Business and Economics
‘Domestic tourism can bounce back after travel restrictions removed’

Domestic tourism and the restaurant sector would be among the first to recover from the current covid- 19 epidemic said respected and experience hotelier Chandra Mohotti.

Speaking to ‘Daily News Finance’ he said that when the intra district travel restriction are lifted and health authorities give the green light to start hotels, it would be the domestic travel that would pick up.

People who were confined to homes like to relax and travel and it would be the domestic destination they will first look at. “If the local hotels offer a reasonable price tag there would be a good response from Sri Lankans to travel.”


Huawei Nova 7i’s wide entertainment options set a New Benchmark for Mid-range devices

Huawei Nova 7i, the stylish smartphone from Huawei’s Nova series boasts a range of features that facilitate users with an optimal entertainment while they are confined to their homes at present. This feature-packed device allows users to explore new avenues such as embracing photography skills and also stay connected with the loved ones, cherishing beautiful memories. From enjoying a variety of photography features to experiencing a high quality gaming experience, immersive audio experience and breath taking videos, Nova 7i has all it takes to deliver a solid performance in every aspect.

Spending a longer time away from the loved ones is not easy. The Quad camera set up of Nova 7i allows users to take amazing photographs and post on Social media platforms and share among the others on private messaging apps. Now users do not need to worry about searching for a well-lit background,

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Nation Trust Bank PAT increases by 24%

Nation Trust Bank Group’s Operating profit before all taxes declined by 7% owing to the reasons mentioned above, while Profit After Tax (PAT) increased by 24% due to withdrawal of the Debt Repayment Levy and NBT on financial services in the first quarter of 2020.

Interest income declined by 8% due to the lack of growth in the loan book and interest ceiling imposed from April 2019. Average Weighted Prime Lending Rate reduced by 296 basis pointsas at endof 1Q 2020 Vs 1Q 2019. Average loan book declined by 2.64% in 1Q 2020 Vs 1Q 2019. However, cost of funds declined at a faster rate of 13% due to effective fund management strategies supported by the growth in current and savings account balances. As a result, reduction in Net Interest margins was contained to 30bps while Net Interest Income reduction was contained at 1%.

While lending, credit cards, trade and deposit related fees recorded a drop owing to lower business volumes, Net FX gains increased during the period increasing the total net revenue to 2%. Gains on trading FX increased arising from forward FX funding swaps due to the depreciation of the Sri Lankan Rupee during the period in contrast to the appreciation in the previous period.

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