Stuart Chapman appointed Chairman of HNB Assurance and HNB General Insurance
HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) are pleased to announce the appointment of Stuart Chapman as the new Chairman, succeeding Rose Cooray. With an exemplary career spanning four decades in multinational and local companies across diverse industries and particularly Insurance, Chapman brings a wealth of expertise to the organization.
In addition to 16 years in insurance, Chapman has also held leadership positions in industries such as Healthcare, FMCG, Consumer Durables, Banking and Telecommunications. He has previously served as the Managing Director of GlaxoSmithKline (GSK) Pharmaceuticals, Director Life atCeylinco Insurance, Managing Director LOLC, Director/CEO of Janashakthi Insurance,Marketing Director Reckitt Benckiser, and Senior Brand Manager Unilever, among other significant roles.
Chapman stated, “Our companies have established a great foundation and a remarkable growth trajectory over the past couple of years. My goal is to support and enhance this growth while gearing the company to take full advantage of upcoming regulations and technological advancements that will shape the companies’ momentum in the years to come.”
Chapman currently serves as an Independent Non-Executive Director of Hemas Pharmaceuticals (Pvt) Limited and United Motors Lanka PLC. Chapman holds an MBA from the University of Colombo, a Diploma in Marketing from the Chartered Institute of Marketing (CIM-UK), a Diploma in Life Insurance Sales and Marketing from the Life Underwriters Training Council (USA) and a Diploma in Business Management from the National Institute of Business Management (NIBM).
National Savings Bank PBT surges by 192.4% to Rs. 5.8 Bn in 1Q-2024
National Savings Bank began 2024 with a growth momentum, achieving Rs. 3.4Bn Profit After Tax (PAT) for the first quarter with an impressive increase of 221.8% over the same period last year.
The Bank reported a Net Interest Income of Rs. 14Bn for the first three months of the year, an upswing of 79% compared to the same period in 2023. Prevalent low interest rates in the financial market abridged the Bank’s Interest Expense by 18% to Rs. 39 Bn compared to reduction of Interest Income by 4.3% to Rs. 53 Bn which became the major contributor to increase in the Net Interest Income.
Fee and Commission Income increased by 35% which was mainly contributed by Fee and Commission by Cards and Service charges. Commission Income from Trade and Remittance also increased by 17% demonstrating the expansion of Remittance business during the period. The Bank made an impairment charge of Rs. 270 Mn for the period concerned which is a reduction of 11.2% compared to the first quarter of 2023.
Turkish Airlines introduces 7th weekly flight to Colombo
Catering to the increased tourist arrivals to Sri Lanka Turkish Airlines announced a significant enhancement in its flight services with the addition of its seventh weekly flight between Istanbul and Colombo from June 2 converting its operation to a daily frequency. This strategic decision comes as part of Turkish Airlines’ commitment to meeting the growing demand for air travel between the two destinations and offering the best possible connection to those who are travelling to Istanbul and beyond. Effective from May 14, 2024, Turkish Airlines increased its weekly flights from Istanbul to Colombo from 5 to 6 offering passengers more flexibility and convenience in their travel plans.
The daily schedule will be effective until the end October 2024.