The following commentary relates to the interim non-audited financial statements for the nine months ended 30 September 2019, presented in accordance with Sri Lanka Accounting Standard 34 (LKAS 34) on “Interim Financial Statements”.
The Nuwara Eliya Golf Club (NEGC), one of the oldest golf clubs in Asia, recently appointed the Commercial Bank of Ceylon as its Internet Payment Gateway (IPG) service provider.
Understanding and anticipating customer needs, Sri Lanka’s largest private sector Bank, HNB PLc opened its doors to its newest customer-centric, business unit at the most prestigious address in town - One Galle Face shopping mall.
Nations Trust Bank is supporting the Wildlife and Nature Protection Society to host an exciting event titled “Chat with Saba”. The event will feature a lively discussion on elephants and elephant conservation with Saba Douglas-Hamilton, the world famous conservationist, wildlife presenter and award-winning wildlife filmmaker.
People’s Bank ceremoniously initiated the distribution of donations received from generous and charitable Sri Lankans for bank’s ‘Pathumak Thagi Karamu’ campaign at the B/Kumarapattiya Ambagasdowa Rajakeeya Vidyalaya recently. I
Union Bank continued to focus on portfolio alignment and prudent cost management to sustain against a hard-hitting macro economic environment that continued to weigh down the banking sector during the third quarter of 2019.
Working to meet rising demand for convenient and effective banking solutions among a growing base of digitally savvy customer base, Sri Lanka’s leading bank in the field of technological innovation,
Business News from Sri Lanka:
Discounts of up to Rs 50,000, lower installments and reduced interest rates for the purchase of
Pan Asia Bank recognized at Presidential Environment Awards 2019 for winning the ‘Global Climate Partnership Award’ »
Pan Asia Bank took centre-stage at the high-profile ‘Presidential Environment Awards 2019’, held on 29th October 2019, at the Nelum Pokuna Mahinda Rajapaksa Theatre, on which occasion, the President of Sri Lanka, His Excellency Maithripala Sirisena, recognized the bank for winning the prestigious Global Climate Partnership Award which was won in June 2019 for the bank’s green lending efforts.
Nations Trust Bank American Express and Nations Trust Bank Private Banking have partnered with Cinnamon Life to bring you“Jazz by the Lake”, which is set to be Colombo’s most exclusive and elegant jazz event. The first “Jazz by the Lake” event soothed Colombo’s souls on the 20th of October 2019 at Cinnamon Lakeside.
The Commercial Bank of Ceylon was recently presented the award for ‘Sri Lanka’s Best Bank in 2019’ by the USA-based Global Finance magazine at the 26th Annual Best Bank Awards Ceremony held at the National Press Club in Washington, DC on the sidelines of the annual meetings of the IMF and World Bank.
Bank of Ceylon as the leading commercial bank in Sri Lanka commemorating its 80th anniversary this year unveiled a symposium on Innovative Bankingon 04th November 2019, which is a first-of-its-kind in the industry, under the theme “Innovative Banking in a smart world”.
Sri Lanka’s leading private sector bank, HNB PLC organized a ceremony recently to felicitate their employees who completed 25 years of service in the Bank. HNB organized a gala event to recognize 146 employees who had joined the Bank in 1993. This annual event, highly anticipated in HNB’s calendar, was attended by HNB Managing Director and CEO Jonathan Alles, Chief Operating Officer, Dilshan Rodrigo, Head of Human Capital Management, Indrajith Senadhira and other members of the Corporate Management.
Towards facilitating the growing needs of SMEs and business enterprises, Amana Bank recently launched a specialized banking platform titled Amana Bank Business Plus. Amana Bank Business Plus is a platform tailor made for business owners offering a banking relationship that ensures not only peace of mind on their finances but also allowing them to invest more time to focus and grow their business.
BOC Commemorates its 80th Anniversary with “BOC Haritha Arana”- 100 Hectare 80,000 Tree planting Project »
In response to the Government’s island-wide program-“Wana Ropa” to add 2889 hectares to national forest cover and also to commemorate the 80th Anniversary of the Bank, the Bank of Ceylon has itself committed to restoring a hundred hectares of degraded forest in Hurulu Conservation Forest as “BOC Haritha Arana”.
