Category: Banking and Finance
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 […]
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 […]
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 […]
SLAITO welcomes temporary ban on Indian arrivals
Sri Lanka Association of Inbound Tour Operators (SLAITO) yesterday welcomed the move by Civil Aviation Authority to temporarily halt passengers from India. “India always remains our number one partner, but under the current heightened COVID pandemic situation we have to think about the safety of our nation first,” SLAITO said. “We hope and pray that […]
China backed Port City missing link for SL to become game changer; no threat to sovereignty
The Colombo Port City, one of Sri Lanka’s most significant projects with tremendous potential has to go forward in the right direction as a game-changer for the island and the proposed draft legislation is the missing link, a senior official said. Multiple petitions were filed in the Supreme Court last week by Opposition parties, civil […]
Opinion: Rejuvenating waste plastic bottles, a universal treasure
By Michael F. Perera Valuable resources are extracted every day to develop convenient products such as bottles, containers and more. As the extraction of virgin resources rapidly depletes the availability of such, it is high time a sustainable alternative is fetched, to ensure longevity and liveability for future generations. With the prices for virgin material […]
Seylan Bank records Rs.1Bn PAT in 2021 Q1 despite Covid challenges
Seylan Bank made a steady start in 2021 by posting a Profit After Tax (PAT) of LKR 1Bn in Q1 2021 amidst macro-economic challenges brought in by the COVID-19 pandemic. Statement of Financial Performances Interest income recorded a decline due to the lower interest rates and moderate book growth but net interest margin showed a […]
NCPI based inflation increased to 5.1-pct in March 2021
Headline inflation as measured by the year-onyear (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 increased to 5.1 percent in March 2021 from 4.2 percent in February 2021. This was due to the statistical effect of the low base prevailed in March 2020. Meanwhile, Food inflation (Y-o-Y) increased to 8.8 percent in March […]
ADB projects Sri Lanka’s economic growth to rise to 4.1-pct in 2021
The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad. ADB projects Sri Lanka’s economic growth to rise to 4.1% in 2021 and moderate to 3.6% in […]
Prime Lands Residencies announces virtual investor forum for upcoming IPO
Prime Lands Residencies, the condominium property arm of Prime Group, announces the first ever Virtual Investor Forum for its upcoming Initial Public Offering (IPO). Extending its invitation to investors and market participants, the Prime Lands Residences Virtual Investor Forum will be held via Zoom on the 28 th of April 2021, 4.00pm onwards. The Initial […]
World Bank reassures support for Sri Lanka to build back better from COVID-19
The World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, concluded a successful visit to Sri Lanka Sunday where he reiterated the Bank’s commitment to support the islands efforts towards recovery and to build back better from the COVID-19 shock. Based in Kathmandu, Nepal, this latest mission followed the Country Director’s introductory […]
SL signs agreement to implement Sri Lanka transit card
Revolutionizing the transport sector, the Ministry of Transport and the Central Bank played lead roles to get the key stakeholders to sign a four-party agreement to introduce Sri Lanka Transit Card (SLTC) recently. The SLTC initiative, which had been in the drawing board for many years will finally come to light in line with manifesto […]