Examining specific industries such as technology, healthcare, finance, and manufacturing, including trends, challenges, and opportunities within each sector.
Sri Lanka’s banking sector outlook has stabilized, with the Central Bank’s decision to prevent dividend repatriation playing a key role in the sector’s recovery. According to Maninda Wickramasinghe, Managing Director and CEO of Fitch Ratings Lanka Ltd., Sri Lanka can expect a sovereign rating upgrade immediately after the completion of its debt restructuring. At an
The Banks’ Chief Information Officers Forum (BCIOF), the premier C-level forum in Sri Lanka’s banking and financial sector, hosted a successful ‘Partner Meet Up’ on 27 August at the Grand Sapphire, Courtyard by Marriott Colombo, as a prelude to the highly anticipated ‘The CIO Confluence 2025.’ With the banking and financial sector driving digital transformation,
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
Union Bank proudly announces the launch of its upgraded UBgo mobile app, a key development in the bank’s ongoing digital transformation strategy. This new version reflects Union Bank’s dedication to delivering innovative and customer-focused digital solutions. The revamped UBgo app features a range of enhancements aimed at providing a more intuitive, secure, and comprehensive banking
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