Nations Trust Bank Mastercard Announce The Winner Of ‘Witness Rugby World Cup 2019 Finals In Japan’ Promotion »
Nations Trust Bank MasterCard Credit Cards & Debit Cards conducted the ‘Witness Rugby World Cup 2019 Finals in Japan’ Promotion where Cardholders simply had to swipe their Nations Trust Bank MasterCard Credit or Debit Cards for LKR 5,000 or more at any MasterCard merchant island-wide from 1st of April to 31st of August 2019 to enter into the draw.
‘The Business Today’, Sri Lanka’s premier business magazine in its latest evaluation has included Pan Asia Banking Corporation PLC among the Top 30 corporates in Sri Lanka for the first time in its history in recognition of the bank’s business and financial resilience in challenging times.
Catering to a growing customer base in the Ratmalana area, HNB PLC, ceremonially opened its newly relocated Ratmalana Customer Centre at No. 124, Galle Road, Kaldemulla, Moratuwa this week. Open for business every weekday from 9.00 a.m. to 3.00 p.m., the bank’s spacious new premises will feature a complete spectrum of banking products and services. The state-of-the-art customer centre is designed to provide a new paradigm in banking convenience for customers in Ratmalana and around
The Commercial Bank of Ceylon has announced that worldwide holders of JCB (Japan Credit Bureau) Credit Cards can now withdraw money from the Bank’s ATMs in Sri Lanka, offering a noteworthy segment of tourists visiting the country easy access to their funds.
Standing testimony to its superlative service to the nation, Sampath Bank was placed among Sri Lanka's 10 Most Admired Companies at the 'Most Admired Companies of Sri Lanka 2019' held at BMICH recently.
Two of Ceylinco Life Insurance’s finest; Messrs G. G. Botheju and A. I. P. Manjula, triumphed as ‘Best Advisors’ at the Life Industry Sales Awards presented at the recent National Forum for Life Insurance Advisors (NAFLIA) 2019 Insurance Congress.
The ceremonial opening of People Bank’s Kaluwanchikudi Branch at its new premises took place recently with the attendance of Mr. A.U.A Anzar, Assistant General Manager (Marketing) of People’s Bank.
Adopting cutting-edge technology, DFCC Bank PLC a leading commercial bank in Sri Lanka, recently introduced the Common Electronic Fund Transfer System (CEFTS) payments facility through its payments and cash management online platform for corporate clients, DFCC Bank iConnect.
The Commercial Bank of Ceylon has further strengthened its presence in the Kurunegala District, with the opening of a fully–fledged branch in Hettipola. The Bank’s 267th branch in Sri Lanka is located at No. 178/1, Kurunegala Road, Hettipola.
Sri Lanka’s leading private sector bank, HNB was recognized as Sri Lanka’s Strongest Bank by balance sheet evaluation by the prestigious Asian Banker Magazine. Speaking of the achievement, HNB MD/CEO Jonathan Alles stated: “There are a multiplicity of metrics which professionals utilize to gauge the success of a bank, because business is about numbers, but it is also about trust
The Commercial Bank of Ceylon has been declared the ‘Best Commercial Bank Sri Lanka 2019’ by the International Banker Magazine, a prestigious UK publication that prides itself on authoritative analysis of international banking operations.
DFCC Bank, the Bank for Everyone offers special education loan packages, providing end-to-end financial solutions suited for individuals seeking to pursue higher education programs locally or internationally. Offering flexible repayment options coupled with competitive interest rates,
AmanaBank, having paid its inaugural dividend in 2018, has now announced an interim dividend for the Financial Year 2019. The total dividends of over Rs.200 million, translating to 8 cents per share, is scheduled to be paid on 11 October 2019.
The Asia Pacific Institute of Information Technology (APIIT) Sri Lanka, one of the leading private institutions providing quality higher education, has launched an Education Loan Scheme in partnership with Commercial Credit and Finance PLC. The scheme was launched to provide a viable solution to meet the higher education aspirations of youth in Sri Lanka.
