Category: Economy and Markets
Pan Asia Bank records its best-ever financial results
Pan Asia Banking Corporation PLC, “the Truly Sri Lankan Bank” ended 2019 Q4 with its best financial results ever, to report a Post Tax Profit of Rs.726.84 million during the final quarter, recording an impressive growth of 58% demonstrating its resilience amidst challenging conditions. Meanwhile, the Bank’s operating profit before all taxes for the quarter […]
Poll: Business impact on Sri Lanka from Novel Coronavirus
By the Economic Intelligence Unit of the Ceylon Chamber of Commerce: The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03. The outbreak is lowering China’s GDP growth expectations in the first quarter to 4.5%, a […]
NDBIB wraps up 2019 with Rs.62Bn in Capital raisings
Feb 20, 2020 (LBO) – NDB Investment Bank (NDBIB) continued to execute milestone transactions in 2019, reiterating its position as the unrivalled leader in investment banking in the country recording approximately LKR 62.0 Bn in fund raisings. All business segments, namely, equity raisings, debt capital markets and mergers and acquisitions (M&A) witnessed heightened levels of […]
Sri Lanka’s export performance in 2019
Feb 20, 2020 (LBO) – Total exports of the country recorded US$ 16.14 Bn in 2019, which comprised of US$ 11.94 Bn Merchandise exports and USD 4.2 Bn of Service exports. The Service exports include `ICT/BPM, Construction, Financial Services and Transport Services include an estimated figure for the last quarter of the year. Export value […]
FCR upgrades ASPI target for December to 7,500 amidst added boost to economy
Feb 19, 2020 (LBO) – With the recovery in economic activity and company earnings, First Capital Research (FCR) expects an upward trend in the capital market supported by stronger market multiples. Launching the Strategy Report 2020, Head of Research at the First Capital Holdings, Dimantha Mathew said that the heavy tax cuts and the policy […]
Sri Lanka foreign reserves show signs of depletion: First Capital Research
Feb 19, 2020 (LBO) – First Capital Research expects Sri Lanka’s foreign reserves to fall to around 7 billion US dollars by June this year due to the debt repayments despite the 1 billion dollar Chinese Loan. Launching the Strategy Report 2020, Head of Research at the First Capital Holdings, Dimantha Mathew emphasized that a […]
‘s Dialog Axiata inks USD 250Mn investment agreement with BoI
Feb 19, 2020 (LBO) – Dialog Axiata Group, the largest Foreign Direct Investor (FDI) operating under the aegis of the Board of Investment of Sri Lanka (BOI), announced the entering into of two supplementary agreements with the BOI for the investment of an additional sum of USD 254.1Mn (LKR 46.1Bn) in Sri Lanka’s ICT Infrastructure […]
SEC commences series of meetings with capital market stakeholders
Feb 19, 2020 (LBO) – Securities and Exchange Commission of Sri Lanka has commenced a series of meetings with capital market stakeholders to discuss issues in general and to obtain views with regard to the prevalent regulatory framework and the development of the capital market of the country. The newly appointed Chairman of the Securities […]
John Keells Properties partners with Union Assurance to provide life cover for TRI-ZEN customers
John Keells Properties signed a partnership agreement with Union Assurance –one of the country’s leading life insurance providers for corporates and individuals- to provide a comprehensive life insurance solution for TRI-ZEN customers. As part of this strategic alliance, TRI-ZEN customers will be offered a life insurance cover for LKR 7 Million, where the insurance premium […]
Sri Lanka trade deficit widens in Dec 2019
Feb 18, 2020 (LBO) – The deficit in the trade account widened in December 2019 to US dollars 784 million, from US dollars 701 million in December 2018, led by a decline in exports and a growth in imports on a year-on-year basis, the monthly external report said. However, on a cumulative basis, the trade […]
Sri Lanka vehicle registrations rebounds in Jan 2020
Feb 18, 2020 (LBO) – Sri Lanka’s total car registrations recorded 2,536 units in January up from 2,057 units in Dec but down from 3,147 units 12 months ago, a new report shows. “The recent policy interventions both in terms of fiscal policy (taxation) or capital moratoriums did not target vehicle registrations,” research firm JB […]
HNB Finance IPO oversubscribed on opening day
Feb 17, 2020 (LBO) – HNB Finance Limited’s initial public offering through an offer for sale of 10 million ordinary voting shares at 5.70 rupees per share was successfully oversubscribed on the opening date. As per the section 4.2.8 of the prospectus and introductory document, applications dispatched by courier or by post to registrars to […]