Union Bank records lower 1Q profits amid higher provisions; records surprise growth in loans

Union Bank of Colombo PLC reported disappointing results for the three months ended March 31, 2022 (1Q22) on the back of higher provision made on account of loans and other financial assets, but recorded a surprise growth in new loans amid tough conditions.

NDB reports subdued 1Q profits over multifold increase in provisions

The profit cratered at National Development Bank PLC (NDB) in the quarter ended March 31, 2022 as the bank’s provisions against possible loans and other losses rose many-fold in expectation of dourer financial conditions going forward.

HNB Finance positions to optimise synergies from Prime Finance’s acquisition

HNB Finance PLC has further strengthened its customer operations and branch network by absorbing and bringing under its brand the 7 branches of Prime Finance PLC. This strengthens HNB Finance’s total presence to 77 branches and positions the company to optimise the synergies stemming from its merger with Prime Finance.

ComBank Digital wins AFTA award for ‘Best Frictionless Credit Evaluation Initiative’

A facility provided by the Commercial Bank of Ceylon for personal loans to be applied online, has been adjudged the ‘Best Frictionless Credit Evaluation Initiative’ in Sri Lanka by the Asian FinTech Academy (AFTA).

Allianz Lanka awards winners of first Internal Retail Sales Competition

In a bid to provide a mechanism to recognize its top performers and incentivize exceptional excellence, Allianz Lanka carried out a Retail Competition for its Sales teams in 2021.

Amana Takaful Insurance among Top 10 SL companies with best management practices

Amana Takaful Insurance has been recognized as being among the top 10 companies in Sri Lanka with the best management practices, by the Institute of Chartered Professional Managers of Sri Lanka (CPM).

Theagarajah appointed as Orient Finance Chairman

Orient Finance PLC, a member of the Janashakthi group, announced the appointment of veteran banker Rajendra Theagarajah as the company’s Non-Executive, Independent Director and Chairman of the board, with effect from April 28, 2022.

DFCC Bank’s website wins BestWeb.LK top category awards

The innovative and thoughtfully crafted website of Sri Lanka’s Bank for Everyone, DFCC Bank, was recognised with three Silver awards at the BestWeb.lk Awards, organised and hosted by LK Domain Registry annually, since 2009.

National Development Bank provides best interest rates for SDAs

National Development Bank PLC (NDB) recently launched a campaign to drive inward remittances and investment by providing attractive interest rates for Special Deposit Accounts (SDAs).

Dinithi Ratnayake appointed as new SDB bank Chairperson

Dinithi Ratnayake has been appointed as the new Chairperson of SDB bank, with effect from April 29, 2022, on the retirement of Lakshman Abeysekara on completion of his tenure.

Union Assurance among most loved life insurance brands in Sri Lanka

Union Assurance PLC has been ranked among the top three most loved life insurance brands in Sri Lanka.

ComBank to reward new Arunalu, Isuru account holders with gifts in April and May

Commercial Bank of Ceylon has announced that all customers who open new ‘Arunalu’ children’s savings accounts or ‘Isuru’ minors’ savings plans in April and May will be rewarded with a gift, adding further value to the benefits the account holders will enjoy during and beyond their childhood.

People’s Bank promotes LankaQR facility in Kurunegala

The Central Bank of Sri Lanka launched another Lanka QR promotional programme in the Kurunegala city and People’s Bank also participated in this programme to raise awareness about the LankaQR payment system via the People’s Pay app.

Mahindra Ideal Finance unveils 20th branch in Kuliyapitiya

A premier licensed finance company focused on rural and semi-urban consumers, Mahindra Ideal Finance recently unveiled its 20th branch in Sri Lanka, in Kuliyapitiya, further expanding its growing islandwide network.

ComBank adjudged as Best Corporate Bank and Best Retail Bank in Sri Lanka

Commercial Bank of Ceylon has won the titles of Best Retail Bank Sri Lanka 2022 and Best Corporate Bank Sri Lanka 2022 at the annual awards of the UAE-based Global Business Review magazine, which recognises and rewards excellence in companies across sectors.

LOLC Life records highest number of MDRT champions

LOLC Life Assurance, an associate company of LOLC Holdings PLC, declared 56 members of its sales team as qualifiers for the Million Dollar Round Table (MDRT) membership including three Court of The Table (COT) winners for the year 2021.

