NSB records highest ever pre-tax profit in its history

The financial year 2017 proved to be a remarkable year for state-owned National Savings Bank (NSB) as the banking giant recorded profit before tax (PBT) of Rs.14 billion, the highest ever in its history. Profit after tax (PAT) kept abreast at Rs.9.6 billion. 

Credit growth to surge beyond Central Bank’s expectation if agriculture sector picks up

Private credit growth may exceed the Central Bank projections of 13.5 percent for 2018 by a significant margin if the agriculture sector recovers this year, according to Hatton National Bank PLC (HNB), Sri Lanka’s second largest private lender by assets.

Exporters want decisive action taken against hate-mongers

The National Chamber of Exporters (NCE) yesterday called on the government to take decisive action against the perpetrators of the recent civil unrest in order to send a strong message to the world that there will be no room for similar situations in the future.

TRACE urges government to reconsider social media ban

TRACE, an organisation committed to promoting technology and innovation in Sri Lanka, yesterday urged the government to reconsider the current ban of social media.

Beginning of end for Sri Lanka’s coalition government

The results of Sri Lanka’s local government elections held on February 10, 2018 are causing unexpected political turmoil in the country. The resounding electoral performance of former president Mahinda Rajapaksa’s newly-formed party, Sri Lanka Podujana Peramuna (SLPP), is aggravating the already significant rift between the ruling coalition leaders President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The future of t

A weary public and economy awaits political salvation

Looking back over its past three years in management, common belief holds that the government needs to get its priorities right. The unfortunate events of Kandy and its enduring aftermath are a culmination of mismanagement of affairs by the powers that be and it is safe to say the incumbents will leave behind a legacy of scant interest on any front.

DHL Express offers innovative delivery options in Sri Lanka

DHL Express, the world’s leading international express services provider, announced the launch of a new innovative DHL Locker. This is part of its global On Demand Delivery service offering, providing customers with an innovative and convenient option to pick up their online shopping packages.

Dialog-Samsung announce pre-order for Galaxy S9 & S9 Plus

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider and the exclusive partner network for Samsung in Sri Lanka, announced the launch of the Samsung Galaxy S9 and S9 Plus along with pre-order facilities. 

It’s time to ‘Press For Progress’ for Sri Lanka’s women

The International Women’s Day is always an important marker in my calendar and this year’s theme ‘Press For Progress’ couldn’t be more exciting.

Maldives Education & Career Exhibition to kick off on March 29 in Male´

The Maldives International Education and Career Expo will be held for three consecutive days on March 29, 30, and 31, 2018, in Male´. 

IPM successfully completes 4th Certified HR Auditor Programme

IPM Sri Lanka – the nation’s leader in human resource management, conducted its popular IPM Certified HR Auditor Programme in collaboration with TV Rao Learning Systems (TVRLS), India recently at OZO Hotel in Colombo.

Finlays enters JV with JKH to develop Vauxhall Street land

Finlays Colombo Limited has entered into a joint venture agreement with two wholly-owned subsidiaries of the John Keells group for the development of its land at 186, Vauxhall Street. 

NDB eyes systemically important private bank status by 2020

Armed with a new strategic plan, National Development Bank PLC’s (NDB) new Director/CEO Dimantha Seneviratne says he and his team are ready to take the bank to the next level and transform NDB to one of the systemically important private sector banks by 2020. Before joining NDB, Seneviratne was Director/CEO at Pan Asia Banking Corporation PLC (PABC). He was instrumental in turning around PABC and transforming it into a high-performing mid-s

New accounting standard on loan-loss provisions to dent bank profits

Sri Lanka’s banks are expected to face a yet another challenge, this time from a new accounting standard, which came into effect on January 1, 2018.  The new International Financial Reporting Standard 9 issued on financial instruments will increase the provisions against the possible loan losses and compress margins exerting pressure on the bottom line and thereby the regulatory capital, the banks said. 

Rupee down on importer dollar demand

REUTERS: The Sri Lankan rupee ended weaker yesterday due to importer dollar demand while late exporter sales of greenback capped the fall, dealers said. The rupee which traded at 155.83 during the day closed at 155.70/75 per dollar, compared with Monday’s close of 155.50/70. It hit a record low of 155.90 per dollar on February 14.

