank Dr Harsha Cabraal respectively presented the relevant reports to the President on this occasion.

Speaking at the event, the Chairman of the People’s Bank, Prof. Narada Fernando, stated that the bank had recorded its highest-ever profit in 2025.

He further noted that the profit amounted to Rs. 64.4 billion before tax and Rs. 40 billion after tax.

Meanwhile, the Chairman of the Bank of Ceylon, Mr Kavinda De Soysa, stated that the bank had achieved the highest profit in its 87-year history in 2025. He further noted that this amounted to a pre-tax profit of Rs. 120.8 billion, while Rs. 77 billion had been paid to the Government as taxes.

The Chairman of the National Savings Bank, Dr Harsha Cabraal, stated that the bank had recorded its highest-ever pre-tax profit of Rs. 59 billion in 2025. He further noted that the National Savings Bank had also contributed Rs. 6 billion in dividends to the Treasury.

Economy

Vehicle imports generate Rs. 512.5 billion in tax revenue

Published

1 day ago

September 8, 2026

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Sri Lanka imported 316,000 vehicles during the first six months of 2026, generating Rs. 512.547 billion in tax revenue, according to officials from Sri Lanka Customs.

The figures were revealed during a review of the operations and revenue performance of Sri Lanka Customs by the Parliamentary Committee on Ways and Means.

Of the total tax revenue generated through vehicle imports, motor vehicles imports accounted for the largest share, contributing Rs. 386.726 billion.

Petrol-powered cars with engine capacities below 1,000cc emerged as the highest revenue-generating category, contributing Rs. 137.4 billion in Customs revenue. This represented 9.96% of total Customs revenue.

Meanwhile, Sri Lanka Customs recorded total revenue of Rs. 1.379 trillion by June 30, 2026, against an expected revenue of Rs. 1.061 trillion for the period, representing 130% of the targeted revenue.

Officials informed the committee that customs revenue had exceeded monthly targets throughout the year and had recorded higher revenue compared with the corresponding months of 2025.

Economy

Rs. 5.8bn World Bank-backed project to rehabilitate 296 irrigation tanks

Published

3 days ago

September 6, 2026

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Sri Lanka has begun rehabilitating 296 minor irrigation tanks under a World Bank-funded programme aimed at strengthening irrigation infrastructure and improving climate resilience.

More than Rs. 5.8 billion has been allocated for the work under the Integrated Rurban Development and Climate Resilience Project (IRDCRP), which is planned to continue until 2029.

Of the 296 tanks, 290 are located across 18 districts and were damaged by Cyclone Ditwah. About Rs. 5.58 billion has been allocated for their rehabilitation under the project’s Contingent Emergency Response Component.

The largest number of affected tanks is in Badulla, where 97 are being rehabilitated, followed by Ratnapura with 29, Mannar with 24 and Kurunegala with 19. Fifteen tanks each are being rehabilitated in Kandy and Vavuniya.

A further six minor irrigation tanks in Polonnaruwa, Hambantota and Jaffna are also being rehabilitated at a cost of about Rs. 256.2 million.

Economy

Sri Lanka exports to India grow 7.2% to USD 669mn in first seven months

Published

5 days ago

September 4, 2026

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Sri Lanka’s merchandise exports to India increased by 7.22% year-on-year during the first seven months of 2026, reaching US$669.36 million, according to data from the Export Development Board (EDB).

Exports to India during the January-July period rose from US$624.31 million recorded during the corresponding period of 2025.

In July alone, exports to India increased by 9.12% year-on-year to US$129.51 million, compared with US$118.69 million in July 2025.

The EDB said the cumulative growth in exports to India was mainly supported by increased shipments of boilers, piston engines, pumps and vacuum pumps, petroleum oils, animal feed and base metal products.

The growth also came amid a broader expansion in Sri Lanka’s exports to the South Asian region.

Exports to South Asian markets increased by 11.98% year-on-year to US$916.55 million during the January-July 2026 period.