Financial Services

Asian stocks, pound, crude tumble on trade and Brexit fears

Views - 30 Friday, 24 May 2019 00:00

HONG KONG, AFP: Asian equities tumbled Thursday as China-US trade frictions continue to dog investors, while the pound hit a fresh four-month low on Brexit worries and energy firms were battered by plunging oil prices. Markets across the region were

Stocks edge up in light turnover; rupee up

Views - 37 Friday, 24 May 2019 00:00

REUTERS: Sri Lankan shares closed slightly firmer on Thursday and extended gains into a fifth session, but trading volume slumped to a near five-month low amid worries over economic slowdown and lack of investor appetite for risky assets. Traders sa

ISO certification for HNBA’s New Business and Claims Process

Views - 44 Thursday, 23 May 2019 02:41

The New Business Management Department and Life Claims Department of HNB Assurance PLC (HNBA) were certified with ISO 9001: 2015. Upon being independently audited, both New Business and Claims Departments excelled in the process of meeting required c

Do we hold too much cash?

Views - 89 Thursday, 23 May 2019 02:39

By Manpreet Gill After being desensitised for many years by virtually zero interest rates, one can suddenly earn a positive yield on cash again in many major currencies. While the rates may still not be terribly exciting – 12-month USD Libor yields

Compliance is key for 2019 – IFRS9 solution

Views - 109 Thursday, 23 May 2019 02:36

Fitch Ratings rates 16 of the local banks and 12 of them have disclosed their day-one impact of the new accounting standard which significantly increases the banks’ loan loss provisions. International Financial Reporting Standards (IFRS 9) or its

Stocks inch higher in thin trade; rupee weaker

Views - 50 Thursday, 23 May 2019 02:35

Reuters: Sri Lankan shares closed slightly higher yesterday, extending gains into a fourth session, but trading volume slumped to a near three-week low. Traders said the Easter Sunday bombings and aftermath violence weighed on investor sentiment. Mo

CDB’s pre-tax profit tops Rs. 2.7 b with 34% growth

Views - 100 Thursday, 23 May 2019 02:33

Citizens Development Business Finance PLC (CDB) reinforced its dominance as a disruptor in the financial intermediary business in Sri Lanka with its exceptional financial results for FY 2018/19, posting profit before taxes of Rs. 2.7 billion, an incr

364-day bill weighted average crashes to 64-week low

Views - 73 Thursday, 23 May 2019 02:29

The benchmark 364-day bill weighted average was seen dropping below the psychological level of 9% for the first time since 5 September 2018 at its weekly auction held yesterday. The drop of 28 basis points saw it registering a 64-week or over a 15-mo

Sri Lanka Insurance awarded most valuable General Insurance Brand by Brand Finance 2019

Views - 46 Thursday, 23 May 2019 02:27

Sri Lanka Insurance General Insurance category is a well-recognised and trusted brand. Having transformed itself into a dynamic and financially viable corporation many years ago, it is now on a quest to solidify its leadership position through even b

Seylan Tikiri ‘Avurudu Ganu-Denu’ ends on a high note

Views - 30 Wednesday, 22 May 2019 00:00

Seylan Tikiri, the most trusted minor savings account, celebrated the month of Sinhala and Tamil New Year with a thrilling promotion by offering Tikiri children the opportunity to grab their favourite gifts through the bank’s branch network. Condu

Two years on, FriMi from NTB continues to dominate digital banking sphere in Sri Lanka

Views - 1045 Wednesday, 22 May 2019 00:00

Convenience has always been synonymous with FriMi and in just a short span of two years, the first digital bank in Sri Lanka has completely changed the way banking and payments can be done. FriMi functions as a fully-fledged digital bank, mobile wall

Global stocks gain as US eases Huawei restrictions

Views - 62 Wednesday, 22 May 2019 00:00

LONDON (Reuters): Stock markets gained on Tuesday, with chipmakers and companies exposed to Asia among the best performers, after Washington temporarily eased trade restrictions imposed last week on China’s Huawei. In Europe, the broader Euro STOXX

HDFC reports robust profit growth in 2019 Q1

Views - 67 Wednesday, 22 May 2019 00:00

HDFC Bank has reported robust profit growth in the first quarter of 2019 compared to the corresponding period in 2018, signalling a strong start to the financial year 2019. The Bank posted a profit before VAT, NBT and Debt Repayment Levy (DRL) of Rs.

Ceylinco Life makes strong start to 2019 with Q1 income of Rs. 7.2 billion

Views - 44 Wednesday, 22 May 2019 00:00

Steady growth of its life insurance business and strong investment gains have enabled Ceylinco Life to generate total income of Rs. 7.17 billion in the first quarter of 2019, achieving healthy growth of 10.7% over the corresponding three months of la

Bond market remains active as positive momentum continues

Views - 76 Wednesday, 22 May 2019 00:00

By Wealth Trust Securities The secondary bond market remained active yesterday with the liquid maturities of 15.03.23, 15.05.23, 15.03.24, 01.08.26 and 15.01.27 hitting lows of 10.00%, 10.10%, 10.05%, 10.30% and 10.36% respectively against its previo

Alawathugoda branch of People’s Bank at new premises

Views - 31 Tuesday, 21 May 2019 00:00

Alawathugoda branch of People’s Bank was opened recently at its new premises, on an auspicious time. The branch was moved to this new premise with the intention of making novel banking technologies and all their benefits more accessible for citizen

Union Assurance continues focus on sustainable growth

Views - 54 Tuesday, 21 May 2019 00:00

UA has reported Rs. 2.5 billion gross written premiums for the first quarter of 2019. This was 1% below the figure reported in the prior period, mainly due to decline in new business premiums as the company aligned its distribution channels to target