Lanka Credit and Business Finance comes to Embilipititya

Lanka Credit and Business Finance PLC opened the doors of its 13th branch in the modernised town of Embilipitiya, marking their presence in the Sabaragamuwa province for the first time.

Ceylinco Life crowned as Sri Lanka’s Most Valuable Life Insurance Brand in 2022

Ceylinco Life has once again been adjudged as the Most Valuable Life Insurance Brand in Sri Lanka and has moved up five places in the 2022 brand value rankings published by Brand Finance, the world’s leading independent brand valuation consultancy.

Vallibel Finance opens Matugama and Dematagoda branches

Vallibel Finance continues to expand its network with the opening of two new branches in Matugama and Dematagoda.

Insurance industry achieves 12.25% GWP growth in 4Q21

The insurance industry had achieved a growth of 12.25 percent in terms of overall gross written premium (GWP) during the fourth quarter of 2021, recording a GWP increase of Rs.25,507 million when compared to the same period in the year 2020.

AFC opens Thalawakelle branch

Alliance Finance Co. PLC (AFC) ceremonially opened its Thalawakelle branch at No. 16, Jayanthi Mawatha, Thalawakelle, as a spacious and convenient location for customers.

DFCC Bank partners with USAID to support local MSMEs

DFCC Bank, the bank for everyone, has entered into a landmark partnership with USAID CATALYZE Private Sector Development Activity (PSD) PSD, implemented by The Palladium Group, to finance micro, small and medium enterprises (MSMEs), with a focus on women-led enterprises.

POTENZA-HNB partner to facilitate robotic process automation for mainstream banking

POTENZA, the Sri Lanka-based global business technology consultancy group, recently announced a landmark partnership with Hatton National Bank (HNB), as its official implementation partner, to facilitate and support the bank on its journey of robotic process automation.

ComBank ranked as Strongest Bank Brand for 3rd successive year

Commercial Bank of Ceylon has been ranked as the Strongest Bank Brand in Sri Lanka for the third consecutive year in the 2022 report on the country’s most valuable and strongest brands by Brand Finance, the world’s leading independent brand valuation consultancy.

Sri Lanka Insurance posts record pre-tax profit of Rs.11.7bn for FY21

Sri Lanka Insurance yet again recorded stellar performance in the year 2021 to record a profit before taxation of Rs.11.7 billion for the year 2021, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 43.2 billion denoting 9.7 percent growth.

ComBank Digital wins AFTA award for ‘Best Frictionless Credit Evaluation Initiative’

A facility provided by the Commercial Bankof Ceylon for personal loans to be applied for online, has been adjudged the ‘Best Frictionless Credit Evaluation Initiative’ in Sri Lanka by the Asian FinTech Academy (AFTA).

BOC announces ‘Pita Pita Rata Thegi’ third edition with Rs.30mn grand price

Incentivizing Sri Lankan expatriates to remit their hard-earned foreign currency earnings securely back to their families and loved ones, Bank of Ceylon (BOC) is announcing third season of its unique ‘Pita Pita Rata Thegi’ promotion in offering the expatriates to win back-to-back valuable gifts in daily, weekly and monthly draws including a grand price a Luxury Villa worth Rs.30 million.

Fitch downgrades SLIC; places seven non-life insurers on watch for possible downgrade

While downgrading Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength (IFS) Rating to ‘CC’, Fitch Ratings has placed IFS ratings on seven non-life insurance firms on watch for possible downgrades driven by elevated investment and liquidity risks combined with impact of high inflationary environment on financials.

NDB recognised as one of the Top 20 Brands in Sri Lanka

The National Development Bank PLC has been recognised as one of the top 20 brands in the country by the world’s leading independent brand valuation consultancy - Brand Finance Lanka’s annual index of Most Valuable Brands.

ComBank offers WhatsApp and Viber Banking services in Sinhala, Tamil and English

The Commercial Bank of Ceylon, the first bank in Sri Lanka to enable Social Network Banking services, has announced that it has enabled trilingual access to both its WhatsApp Banking and Bank with ComBank on Viber services, another first in Sri Lanka.