Hatton National Bank (HNB) has received approval from its Board of Directors to initiate discussions regarding the acquisition of Bank Al-Falah’s Bangladesh operations. In a filing to the Colombo Stock Exchange (CSE), HNB confirmed that its board has also given the green light to issue a non-binding offer. This offer is subject to the completion
The National Savings Bank (NSB) has reported an impressive profit-before-tax (PBT) of Rs. 15 billion for the first half of 2024, surpassing the previous year’s profit-after-tax (PAT) of Rs. 7.21 billion for the same period. NSB Chairperson Dr. Harsha Cabral commented on the strong financial performance, stating, “Our profitability in the first six months reflects
Sri Lanka experienced a significant increase in loan demand across the retail, corporate, and small and medium enterprise (SME) sectors during the second quarter of 2024, according to a recent survey by the Central Bank of Sri Lanka. This uptick is attributed to lower interest rates and stable exchange rates, reflecting improved economic confidence and
Seylan Bank has unveiled a new addition to its financial services suite with the launch of Seylan Factoring, designed to help businesses access funds by leveraging outstanding trade receivables. Unlike traditional loans that consider a broad range of factors, factoring focuses primarily on the quality and collection of receivables to establish the facility. Seylan Factoring
Ceylon Electricity Board Reports Rs.34.35 Billion Profit for 2Q24 Amidst Tariff Reductions The state-run Ceylon Electricity Board (CEB) announced a significant profit of Rs.34.35 billion for the quarter ending June 2024, marking a 24.4 percent increase from the same period last year. In the first half of 2024 (1H24), CEB achieved a remarkable turnaround with
Nine Sri Lankan banks, along with the Bank of China, have shown interest in establishing branches within the Colombo Port City, according to Chief Operating Officer of the Colombo Port City Economic Commission, Revan Wikramasuriya. Recently, Sri Lanka has introduced new regulations governing banking operations within this special economic zone. These banks will be regulated
The Colombo Stock Exchange (CSE) and South Eastern University of Sri Lanka (SEUSL) have formalized a partnership through a Memorandum of Understanding (MoU) to enhance the financial literacy of SEUSL undergraduates. The agreement was exchanged last Friday at the SEUSL premises in Oluvil. This initiative is part of CSE’s broader effort to improve financial literacy
Hatton National Bank PLC (HNB) has announced the successful oversubscription of its debenture issue aimed at raising Rs. 12 billion. The bank offered Basel III compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion feature, priced at Rs. 100 each. The issue included 120 million debentures with 5-year (2024/2029), 7-year (2024/2031),
Bank of Ceylon (BOC), Sri Lanka’s leading financial institution, has proudly announced its inclusion in The Banker magazine’s esteemed list of Top 1000 World Banks for 2024. BOC stands as the only Sri Lankan bank to secure a place on this prestigious list, marking another milestone during its 85th anniversary celebrations. As a cornerstone of
Dialog Axiata PLC’s performance for the quarter ending June 2024 was disappointing, with a decline in revenue and increased overhead costs impacting the group’s operating results. The company reported a revenue of Rs. 40.9 billion for the April–June period, marking an 11.7 percent decrease compared to the same quarter last year. The drop in revenue