Category: Banking and Finance
Nations Trust Bank Enables Growth of Small and Medium Enterprises
Employing over 70% of the working population in Sri Lanka, SMEs are responsible for nearly a third of the country’s industrial output with a sizeable contribution to the country’s Gross Domestic Production (GDP). And yet, SMEs are faced with multiple challenges whenever market disruption happens, as evidenced during the Coronavirus pandemic. In this background, Nations […]
Opinion: Avoiding IMF won’t help us avoid austerity
Naqiya Shiraz and Rehana Thowfeek Sri Lanka’s debt problems are a topic of national conversation. Foreign reserves, already low at USD 4bn in May 2021 fell to USD 2.8bn after the most recent bond repayment of USD 1bn in July 2021 . The Government claims that the timely repayment of the bond is proof that doomsayers […]
Central Bank sets maximum interest rate on foreign currency deposit accounts of banks
Considering the anomalies in the interest rates offered and paid by licensed commercial banks on the rupee and foreign currency deposits, the Monetary Board of the Central Bank has issued an order on maximum interest rates to be paid in respect of foreign currency deposit products of licensed commercial banks and the National Savings Bank. […]
“GLX Digital Evolver” powers transformation of tourism through digital evolution
Good Life X (GLX) in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Sri Lanka – via ‘GLX Digital Evolver’ pursue the growth and evolution of Sri Lanka Tourism in partnership with leading industry experts. The recently launched programme which is aimed at empowering businesses in Sri Lanka’s Travel & Tourism Sector to evolve digitally, […]
Sampath Bank Introduces Sri Lanka’s First Touchless Cash Withdrawals Across Its ATM Network
Sampath Bank announced the introduction of Touchless Cash Withdrawals at Automated Teller Machines (ATMs) for the first time in Sri Lanka, and possibly the first time in the region. State Minister of Money & Capital Markets and State Enterprise Reforms, Ajith Nivard Cabraal was the Chief Guest at the commissioning of this service at the […]
ICRA reaffirms issuer rating of Union Bank at [SL] BBB with stable outlook
Rating action ICRA Lanka Limited has reaffirmed the Issuer Rating of Union Bank of Colombo PLC (“UBC”/ “the Bank”) at [SL]BBB (pronounced as S L Triple B) with Stable outlook. Rationale The rating reaffirmation takes into account the strategic and financial support received from Texas Pacific Group (TPG) through its affiliate, Cultural Financial Holdings Ltd […]
HNB yet again delivers sustainable business performance
Hatton National Bank (HNB PLC) continued to demonstrate resilience amidst volatile conditions, posting a Profit Before Tax (PBT) of Rs 10.9 Bn and a Profit After Tax (PAT) of Rs 9.1 Bn. The Group profits also improved in line, with PBT and PAT at Rs 12 Bn and Rs 9.8 Bn respectively. The loan book […]
Sampath Bank records PAT of Rs.7Bn for first half of 2021
Financial results of Sampath Bank for the 1st Half of 2021 Sampath Bank posted a profit after tax (PAT) of Rs 7 Bn for the first half of 2021, against Rs 3.9 Bn for the same period in 2020. This significant increase of 78.1% in profit after tax was the result of a 16.7% increase […]
‘ National Ratings Constrained by Sovereign Rating: Fitch
The National Ratings on Sri Lankan banks remain constrained by the sovereign credit profile (CCC), Fitch Ratings says. The highest National Rating for domestic banks with ratings driven by their intrinsic credit profiles is ‘AA-(lka)’. This is the highest point on the national scale that corresponds to an international scale rating of ‘CCC’ according to […]
Nations Trust Bank Delivers Strong Performance While Continuing To Support Nation’s Economic Revival
Nations Trust Bank continued to demonstrate its resilience in performance during the year. The loan portfolio increased by LKR 26 billion recording a 12% growth during the first six months of the year despite the challenging business environment. While continuing to provide working capital loans under the “Saubagya” scheme introduced by the government, the Bank […]
ComBank notches 3rd Rs 1 Trillion mark in Balance Sheet in dynamic Q2
A strong second quarter, during which its loan book crossed the milestone of Rs 1 trillion, another first by a local private bank, has generated noteworthy growth in key indicators for the Commercial Bank of Ceylon Group for the six months ended 30th June 2021. Comprising of Sri Lanka’s largest private sector bank, its subsidiaries […]
”; Outlook stable
Fitch Ratings has assigned Asia Securities (Pvt) Ltd (ASPL) a National Long-Term Rating of ‘BBB-(lka)’. The Outlook is Stable. ASPL is a prominent equity brokerage in Sri Lanka. The company, which was founded in 1990, also offers broker credit services to its clients. KEY RATING DRIVERS The rating on ASPL reflects its franchise as one […]