Financial Services

Fitch says rising NPLs to weigh on finance companies’ credit profiles

Views - 75 Friday, 15 November 2019 00:00

Fitch Ratings yesterday warned that Sri Lankan Finance and Leasing Companies’ (FLCs) credit profiles are likely to remain under pressure in the medium term due to the high asset-quality risks and weakening profit buffers amid a prolonged slowdown i

DFCC Bank records resilient performance midst challenges

Views - 85 Friday, 15 November 2019 00:00

DFCC Bank yesterday said it recorded resilient performance in the third quarter and nine months of 2019 midst challenges. DFCC Bank recorded a profit after tax of Rs. 2,217 million for the period ended 30 September 2019 before the adjustment for the

Stocks, rupee slip ahead of Presidential Polls

Views - 46 Friday, 15 November 2019 00:00

Reuters: Sri Lankan shares ended weaker on Thursday, edging lower from their near one-week high hit in the previous session, as investors sold healthcare and telecommunication shares ahead of Saturday’s presidential vote. Campaigning for the polls

Dull sentiment in bond market continues

Views - 41 Friday, 15 November 2019 00:00

By Wealth Trust Securities The dull sentiment in the secondary bond market continued yesterday as most market participants persisted on been on the sidelines ahead of the upcoming presidential elections. Limited trades were witnessed on the maturitie

ADB, KfW expand co-financing partnership with additional $ 2 b

Views - 34 Thursday, 14 November 2019 00:00

The Asian Development Bank (ADB) and KfW, the German State-owned development bank, last week agreed to expand their existing co-financing partnership with an additional $ 2 billion over the next four years in order to support continued economic devel

Sampath Bank supports businesses to go online with Evolve

Views - 59 Thursday, 14 November 2019 00:00

As more businesses make the shift from traditional physical outlets to online based operations, an obstacle faced by many is the lack of understanding on how to build an ecommerce platform. Sampath Bank, the driving force in Sri Lankan financial ser

Seylan Bank unveils new ATM at One Galle Face

Views - 33 Thursday, 14 November 2019 00:00

The bank with a heart, Seylan Bank, celebrated the opening of their new offsite ATM alongside the inauguration of the Shangri-La- One Galle Face Mall, Colombo’s newest iconic location. Declared open on 8 November, One Galle Face Mall will function

HNB takes customer service to new level at One Galle Face mall

Views - 110 Thursday, 14 November 2019 00:00

HNB PLC, Sri Lanka’s largest private sector bank, opened its doors to their newest customer-centric business unit at the most prestigious address in town – One Galle Face shopping mall. Declared open by corporate luminary, Harry Jayawardena toge

ComBank opens Automated Banking Centre at One Galle Face mall

Views - 36 Thursday, 14 November 2019 00:00

The Commercial Bank of Ceylon has commissioned a state-of-the-art Automated Banking Centre (ABC) at the One Galle Face mall, offering visitors 24-hour access to the bank’s services. Conveniently located on the ground floor at Beira Lake entrance t

364 day bill increases to 18-week high

Views - 65 Thursday, 14 November 2019 00:00

Accepted volume below offered volume for the first time in 13 weeks By Wealth Trust Securities The start of the shortened trading week saw the 364 day bill weighted average increasing for a third consecutive week by 10 basis points to an eighteen we

Unmatchable dynamics of the Non-Banking Financial Industry

Views - 316 Thursday, 14 November 2019 00:00

The Non-Banking Financial Industry (NBFI – finance companies to most) plays a critical role in the economy. It enables high returns on savings and accommodates borderline borrowers who are not welcomed by banks. Like banks, it too handles financia

MBSL sponsors ‘Talk of the Month’

Views - 22 Thursday, 14 November 2019 00:00

The Merchant Bank of Sri Lanka & Finance PLC (MBSL) recently partnered with the Colombo School of Business and Management (CSBM) as the official sponsor for the corporate event ‘Talk of the Month’. This month’s title was ‘Building the Brand L

NDB posts resilient performance in 3Q midst challenges

Views - 94 Thursday, 14 November 2019 00:00

National Development Bank PLC said yesterday it has recorded yet another quarter of resilient performance against a challenging operating environment and an industry climate marked by slow growth, recording a pre-tax profitability of Rs. 7.6 billion,

Pradeep Amirthanayagam appointed People’s Leasing and Finance Chairman

Views - 43 Thursday, 14 November 2019 00:00

Top professional and existing Board member Pradeep Amirthanayagam has been appointed as the Non-Executive Independent Chairman of People’s Leasing and Finance PLC. The appointment was effective 25 October and was approved by the Central Bank on 8

Orient Finance appoints new CEO

Views - 32 Thursday, 14 November 2019 00:00

Orient Finance PLC has appointed K.M.M. Jabir has been appointed as the Chief Executive Officer (CEO) with effect from 1 November. Jabir has with a wealth of experience, having worked in the banking and Financial Services industries for over thirty-

Arpico Insurance appoints new Chairman, Acting CEO

Views - 29 Thursday, 14 November 2019 00:00

Arpico Insurance Plc announced the appointment of a new Chairman and Acting CEO recently. Viville P. Perera has been appointed Chairman and Non-Executive Non-Independent Director from 5 November and Harsha De Alwis has been made the Acting CEO from

Fairfax strengthens commitment to Sri Lanka

Views - 41 Wednesday, 13 November 2019 01:36

Fairfax Financial Holdings Chairman Prem Watsa, along with other senior officials of the Fairfax Group, visited the island on 5 and 6 November. Fairfax Financial Holdings Founder Chairman and Chief Executive Watsa, based in Toronto, has steered the