Stocks edge up as foreign investors return

REUTERS: Sri Lankan shares rose slightly yesterday and posted their highest close in nearly two weeks as investors picked up beverage and telecom stocks, and foreign investors returned to the market following a communal violence last week, dealers said.

Credit growth to surge beyond Central Bank’s expectation if agriculture sector picks up

Private credit growth may exceed the Central Bank projections of 13.5 percent for 2018 by a significant margin if the agriculture sector recovers this year, according to Hatton National Bank PLC (HNB), Sri Lanka’s second largest private lender by assets.

Taint threatens to stain Ceylon Tea

Fifty three tea factories are facing the prospects of having their licences revoked in the near future, after getting caught adulterating tea during a regulatory survey, the Sri Lanka Tea Board said yesterday.

President arrives in Japan to boost bilateral trade

After concluding the two-day official visit to India, President Maithripala Sirisena arrived in Japan yesterday to further strengthen the long-standing bilateral relations between Japan and Sri Lanka, the President’s Media Unit said.

SLTPB rolls out effective media campaign at ITB 2018

The Sri Lanka Tourism Promotion Bureau (SLTPB) conducted a well-coordinated media campaign at ITB 2018 in Berlin last week, the Tourism and Christian Religious Affairs Ministry said in a statement. As part of this campaign, a high-profile press conference was arranged on the sidelines of the trade exhibition with the participation of many well-known travel journalists. 

LRA approaches SEC to re-enter credit rating biz

The officials behind the now defunct Lanka Rating Agency (LRA) have sent a fresh application to the Securities and Exchange Commission (SEC) requesting permission to re-enter credit rating space in the country, Mirror Business learns.

Laugfs says loss-making resorts will break even by 2020

The Laugfs group is expecting its heavily indebted, loss-making hospitality subsidiary, Laugfs Leisure Ltd, to break even by the 2020 financial year, after going public this year.

JKH gets land in Muthurajawela to carry out logistics business

The country’s largest conglomerate, the John Keells group, has won a government tender for two land plots in the Muthurajawela sand fill area for the next 30 years to conduct logistics operators.

Fitch local boss calls for financial services sector consolidation

Fitch Ratings Lanka Chief Executive and Country Head Maninda Wickramasinghe last week said Sri Lanka has too many banks, insurance and finance companies, much more than the country needs and the proliferation of such companies has left scant scope for efficient use of the limited capital in the country.

For a nation to thrive it requires decisive leadership

The situation in Kandy shamefully took a deeper communal turn after the attacks on the religious sites and shops in the Digana and Teldeniya areas in Kandy. After 30 years of war, we, Sri Lankans, have still not learnt that we should never exploit, initiate, indulge, promote or tolerate any kind of racist, religious and nationalist divisions. 

Communal violence and political instability in Sri Lanka

Communal violence is not new in Sri Lanka and has raised its ugly head periodically since independence in 1948. 

Nelna becomes leading cultivator, supplier of best quality mangoes in Sri Lankan market

‘Nelna’, under its agricultural arm Nelna Agri Development (Pvt.) Ltd, has cultivated 60,000 mango plants following the global good agricultural practices (GGAP), in 650 acres in the Ratnapura and Monaragala Districts. It has achieved its first goal of becoming the leading cultivator of best quality mangoes in the country.

Operational risk management in banks

In the milieu of various risks that banks encounter in financial intermediation, the broadly classified risks are (i) Credit risk (ii) Market Risk and (iii) Operational risk. Despite sufficient regulatory rigor and bank’s own integrated risk management policies, the operational risk management (ORM) tends to relegate to background in the order of prioritisation.

Plantations minister says errant RPCs will be given last chance to reform

Following is based on the speech delivered by Plantations Industries Minister Navin Dissanayake at the National Institute of Plantations Management (NIPM) National Symposium.

Sustainability through value migration: MAS’ journey with Mahesh Amalean

The recently concluded Sri Lanka Ceramic and Glass Symposium 2018, the seventh of its kind to be held in Sri Lanka, saw a memorable and insightful keynote delivery by the renowned MAS Holdings Chairman Mahesh Amalean.