Sri Lanka’s net foreign reserves moved into positive territory in October 2024, with reserves exceeding reserve-related liabilities by approximately 63 million US dollars, according to official data. This shift follows two years of deflationary policies supported by elevated interest rates. The country’s central bank had seen its reserves turn negative by 4.6 billion US dollars
People’s Bank has reported a profit-after-tax (PAT) of Rs. 6.4 billion for the third quarter of 2024, despite the challenging macroeconomic environment in Sri Lanka. For the nine-month period ending 30 September 2024, the bank posted a total consolidated operating income of Rs. 75.4 billion. Excluding the impact of exceptional adjustments due to ongoing debt
Holders of Sri Lanka’s defaulted sovereign bonds have been given sufficient incentives to participate in the exchange launched this week, according to Central Bank Governor Nandalal Weerasinghe. Governor Weerasinghe stated that bondholders have strong reasons to join the exchange, including exchange fees and the introduction of macro-linked bonds. These bonds offer capital appreciation and coupon
Vallibel Finance PLC has successfully raised Rs. 3 billion through its inaugural listed debenture issue, which concluded last week. The issue attracted overwhelming interest, with 92 applications seeking debentures worth Rs. 3.1 billion. The company issued 20 million listed, rated, subordinated, unsecured, redeemable debentures of Rs. 100 each, with an option to issue an additional
Hela Apparel Holdings PLC has reported a remarkable financial turnaround for the second quarter ending 30 September 2024, marking the return to operating profit for the first time in eight quarters. The company attributes this strong performance to the recovery in demand from key export markets and the successful outcomes of its ongoing restructuring efforts.
The National Development Bank PLC (NDB) has announced robust financial results for the nine months ending 30 September 2024, highlighting its resilience and strategic adaptability in an improving economic landscape. NDB Director/CEO Kelum Edirisinghe stated, “The positive trend in Net Interest Margins (NIMs), cost efficiency, and credit quality reflects our focused strategy to enhance shareholder
Sri Lankan finance companies have substantially increased investments in government securities, repurchase agreements (repos), and unit trusts in the first half of 2024, as reported by the Central Bank. This shift comes as vehicle imports remain banned following the foreign exchange shortage that stemmed from inflationary rate cuts in 2020. The Central Bank’s report notes
Sri Lanka’s banks, regulators, and small and medium enterprises (SMEs) gathered at the Presidential Secretariat to address challenges surrounding parate execution (foreclosure) laws and difficulties in loan repayments. A key focus of the meeting was the suspension of the law on parate execution, which governs the auctioning of collateral for defaulted loans. The law has
Vallibel Finance PLC has launched its inaugural listed debenture issue to raise Rs. 3 billion, marking a significant milestone in its funding strategy. The company will initially issue 20 million rated, subordinated, unsecured, redeemable debentures priced at Rs. 100 each, with the option to issue an additional 10 million debentures if the initial tranche is
Pan Asia Bank has officially launched Privilege Banking, an exclusive service designed for premier customers seeking a highly personalized and elevated banking experience. The launch event was held at the World Trade Center (WTC) Privilege Banking Centre, attended by Pan Asia Bank Chairman Aravinda Perera, Director/CEO Naleen Edirisinghe, corporate management, and other distinguished guests. Privilege