Second South Asia Investment Conference co-hosted by CAL successfully concludes in Singapore

Views - 78 Wednesday, 13 November 2019 01:31

The second South Asia Investment Conference (SAIC) jointly organised by Capital Alliance Securities Ltd. (CAL), AKD Securities and Lanka Bangla Securities Ltd. was successfully held in Singapore this week. The conference played host to round-the-clo

HSBC Sri Lanka opens latest express banking centre at One Galle Face Mall

Views - 43 Wednesday, 13 November 2019 01:30

Expanding its retail banking operations in Sri Lanka, HSBC opened a new express banking centre at Colombo’s newest and largest shopping arcade – One Galle Face Mall. Conveniently located on level 1 of Colombo’s eagerly anticipated new seven-sto

People’s Leasing & Finance Annual Report bags 8 coveted awards at ARC Awards International 2019

Views - 21 Wednesday, 13 November 2019 01:30

People’s Leasing & Finance PLC, one of the leading non-bank financial institutions in Sri Lanka bagged eight coveted awards for its 2018/19 annual report at the 33rd ‘ARC Awards International – 2019’. The ARC Awards International being one of

People’s Bank opens school banking unit with CDM at Dharmaraja College Kandy

Views - 15 Wednesday, 13 November 2019 01:27

People’s Bank, with the aim of enabling students to experience digital banking, unveiled a school banking unit at Dharmaraja College, Kandy, recently, which consists of an NFC-enabled Cash Deposit Machine as well. Present on the occasion were Dharm

Corporates vie for honours at CSE Masterminds 2019

Views - 65 Monday, 11 November 2019 01:04

The third edition of Sri Lanka’s only capital market quiz ‘CSE Masterminds’, organised by the Colombo Stock Exchange (CSE), was recently held at the Water’s Edge Hotel, with NDB Investment Banking Group emerging as winner of the overall compe

HNBA bags Gold for Best Branch Manager Award at NAFLIA 2019

Views - 17 Monday, 11 November 2019 01:03

Celebrating those who outshined in the field of sales, the National Forum for Life Insurance Advisors (NAFLIA) took place for the 10th consecutive year at Waters Edge, Battaramulla on 2 September. Taking stand at the premier event for life insurance

Softlogic Finance appoints Aaron Russell-Davison as new Chairman

Views - 74 Monday, 11 November 2019 01:02

Softlogic Finance PLC one of the country’s leading financial services firms, has formally appointed Aaron Russell-Davison as its new Chairman, effective from 24 October. He succeeds Ashok Pathirage who resigned as Chairman of the Board of the Compa

Election keeps market bearish

Views - 72 Monday, 11 November 2019 00:57

By Wealth Trust Securities The upcoming Presidential Election kept the secondary bond market on a bearish mode during the week ending 8 November. Limited activity was witnessed subsequent to the weekly Treasury bill auction results with yields on th

The Islamic financial system – Part 2

Views - 25 Monday, 11 November 2019 00:55

By Ravi Abeysuriya How big is Islamic Finance in Sri Lanka and how long has it been around? An industry that began in 1997 has since witnessed the entry of many players subsequent to the amendment to the Banking Act in 2005. These include one fully-

Corporate treasurers should make more use of derivatives to hedge risks

Views - 408 Monday, 11 November 2019 00:49

Humans have never liked the idea of uncertainty. More so, they did not like the idea of economic uncertainty. Hence, the need to hedge this uncertainty gave rise to the evolution of derivatives. Derivatives have been used by mankind for a very long

Francis Menassa: How the Silver Tsunami will impact wealth transfer

Views - 27 Monday, 11 November 2019 00:48

The world’s population is ageing at a rapid rate. Only 30 years ago, the percentage of the global population that was aged 65 or older was around 6%1. However, today, that figure stands at 9%, and by 2050 it could be as high as 16%, according to a

Shares at 2-week low on profit-taking; rupee ends weaker

Views - 59 Friday, 8 November 2019 00:00

Reuters: Shares ended weaker yesterday, falling for a fourth straight session to a two-week low, as investors booked profits ahead of the presidential vote on 16 November. The country’s main Tamil party yesterday announced their support for Sajith

AIA named in annual Forbes ‘Global 2000: World’s Best Employers’ list

Views - 45 Friday, 8 November 2019 00:00

AIA announced yesterday that AIA Group has been named in the Forbes ‘Global 2000 – World’s Best Employer 2019’ list. The Forbes list is curated from 2000 of the world’s largest public companies and 1.4 million employment recommendations sou

Today's Columnists

Re-thinking voting

Saturday, 16 November 2019

We use our vote (in a democracy) to elect those who should govern us. We can only be governed as long as we are alive. Therefore, our current age and life expectancy determine how long we have left to be governed! So, should the younger population, h

Ministry of Religious Affairs and Interfaith Harmony: A nation rich in unity

Friday, 15 November 2019

This series is based on business leader Dhammika Perera’s recently revealed ‘Economic Growth Strategy and Action Plan to increase GDP Per Capita from $ 4,000 to $ 12,000’. The document outlines goals and action plans for 23 ministries and to

Securing a People’s Constitution

Friday, 15 November 2019

The need for making a People’s Constitution has become a topic of interest not only among the public but also among some candidates of the Presidential Election. Rohan Pallewatte and Mahesh Senanayake have included it in their election manifestos.

The Presidential Election and Dark Public Relations

Friday, 15 November 2019

At the moment we can see only the mudslinging in the Sri Lankan Presidential Election. According to literature, the main objective of Dark Public Relations (DPR) or negative public relations is to discredit someone else, who may pose a threat to the

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