Category: Economy and Markets
Seylan Bank records 21-pct YoY growth in 1Q 2018; Profit-after-tax Rs.1,053Mn
May 3, 2018 (LBO) – Sri Lanka’s Seylan Bank has posted a profit after tax of 1,053 million rupees in first quarter of 2018. The Bank’s earning per share (EPS) grew by 21.57 percent to 2.88 rupees with the net asset value per share as at 31st March 2018 was 94.34 rupees (Group Rs.98.63). Net interest income […]
Seylan Bank reports 21-pct growth in 1Q 2018; records PAT of Rs.1,053 Mn
Seylan Bank made a steady start in 2018 by posting a Profit after Tax of Rs. 1,053 Million in Q1 despite less than ideal market conditions. Net interest income increased by 17.21% as the volume growth outperformed the impact arising from the narrowing of NIMs. Net fee and commission income witnessed a growth of 14.61% […]
Sri Lanka rupee slips to low of 158.00: Stocks down 0.2-pct
May 03, 2018 (LBO) – The Sri Lanka rupee hit a new low of 157.90/158.00 rupees against the US dollar during morning trade in the spot market. The rupee closed at 157.75/90 rupees against the US dollar in the spot market, Wednesday. While in the Colombo Stock Exchange,the All Share Price Index closed was trading at 6,530.77 […]
‘s Melwa Hotels and Resorts
May 03, 2018 (LBO) – The International Finance Corporation, a member of the World Bank Group,is investing US 27 million dollars in Melwa Hotels and Resorts Private Limited towards the development of 3 hotels across Sri Lanka. The investment will increase Sri Lanka’s capacity in the tourism sector, create jobs, and generate more foreign exchange, the […]
‘s first electric vehicle plant
May 03, 2018 (LBO) – Tokyo based high-tech research and development startup is planning Sri Lanka’s first ever large, industry scale electric vehicle (EV) manufacturing facility. The proposed EV manufacturing operation is to take off by producing Sri Lanka’s first ever smart, “EV tuk-tuks.” The startup from Tokyo is also setting up international standard EV […]
‘s economy
May 03, 2018 (LBO) – Sri Lanka’s Central Bank said recent indicators reflect positive sentiment expressed by external foreign parties regarding the performance of the Sri Lankan economy and its prospects. Central Bank’s response came at a time when serious concerns have been expressed regarding the performance of the Sri Lankan economy. “It is instructive […]
Dinesh Weerakkody appointed as new Chairman of Hatton National Bank
May 01, 2018 (LBO) – Dinesh Weerakkody has been appointed as the new Chairman of Hatton National Bank with effect from 26 May 2018. The new appointment came after the retirement of the incumbent Chairman Rienzie Arseculeratne having reached the age of 70 years. Dinesh Weerakkody joined the Board of HNB on 29 June 20I7 as […]
‘s telco merger to relieve competitive pressure: Fitch
May 01, 2018 (LBO) – The merger between Hutchison Telecommunications Lanka (Private) Ltd and Etisalat Lanka (Private) Ltd is likely to relieve some competitive pressures that have undermined Sri Lankan telecom companies’ revenue and EBITDA growth in recent years, Fitch Ratings said.. However, the merger is unlikely to affect the ratings on market leaders Sri […]
Jude Fernando to head Janashakthi
May 01, 2018 (LBO) – Sri Lanka’s Janashakthi Insurance PLC announced the appointment of Jude Fernando as the company’s Director / Chief Executive Officer with effect from 1st May 2018. Having divested its General Insurance business earlier this year, Janashakthi has focused its efforts on the country’s underpenetrated Life Insurance segment.With Jude at the helm, […]
DFCC group profits drop in Q1 2018
May 01, 2018 (LBO) – Sri Lanka’s DFCC Group recorded a profit before tax of 1,545 million rupees and profit after tax of 1,110 million rupees as compared to 1,647 million rupees and 1,301 million rupees respectively in the comparative period in 2017. BANK RESULTS Income Statement The Bank reported a profit before tax of […]
Pan Asia Bank posts Rs 498 mn PBT in 1Q
(PRESS RELEASE) – Pan Asia Banking Corporation PLC reported Rs 498 million in profit before tax for the quarter ended in March 31, 2018 (1Q’18) powered by a steady growth in new loans and improvement in overall margins which was resulted by prudent asset – liability pricing amidst rising market interest rates. This enabled the bank […]
China Harbour Engineering to construct 7-star Achilleion project
Apr 27, 2018 (LBO) – Sri Lankan real estate player Blue Mountain has signed an agreement with China Harbour Engineering Company Ltd. (CHEC) to build Achilleion, its Seven Star Luxury Project. Press release issued by Blue Mountain Apartments is reproduced below. In a historic move, Sri Lanka’s real estate major, Blue Mountain, has signed an agreement with […]