Hatton National Bank PLC (HNB) was recognized as a winner in the Top Workplaces in Asia category of the Asia Corporate Excellence & Sustainability Awards (ACES) 2019.
Cargills Bank Ltd. announced the appointment of Ranjit Page as the Chairman of the Bank with effect from September 19, 2019. Louis Page, the founder Chairman of the Bank, retired on reaching 70 years of age in line with CBSL regulations.
BOC’s Nanajaya Scholarship Awards 2018, a worthy initiative of the Bank of Ceylon aimed to empower country’s youth, is set to award to deserving youth in the country in a ceremony scheduled to be held at the Bandaranaike Memorial International Conference Hall (BMICH) Colombo on Friday, September 27th 2019.
At the recently concluded Excellence in Integrated Reporting Awards 2019, Sri Lanka's leading private-sector commercial bank, HNB, once again delivered notable performance, ranked among the Ten Best Integrated Reports for 2019.
The efforts of the Ceylon Commercial Bank to enhance financial literacy among micro-entrepreneurs recently reached Angunakolapelessa in the district of Hambantota, when the Bank, in collaboration with the Sri Lanka Central Bank, held a seminar for growers of vegetables, paddy and maize in the area.
The Nations Trust Bank has recently expanded its reach at No.340, Galle Road, Kalutara, with its newest branch in Kalutara, expanding its branch network to 96 locations across the island. Senior bank officials, clients, and other dignitaries attended the opening ceremony to mark the inauguration.
Strengthening the partnership between two of the country's major local corporations, Cargills Bank and Janashakthi Insurance PLC
DFCC Bank, one of the fast-growing commercial banks in Sri Lanka
NDB Bank is celebrating its 40th anniversary, marking four centuries of unparalleled engagement and innovation, from the origins of the Bank's growth to the growth of people, families, companies, and society.
Ceylinco Life recorded net income of Rs 14.7 billion in the first quarter of 2019, an rise of 10.55 percent over last year's respective period as a consequence of investments that yield remarkable yields and a fair growth record of premium revenue.
DFCC Bank, one of Sri Lanka’s fully-fledged commercial banks in Sri Lanka, was recently recognized at the Global Sustainable Finance Awards 2019 in Karlsruhe, Germany. Bagging a Certificate of Merit for Outstanding Sustainable Project Financing for the 7th consecutive year, DFCC Bank was acknowledged for its effort in “Financing Municipal Solid Waste to Electricity Project”, further demonstrating the bank’s sustainable corporate strategy.
Amana Bank has joined hands for the third consecutive year with the Sri Lanka Gem and Jewellery Association to be the official banking partner for their annual showpiece exhibition Facets 2019.
The Commercial Bank of Ceylon recently recognized five groups of students from President’s College, Kotte, who created coded, real-world applications in miniature form, after following a foundation course in computer programming supported by the Bank.
The Commercial Bank Group has reported operating profit before impairment charges and taxes of Rs 19.476 billion for the first half of 2019, a 9.45% increase over the same period of 2018.
Leading Sri Lankan Life Insurer, Janashakthi Insurance PLC (Janashakthi), recorded impressive year on year growth of 20% in Gross Written Premium (GWP) for the six months ended 30th June 2019, ending the period with a GWPof Rs. 1.74 billion.
Financial News from Sri Lanka: To close the quarter with a bottom line of Rs 162.2 million, the Amãna Bank achieved
Volatile economic conditions which prevailed in the country and affected many key economic sectors since the second half of 2018, continued into 2019 as well, impacting the financial performance of many businesses.
HNB PLC and Indra Traders have teamed up to offer leasing packages for all unregistered cars and Foton trucks made available by the local automobile giant.In the presence of HNB's Deputy General Manager, Retail Banking, Sanjay Wijemanne and Head of Personal Financial Services, Kanchana Karunagama and Indra Trader's Sales and Marketing Director, Hashindra Silva, Assistant General Manager, Mahesh Palihakkara and Sales Manager Saleela Rajapaksha, the agreement was signed at HNB Towers.
