Pan Asia Bank kicks off June earnings with modest performance

Kicking off the much anticipated banking sector earnings for the June quarter, Pan Asia Banking Corporation PLC (PABC) led the pack by reporting mostly stable performance for the quarter despite some softening in the amount of loans it extended in the three months.

HNB’s key departments receive ISO certifications

​HNB PLC announced the attainment of ISO 9001:2015 certification for its Centralized Credit Operations and Credit Administration Departments, reinforcing its dedication to service excellence and quality management.

SEC, CSE and ADB collaborate to promote Sustainable Bonds for a greener future

The Securities and Exchange Commission of Sri Lanka (SEC) and The Colombo Stock Exchange (CSE), in collaboration with the Asian Development Bank (ADB) hosted an issuer forum titled ‘Towards a Greener Horizon: Unlocking Opportunities through Sustainability Bonds’ recently in Colombo.

HSBC awarded as Best International Bank in Sri Lanka

HSBC Sri Lanka has been recognised as the Best International Bank in Sri Lanka by Euromoney, in its Awards for Excellence 2024.

Mixed sentiment wavers as monetary policy decision nears

The secondary market experienced mixed sentiment amidst limited activities and thin trading volumes, ahead of the upcoming monetary policy announcement scheduled for the 24th of this week.

HNB launches ‘Self-Onboarding’ digital banking solution

HNB PLC unveiled ‘HNB Self-Onboarding’, a transformative digital banking solution that allows customers to open an HNB account entirely online.

ComBank’s Green Bond framework receives milestone SPO from Sustainable Fitch

Commercial Bank of Ceylon has received a globally recognised Second-Party Opinion (SPO) for the bank’s Sustainable Bond Framework from Sustainable Fitch, the Fitch Solutions company that provides environmental, social and governance (ESG)-related ratings.

MBSL receives board approval to sell entire shareholding in MBSLI

Merchant Bank of Sri Lanka & Finance PLC (MBSL) received approval in principle from its board....

Unisyst Engineering announces end of exit offer

Unisyst Engineering Plc of Hayleys Group, announced this week the end of the exit offer pertaining to the desliting of ordinary shares of the company from the official list of the Colombo Stock Exchange (CSE).

Seylan Bank debenture oversubscribed

Seylan Bank’s debenture issue 2024 closed after oversubscription on the opening day (July 10), raising Rs.10 billion. In a filing to the Colombo Stock Exchange (CSE), Seylan Bank shared that it received applications for over 100,000,000 debentures. Fitch Ratings assigned Seylan Bank’s (A-(lka)/Stable) proposed Sri Lankan rupee-denominated, Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘BBB(EXP)(lka)’. The pr

Remittances to Sri Lanka via MMBL money transfer up 44% YoY

Worker remittances brought into Sri Lanka through the MMBL-Money Transfer network has witnessed a 44 percent growth to US$ 159. 3 million in the first half of 2024. MMBL-Money Transfer represented a 5 percent share of Sri Lanka’s total worker remittances and a 78 percent share of Western Union remittances to Sri Lanka during this period, the entity said in a statement. MMBL-Money Transfer is a 50/50 joint-venture between Aitken Spence PLC and the

Outstanding credit card balance takes a dip in May

Sri Lanka’s outstanding credit card balance slipped in May after rising in April in a sign that people are still reluctant to use credit card debt due to exponentially high rates which are long overdue for correction.

ComBank’s largest debenture oversubscribed on opening day

The Commercial Bank of Ceylon’s and Sri Lanka’s largest ever debenture issue by a private bank closed after oversubscription on its opening day (July 2) raising Rs. 20 billion for Sri Lanka’s biggest private sector bank, and demonstrating investor confidence in the institution.

Subdued engagement amidst uncertainty

Secondary market activities continued to see lackluster movement during yesterday as investors resorted to sidelinesawaiting the weekly auction outcome.

BOC’s Unveil Dream 2024 to empower young entrepreneurs

In a visionary step towards fostering economic growth and innovation, Bank of Ceylon (BOC) announces the launch of its Unveil the Dream 2024: Youth Empowerment Programme.

PB launches ‘People’s Spark’ to mark World MSME Day

People’s Bank celebrated World Micro, Small, and Medium-sized Enterprises Day by launching the People’s Spark....

Pan Asia Bank unveils state-of-the-art Digital Zone in Gampaha

Pan Asia Bank opened its cutting-edge Digital Zone at the Gampaha branch, located at No 15, Rest House...

Fresh support for smallholder dairy farmers with DFCC Bank’s Rs.500mn fund

Marking a milestone initiative to strengthen Sri Lanka’s dairy industry, DFCC Bank announced the allocation of Rs. 500 million....

Banks slam lawmakers for misleading remarks

The Sri Lanka Banks’ Association (SLBA) strongly refuted recent criticisms from two senior lawmakers, labelling the comments as “misconceived, inaccurate, misleading, and unhelpful.”

Committee urges swift action to alleviate growing microfinance crisis

In a bid to iron out the escalating microfinance issue in Sri Lanka, the Consultative Committee on Minimising the Effects....

Central Bank expands Governing Board with two new members

The Central Bank of Sri Lanka (CBSL) has expanded its Governing Board, with the appointment of two new members.

Central Bank continues to collect foreign exchange from domestic market

Continuing its months-long streak, the Central Bank purchased another US $ 245.3 million in foreign exchange from the domestic banking system and sold nothing in January.

Remittances income up 11.4% in January

Earnings from remittances from Sri Lankan migrants rose by 11.4 percent in January 2024 to US$ 487.6 million, continuing....

Government credit surges in December amid CPC balance sheet restructuring

In December 2023, the net credit extended to the government by the banking system surged by more than half a trillion rupees....

People’s Bank and Hayleys Agriculture form strategic alliance for agricultural advancement

In a seminal move to fortify Sri Lanka’s agricultural landscape, People’s Bank has entered into a memorandum of understanding....

Alliance Finance Company launches AFC Remittance

Alliance Finance Company, further expanding its portfolio of financial services, launched its inwards foreign remittance service ....

Enhancing corporate awareness: Understanding tax recovery in Sri Lanka

The corporate landscape is currently grappling with a surge in bank account seizures by the Inland Revenue Department ...

Foreign reserves grow shy of US$ 100 mn in January

Gross official reserves held by the Central Bank continued to build up as increased current account inflows in recent times mostly helped it to remain a net buyer of foreign currency from the domestic banking system.

SL finance and leasing industry’s operative environment to remain stable: Fitch

The operating environment for the Sri Lankan finance and leasing company (FLC) industry is expected to continue to stabilise, following the inflation and interest rate shocks over the past two years, Fitch Ratings said yesterday.

Central Bank’s new RTGS system to go live within 1Q24

Marking a key milestone in the country’s payment industry, the Central Bank’s new real-time gross settlement (RTGS) system....