Category: Banking and Finance
None of the loans discussed recently in public forums have been written off: People’s Bank
In view of the recent discussions in several public forums relating to the Non-Performing Assets (‘NPA’) portfolio of People’s Bank, the Bank has issued a media release setting out the following matters of fact: • NPAs are loans whose interest and/ or principal have not been duly serviced for a stipulated time period. A mere […]
SL CB reassures commitment to ensuring the availability of forex banking system for essential foods
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by restricting the use of Open Account Payment Terms or Consignment Account Terms, subject to conditions, when importing goods to Sri Lanka. This measure complements the various other measures […]
Fitch Downgrades Singer Finance, Places Four Sri Lankan Finance & Leasing Companies on RWN
Fitch Ratings has downgraded Singer Finance (Lanka) PLC’s (SFL) National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’ and placed the rating on Rating Watch Negative (RWN). We have also placed the National Long-Term Ratings of three other Fitch-rated Sri Lankan finance and leasing companies (FLCs) – Abans Finance PLC (AF), AMW Capital Leasing and Finance PLC […]
Central Bank announces new measures to support banking sector & facilitate credit flow
Sri Lanka’s Central Bank has decided to implement new regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector. • Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have […]
Message by UN Resident Coordinator in SL on Day of Vesak
On behalf of the Secretary-General and the United Nations Country Team in Sri Lanka, I send my warmest wishes to all celebrating the Day of Vesak. “Hatred is, indeed, never appeased by hatred in this world. It is appeased only by loving-kindness.” As Sri Lanka and the world journey through these troubled times, may this […]
Sri Lankan mutual funds’ outflows rise amid economic turmoil: Fitch
The Sri Lankan mutual fund industry experienced large outflows in March 2022 with total assets under management (AUM) shrinking by more than 8% to LKR178 billion (around USD0.5 billion), based on Unit Trust Association of Sri Lanka (UTA) data, Fitch Ratings says in a new report. The country’s economic and social instability may have driven […]
ComBank Group navigates devaluation impact in complex Q1 performance
Total assets cross Rs 2 Tn., first private sector bank to achieve the milestone Mainly influenced by Rupee devaluation, loan book grows by Rs 133 Bn., deposits by Rs 234 Bn. in 3 months 3-month net operating income up 66% to Rs 28.3 Bn. Posts other operating income of Rs 11.3 Bn. primarily from realized […]
Commercial Bank appoints Sanath Manatunge as MD/CEO
Sellathurai Prabagar appointed new COO in smooth succession at country’s top private sector bank The Commercial Bank of Ceylon PLC has announced the appointment of Chief Operating Officer Mr Sanath Manatunge as Managing Director and CEO effective 12th May 2022, and the concurrent appointment of Mr Sellathurai Prabagar as Chief Operating Officer to fill the […]
Year on year food prices increase close to 50-pct: Advocata
Advocata’s Bath Curry Indicator (BCI) , which tracks the monthly changes in the retail price of food, recorded an increase of 14% from March 2022 to April 2022. This is a year on year increase of 49% for this basket of food. This is driven primarily by prices of dhal and samba rice being the […]
Investment opportunities of Port City Colombo presented in London
Sri Lanka High Commission in London in partnership with the CHEC Port City Colombo (Pvt) Ltd and Commonwealth Enterprise and Investment Council organised a presentation on investment opportunities in education and finance sectors in the Port City Colombo project to UK investors on 26 April 2022 at the High Commission premises. Delivering the welcome address, […]
Cipla together with SLCP and Big Life magazine to mark World Asthma Day with charity cycle ride on May 7th
The Big Life magazine in partnership with Cipla, a leading pharmaceutical company has organized a fun cycle ride on Saturday, May 7th. to mark World Asthma Day 2022. The ride will commence between 8 and 9 am from NCC, Maitland Place, Colombo 07 and is scheduled to conclude at 10.30am at the grounds. The events’ […]
Sampath Bank strengthens its strategic partnership with Paycorp International
Sampath Bank PLC announced that its connection to UnionPay International (UPI) is now complete and that the Sampath Bank Payment Gateway powered by UnionPay 3DS 2.0 is open for business. Having thus strengthened its strategic commercial partnership with Paycorp International (Private) Limited (Paycorp International), a wholly-owned subsidiary of Bancstac (Bancstac), this latest development provides Sampath […]