The Ceylon Commercial Bank won two awards at the 2019 Sri Lanka Best Employer Brand Awards recently presented by the World Human Resource Development (HRD) Congress for' Brand Excellence in Banking' and Best Corporate Social Responsibility Practices.The awards recognized Commercial Bank for its powerful brand presence in and outside Sri Lanka and highlighted the Bank's significant contributions to the nation through ongoing and impactful work on Corporate Social Responsibility (CSR).
AIA headquarters staff and North and East Regional Offices traveled to Mahiyanganaya to provide the 50-year-old Mahiyanganaya Base Hospital with a fresh coat of paint and a clean-up.
Commercial Bank CSR Trust, carried out through the Passara Branch of the Bank, saw the installation at the Passara District Hospital of a complete water treatment plant that had previously received water polluted with agrochemicals and waste materials.
Core business of DFCC Bank posted a profit before tax of LKR 2,056 million and profit after tax of LKR 1,588 million for the period ended 30 June 2019 compared to profit before tax of LKR 2,373 million and profit after tax of LKR 1,837 million in the comparative period. After accounting for the one-off fair value loss on Commercial Bank of Ceylon PLC shares transferred to the trading portfolio,
On 1 August 2019, the Bank of Ceylon celebrated its 80th anniversary at its Head Office –the iconic "BOC Tower," starting with a ceremony featuring all four religions to invoke blessings on the bank. The ceremony took place at the BOC Tower's first floor with the participation of the bank's Acting Chairman, Kumar Mayadunne, P A Schaffter Director BOC, Senarath Bandara General Manager / CEO, members of the Bank's Corporate and Executive Management, a distinguished group of clients and well-wishers, and BOC employees.
A special ceremony to mark the 80th anniversary of the Bank of Ceylon was held at the Bank’s Lake House Branch under the patronage of Branch Manager K.A.P. Jayasinghe on August 1. Members of Lake House (ANCL) Management including General Manager Abhaya Amaradasa Company Secretary Kumudu Gunawardena and Cash Department Manager Ajith Fernando were present on the occasion.
The commercial credit and finance PLC recently moved its Ambalantota office to a larger location in the city's heart. The relocated branch was opened by K.D's senior executive. Sanath Sujeewa was followed by regional manager Havidu Balasooriya.
Seylan Bank has moved its Badureliya branch to a more comfortable facility with the recent banking facilities in reaction to the requirements of integrated banking facilities. The fresh branch will be available from 9 a.m. at Rathnapura Road, Badureliya.
In its 2019 Asian Banking and Finance Awards, the Commercial Bank of Ceylon continued the winning row of its year, receiving five prizes, two in the category "Wholesale Banking Awards," two in the category ' Retail Banking Awards' and one in the category ' Business & Investments Banking Awards.'
A totally fresh Credit Regulatory Authority Act is being introduced by the Central Bank of Sri Lanka (CBSL) to tackle present problems faced by the nation's unaccountable micro-finance agencies (MFIs).
The Banco of Ceylon (BOC), which has taken Gampaha Branch to its new location as the Commemoration Branch for the 80th anniversary, has reached yet another milestone, providing clients with more comfort.
For the year 2019, the NDB Investment Bank (NDBIB) again won the prestigious Euromoney prize of the "Best Investment Bank in Sri Lanka." This marks the eighth consecutive victory for NDBIB, one of any investment bank's longest winning lines and coincides with Euromoney magazine's 50.
A math lab established by the Commercial Bank of Ceylon on the Shilpa Sena Fair for four days was a significant attraction for learners from many age groups at the request of the Sri Lanka Accreditation Committee for Conformity Assessment (SLABCC).
In the context of challenging market circumstances that have tested business resilience across all industries, Union Bank found a powerful first half of the year with an important development in key bank income, with resultants before all taxes of Rs. 849 million.
HNB Assurance PLC rang the opening bell at the Colombo Stock Exchange (CSE) today. The ceremony was organized to celebrate the inclusion of HNB Assurance PLCin the S&P SL20 Index following the 2019 mid-year index review.
In partnership with leading lifestyle, health and fitness app Ayubo.life, Janashakthi Insurance PLC presents a preventive way to make clients travel well with the innovating ' life solution.