One year T-bill yield crashes

Views - 117 Tuesday, 21 May 2019 00:00

By Wealth Trust Securities The secondary bond market ending 17 May witnessed a week of volatility, with yields increasing during the beginning of the week on the back of renewed selling interest, and thereafter decreasing towards the latter part of t

CSE’s MoU with LSEG will immensely strengthen our debt market offering: Ray

Views - 63 Tuesday, 21 May 2019 00:00

London Stock Exchange Group (LSEG) recently announced the signing of a landmark Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) to facilitate further collaboration between the two Groups. The MoU will enable LSEG to support t

Tokenising securities to raise capital focusing on Sri Lankan upmarket real estate

Views - 297 Friday, 17 May 2019 00:00

Ambuli International, a consultancy firm focusing on the applications of blockchain, cloud computing, artificial intelligence and big data in the financial and other sectors, is currently exploring in Sri Lanka tokenisation of securities to raise cap

AIA Insurance’s Smart Wealth: Short term commitment, long term wealth creation

Views - 50 Friday, 17 May 2019 00:00

Wealth is important for many things in life. Be it educating your children, maintaining the desired lifestyle for you and your family or ensuring financial security at retirement. Protecting, managing and growing your wealth is key. That is why AIA I

Allianz first-quarter net profit rises, slightly beats estimates on lower claims

Views - 37 Friday, 17 May 2019 00:00

FRANKFURT (Reuters): German insurer Allianz SE on Tuesday posted a small rise in net profit in the first quarter from a year earlier, marginally ahead of expectations, and confirmed its targets for 2019. Results were helped by lower claims from natur

Kanrich Finance Chilaw branch commences gold loan services at new premises

Views - 29 Friday, 17 May 2019 00:00

With a prestigious history of 47 years and trusted excellence, backed by loyal customers who have been the source of their strength, Kanrich Finance Ltd. with the intention of delivering an advanced and highly efficient service to their trusted clien

DFCC Bank opens new branch in Minuwangoda

Views - 113 Friday, 17 May 2019 00:00

DFCC Bank opened its newest full-fledged branch in the heart of Minuwangoda, recently. Minuwangoda community can now enjoy the personal and commercial banking services extended by DFCC Bank, which has a solid reputation built over six decades of ach

Bond yields continue to tumble

Views - 80 Friday, 17 May 2019 00:00

By Wealth Trust Securities The buying interest across the yield curve, consisting of the maturities of two 2023’s (15.03.23 & 15.07.23), 15.03.24, 15.01.27, 01.09.28 and 01.05.29, led to its yields decreasing to intraday lows of 10.30%, 10.32%, 10.

Stocks edge up from near 7-year low on bargain hunting; rupee firmer

Views - 46 Friday, 17 May 2019 00:00

Reuters: Sri Lankan shares rose on Thursday, snapping their 10-session losing streak to recover from its lowest close in nearly seven years as investors bought beaten down shares. The rupee edged higher for the second session after four straight days

Trade war flare-up spurs biggest EM outflows in seven months: IIF

Views - 23 Friday, 17 May 2019 00:00

HONG KONG (Reuters): Emerging markets saw the heaviest capital flight since last October in recent weeks as trade tensions between China and the United States escalated, the Institute of International Finance (IIF) said in a report on Wednesday. US P

Asian shares fall after US blacklists China’s Huawei

Views - 31 Friday, 17 May 2019 00:00

TOKYO (Reuters): Asian shares fell on Thursday after the United States hit Chinese telecoms giant Huawei with severe sanctions, threatening to further strain Sino-US trade ties. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.2%,

NDB conducts Investor Webinar on Q1 Results 2019

Views - 59 Friday, 17 May 2019 00:00

National Development Bank PLC released its financial results for the first quarter ended 31 March 2019 [Q1 2019], together with a detailed performance commentary on the results to the Colombo Stock Exchange on 14 May. The bank recorded a pre-tax pro

Cargills Bank appoints Darshana Ratnayake as Chief Commercial Officer

Views - 86 Friday, 17 May 2019 00:00

Cargills Bank announced the appointment of Darshana Ratnayake as its Chief Commercial Officer (CCO) with effect from May 2019. Ratnayake is a veteran banker with over 30 years of experience in banking and financial services, both locally and oversea

Today's Columnists

Those who go by social proof are easy prey to crafty schemers

Monday, 17 June 2019

Going after social proof Swiss writer and novelist, Rolf Dobelli, in one of the essays in his 2013 book ‘The Art of Thinking Clearly’, has given a fine warning to his readers. He has warned against going by ‘social proof’ or ‘majority view

Poson ponderings on positional power: ‘Authority vested’ vs. ‘authority wasted’

Monday, 17 June 2019

We witnessed a serene Poson Poya, in a far more improved security setting in Sri Lanka. Whilst the Sri Lankan life slowly returning to normal, political fronts do not appear to show the same. Has the political power become the people ‘pava’ (sin)

Emperors without clothes: Is Mother Lanka naked too?

Monday, 17 June 2019

The expression ‘The Emperor without clothes’ derives from the Hans Anderson tale that is based on Sufi wisdom. The Emperor in Anderson’s story was without doubt, the finest dressed man in the land and he loved wearing fine clothes and spent al

The confusion of the collision is becoming indescribable!

Monday, 17 June 2019

Strange are the things we are witnessing in the political scene. The fast-evaporating trust and confidence in politicians and the Government are seriously destroying the harmony of the nation. The Prime Minister of the country has admitted that the

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