Category: Banking and Finance
Transformation of distribution model: How insurance industry needs to prepare for ‘Next Normal’
By Chula Hettiarachchi Across different industries and geographies, COVID-19 has changed the ways people engage with one another. Numerous health regulations—from social distancing to self-quarantine—have been conscientiously imposed by authorities across nations to overcome numerous pandemic-related challenges, even to the extent of shifting a large proportion of physical transactions to digital and remote platforms. This […]
Comm Bank Group’s operating income up 13.3-pct: Total assets grow 25-pct
Strong asset and other income growth combined with an emphasis on prudent provisioning in one of the most challenging years on record, have enabled the Commercial Bank of Ceylon Group (ComBank) to end 2020 on a stable platform for growth, with better liquidity than most peers and adequate provision cover. The Group, comprising of Sri […]
Seylan Bank records Rs. 3Bn profit after tax for 2020
In the backdrop of an extremely challenging environment, Seylan Bank recorded a Profit After Tax (PAT) of LKR 3Bn for the year ended 31 December 2020. Income Statement Interest Income of the Bank stood at LKR 52.3Bn while interest expenses stood at LKR 32.8Bn reflecting a Net Interest Income (NII) of LKR 19.5Bn with an […]
HNB Group posts PAT of Rs 13.7Bn during 2020; total deposits grow by Rs 158Bn
Hatton National Bank PLC (HNB) demonstrated resilience and an unwavering focus on sustainable business performance as it posted Rs 13.7 Bn in Group Profit After Tax during 2020, a year laden with unprecedented circumstances and challenges. Bank level Profit After Taxes amounted to Rs 11.5 Bn. Commenting on the performance, Chairman of HNB Dinesh Weerakkody […]
Economy at a glance for 2020:Double whammy blow
Highlights ICRA Lanka estimates Sri Lanka’s GDP growth rate in 2020 to be -4%. In addition, our estimates indicate industry, services, and agricultural sectors to have contracted by 7.3%, 1.7% and 1.3% respectively. By mid-March the COVID crisis took center stage and the CBSL implemented a series of policy rate cuts further bringing the short-term […]
Trade Finance and Investments amalgamates into Commercial Credit and Finance PLC
Trade Finance and Investments PLC (TFI), a financial service providerhas been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF). The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 […]
Commercial Bank’s ePassbook surpasses 1 million customer registrations
New app downloads of Commercial Bank of Ceylon’s ePassbook has increased by 150,000 in just six months after self-registration was permitted via a recent upgrade, Sri Lanka’s largest private bank reports. The first digital passbook in Sri Lanka’s and South Asia’s banking industry, ComBank ePassbook has users in more than 100 countries who now log […]
Rated Sri Lankan corporates less exposed to sovereign than banks: Fitch Ratings
Fitch Ratings views most rated Sri Lankan corporates as less vulnerable than local financial institutions to the sovereign’s financial distress. This is because most rated corporates have a combination of strong business profiles, low leverage, sound liquidity, and limited exposure to government. On the other hand, local financial institutions’ ratings are usually constrained by the […]
Sampath Bank report slight decline in profits for 2020
Financial Performance for the Year 2020 Sampath Bank recorded a decline in Profit After Tax (PAT), from Rs 11.1 Bn in 2019 to Rs 8 Bn for the year 2020. Despite this being a 28% decline, it is nonetheless a noteworthy result against the backdrop of the COVID-19 induced economic slowdown locally and globally. Meanwhile, […]
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Fitch Ratings has assigned Hatton National Bank PLC’s (HNB, AA-(lka)/Stable) proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘A(EXP)(lka)’. The notes will total LKR7 billion, mature in 10 years and include a non-viability clause. The bank plans to use the proceeds to refinance the debentures maturing in 2021, to […]
Sampath Bank partners with John Keells Properties’ TRI-ZEN on Home Financing Solutions
Sampath Bank entered into a strategic alliance with TRI-ZEN, a premium smart living project being developed in Union Place, Colombo by John Keells Properties in partnership with Indra Traders that shares the Bank’s penchant for innovation. Building on its longstanding relationship with the John Keells Group and Indra Traders, Sampath Bank seeks to partner with […]
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Fitch Ratings Lanka has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed LKR6 billion Basel III-compliant subordinated unsecured debentures an expected National Long-Term Rating of ‘A(lka)(EXP)’. The proposed debentures will mature in seven years and will be listed on the Colombo Stock Exchange. The bank expects the proposed subordinated debentures to qualify as Basel III-compliant regulatory Tier […]