ComBank Q+–the first Quick Response (QR)-based payment application to be introduced under LANKAQR–has been initiated by the Commercial Bank of Ceylon. This creates history by bringing new technology to customers ' life.
He told reporters in Colombo after the announcement of the monthly monetary policy that government revenue fell with higher expenditure opening doors for a possible tax slip. The Monetary Council decided to keep policy interest rates at its present level at its recent monetary policy conference.
The Commercial Bank of Ceylon has partnered with 35 major travel agents to give a purse-easy travel experience to bank credit card holders by buying airline tickets through the Easy Payment Plans (EPP) of the Bank. Credit cardholders can now buy their airline tickets and convert the payment to an EPP, a service that enables cardholders to pay from a variety of payment plans in equal monthly installments of their choice. This promotion will be accessible until the end of June 2020.
SDB bank and SOALA Commercial Equipment (Pvt) Ltd entered into a Memorandum of Understanding (MoU) to offer financial solutions for SOALA commercial equipment customers wishing to expand their businesses. The MoU was signed by the Chief Executive Officer of SDB bank Thilak Piyadigama and Founder and Managing Director of SOALA Commercial Equipment (Pvt) Ltd – Chaminda Abeygunasekara.
At the Galadari Hotel in Colombo in the presence of 300 shareholders, the Merchant Bank of Sri Lanka and Finance PLC (MBSL) held its 37th Annual General Meeting on 25.06.2019.
An exchange between the Chief Executive Officer of Nalin Perera, Mobitel and Jude Gamalath Chair of MBSL and Finance for the partnership agreement is to be concluded.
HNB has partnered in a collaboration with Sony Pictures and hosted Sri Lanka's most customer-friendly bank, Spider-Man: Far from Home for social media enthusiasts, a sophisticated corporate screening of the highly expected sequel to blockbuster.
Asian Development Bank ADB is a powerful Sri Lankan development partner since 1966. In an effort to shift Sri Lanka's Ferrovial into the future, the Bank will provide the US $160 million in support of the rail efficiency enhancement project. According to Sri Widowati, the country director for ADB in Sri Lanka, debates have concluded regarding the suggested project and ADB hopes that the project will soon be approved by the Sri Lankan Government.
The first instant-rewarded plan based on the air miles traveled by the Sampath card holders valid until 31 July 2019 was introduced by Crazyjets.com with Sampath Bank. Crazyjets.com's' Fly Miles ' provides a discount equivalent to a straight line distance of miles from the departure and arrival airport to Sampath Cardholders.
For the fifth time in the FinanceAsia Country Awards, the Commercial Bank of Ceylon lately got its coveted Best Bank of the Year award in Sri Lanka. Prins Perera, deputy general manager of the Treasury, accepted the prize on behalf of the Bank was depicted at the case held at St. Regis Hotel, Hong Kong.
NDB and the British Council lately granted more than 190 promising applicants for "English for Teaching" instruction at the DHPL / NDB Audience in Nawam Mawatha, a publication from government schools in ten areas. The teachers were from Government Schools from regions in Ampara, Trincomalee, Anuradhapura, Badulla, Eheliyagoda, Gampaha, Hatton, Matara, Vavuniya, and Yakarawatta.
Recently in Seruvavila Mangala Raja Maha VIharaya a People's Bank Automated Teller Machine (ATM) was installed and opened. It enables users, on all seven days of the week and 365 days of the year, to withdraw cash 24 hours a day.
Fitch Ratings has updated and confirmed the MIF to Negative from Stable Outlook on Mercantile Investment and Finance, PLC. At the same time, Fitch confirmed its ratings on –Central Finance Company PLC (CF)–LB Finance PLC (LB)–Senkadagala Finance PLC(Senka)–Leasing and financing firms (PLC)–People's Finance PLC(PLC) Sri Lanka's financial firms have been reviewed regularly by Fitch. At the end of this rating action commentary, there is a complete list of rating actions.
