Category: Economy and Markets
Interview: Union Assurance will continue to grow through distribution channel expansions
Union Assurance was awarded Life Insurance Company of the Year at Business Leader Awards ceremony held in India recently affirming its leadership in the country’s fast-growing insurance industry. Speaking to Lanka Business Online exclusively regarding the company’s recent win Senath Jayatilake, chief distribution officer says UA’s vision is to transform the life insurance industry in […]
Are we getting the Colombo Port City Financial Centre right?
By H. Dabarera and KD Vimanga. Background The Colombo Port City commission bill is to be debated in parliament this week. Over the last few weeks, Sri Lankans have contemplated if the proposed Colombo Port City is the messiah that will rescue the country’s economy or whether it is another Trojan Horse that will throw […]
Notice on Covid 19 to passengers travelling on UL to Australia
As per the latest health guidelines issued by the Australian High Commission in Colombo, passengers travelling on SriLankan Airlines to Australia require a negative Rapid Antigen Test (RAT) prior to check-in for flights, commencing on 15th May 2021. The testing requirements would include: A negative COVID-19 Polymerase Chain Reaction (PCR) test result is required for […]
HNB records Profit After Tax of Rs 4.7Bn during the first quarter of 2021
HNB recorded a Profit After Tax (PAT) of Rs 4.7 Bn during the first quarter of 2021 while Profit Before income Tax (PBT) amounted to Rs 5.5 Bn. At Group level PBT and PAT were at Rs 5.9 Bn and Rs 4.8 Bn respectively. The substantial monetary loosening adopted to revive the pandemic hit economy […]
EDB supports exporters to continue operations during travel restrictions in Sri Lanka
The Sri Lanka Export Development Board (EDB) has made arrangements to facilitate export-oriented industries based on the circulars issued by the Government Health Authorities to continue operations of their activities during the lockdown of specific areas in the country and inter-provincial travel restrictions subject to stringent health regulations. Although travelling between provinces is restricted from […]
Hambantota Port sees highest monthly RORO volume in April
The Hambantota International Port has seen a significant increase in their RORO figures during the first 4 months of 2021, compared to the corresponding period last year. The first 4 months of this year saw 193,690 vehicles come into the port for transshipment as against 118,872 vehicles during the same period last year. 62,736 vehicles […]
ComBank makes strong start to 2021 with robust growth in fund-based operations
Q1 net interest income up 21.08% with interest expenses down 17.14% CASA ratio improves further to 45.26%, among best in industry Operating income up 21.73% to Rs 24.161 billion Impairment charges raised by 7.56% to Rs 7.156 billion Provision cover improves to 60.98%; net NPL ratio to 1.93% The Commercial Bank Group led by Sri […]
Capitol TwinPeaks unveils ‘Capitol-ize investment Scheme’ for buyers
Capitol Developers – the Developer of Capitol TwinPeaks, the 50-storey twin-tower, mixed development under the Sanken Group, recently announced the provision of the ‘Capitol-ize’ Investment Scheme for potential property owners/ buyers, as a means by which to ease financial pressures (a resultant of Sri Lanka’s recovering economy) allowing more entrants into the real estate and […]
Financial results of Sampath Bank for Q1 of 2021
The Bank recorded a Profit before tax (PBT) of Rs 6.1 Bn in 1Q 2021 compared to Rs 3 Bn in 1Q 2020, denoting a growth of 101%, while Profit after tax (PAT) increased by 83% to Rs 4.6 Bn from Rs 2.5 Bn recorded in the first quarter of 2020. Resilient performance of all […]
Widespread informality likely to slow recovery from COVID-19 in developing economies
A strikingly large percentage of workers and firms operate outside the line of sight of governments in emerging market and developing economies (EMDEs)—a challenge that is likely to hold back the recovery in these economies unless governments adopt a comprehensive set of policies to address the drawbacks of the informal sector, a new World Bank […]
Prime Residencies IPO oversubscribed on opening day
Following the debut of Prime Lands Residencies’ Initial Public Offering (IPO) yesterday (11), the company’s oversubscription forecasts proved to be true as the initial 100 million shares were purchased in record time. The Board of Directors have decided to exercise the option to issue up to a maximum of a further 87.5 million shares as […]
Sri Lanka secures USD 500Mn concessional financing from Republic of Korea
In order to further strengthen the economic cooperation between two countries, the Government of Republic of Korea has agreed to provide concessional loans from the Economic Development Cooperation Fund (EDCF) of the Export Import Bank of Korea (KEximbank). Accordingly, the Government of Republic of Korea and Government of Sri Lanka have agreed to sign a […]