DFCC Bank is expanding advantages for vehicle permit holders in its recent offering. In addition to offering zero margins and concession commission for Letters of Credit (LCs), DFCC provides financing help through customized personal loan schemes for permit holders, unique insurance packages through its insurance partners, and 0 percent insurance premium installment plans through DFCC credit cards.
Sampath Bank announced in a stock exchange filing that the Board of Directors was effective in allocating all the stocks remaining unsubscribed at the close of the Company's rights issue.
NSB carrom players Yohan Sampath and Asela Soysa bagged double title at the recently concluded Nationalized Services Novices Tournament.
Ceylon's Commercial Bank has become one of the first banks in Sri Lanka to accept co-branded LankaPay JCB
The Ceylon Bank joined the newly constructed Laggala Green Town, replacing the ancient town submerged in the Moragahakanda Kalu Ganga reservoir project.
Union Assurance emerged as the Winner in the Finance Services and Insurance Category at the ACCA Sri Lanka Sustainability Reporting Awards 2018 held on May 30. This is the 15th consecutive year that ACCA has organized this event and the 11th instance that UA was recognized for sustainable business practices.
NDB partnered with the Nation Blood Bank to host a special blood donation campaign last week. The blood donation campaign organized by the NDB Staff Recreational Club (SRC) was held on May 30 and saw a massive response of volunteers among the Bank’s staff eager to donate a pint.
The biggest testimony to the credentials of DFCC Bank as the industry leader in pioneering FinTech solutions in the banking and
Fitch Ratings Lanka has upgraded the National Long-Term Ratings of Union Bank to ‘BBB-(lka)’ from ‘BB+(lka)’ with a Stable Outlook.
Cargills Bank announced the appointment of Darshana Ratnayake as its Chief Commercial Officer (CCO) with effect from May 2019.
For the Second Consecutive year, the Commercial Bank of Ceylon was awarded the ‘Social Media Brand of the Year 2019’ at the 8th Global Customer Engagement Forum & Awards in Mumbai, sharing the honor with joint Gold winner Switzerland Tourism.
Nations Trust Bank’s performance during the quarter ending March 31, 2019, reflected a continuation of the issues witnessed in the previous few quarters with increasing non-performing loans and moderation of credit growth.
Recently, Hatton National Bank posted a profit before tax of Rs 3.3 billion and a profit after tax of Rs 2 billion for the first quarter of 2019, despite all the market challenges
People’s Bank was recently bestowed with two prominent awards on the global banking platform. The first prestigious award as the ‘Best Retail Bank in Sri Lanka’, Digital Bank in Sri Lanka’ and ‘The Most Improved Retail Bank in the Asia Pacific, Middle East and Africa’
A steady start was made in 2019 by Seylan Bank posting a Profit after Tax of Rs. 903 Million in Q1 despite less than ideal market conditions.
The launch of Nations Trust Bank’s Employee Trust Proposition is to be launched today (2nd April 2019) with an objective of being a leader in Human Resource Management.
Continuing its winning streak the Commercial Bank of Ceylon has won two more international awards – ‘Best Internet Bank – Sri Lanka’ and ‘Best Green Bank – Sri Lanka
At the recently conducted SLIM-Neilson People’s Awards 2019, People’s Bank was bestowed with the ‘People’s Service Brand of the Year’ and ‘People’s Banking Service Provider of the Year.
Once again the Bank of Ceylon was recognized as the “Best HR Organizations to Work for” by the HRD Congress at the Taj Lands End, Mumbai, India in February 2019, for this was the second consecutive year.
The Katunayake IPZ Branch, of Bank of Ceylon, was relocated to a new premise recently, as it was considered a strategic move to add more convenience for customers in the area. Therefore, the opening ceremony took place with the participation of many important personalities.
A Senior Banking Professional with over 40 years of experience in the banking industry, J. Chandrasekera assumed duties as Chairman of the National Savings Bank yesterday.
In a challenging operating environment, Union Assurance PLC (UA) recorded an encouraging 11% growth in Gross Written Premiums (GWP).
Profit after tax in
A growing digitally driven financial entity, Cargills Bank reiterated its commitment to true digitization of Banking with the opening of three new Digizones in Colombo.