Category: Economy and Markets
‘s vehicle registrations rebounds in Jan 2019
Feb 26, 2019 (LBO) – Sri Lanka’s vehicle registrations in the month of January 2019 on most categories have rebounded after witnessing a steep decline in December, data from a new report showed. Motor car registrations recorded 3,147 units in January up from 2,669 units in December but significantly down from 5,318 units 12 months […]
‘s Ceylinco Life posts income of Rs.29.2Bn; PBT of Rs7.2 Bn in 2018
Feb 26, 2019 (LBO) – Ceylinco Life has reported total income of 29.21 billion rupees for the year ending 31st December 2018 and recorded premium income of 17.8 billion rupees, an improvement of 13 percent over the previous year. Announcing its 15th consecutive year of market leadership in Sri Lanka’s life insurance industry, Ceylinco Life […]
Financial Action Task Force endorses initial progress made by Sri Lanka
Feb 25, 2019 (LBO) – Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has made the initial determination that Sri Lanka has completed its action plan. However, that warrants an on-site assessment to verify that the implementation of Sri Lanka’s AML/CFT reforms has begun […]
Fitch affirms ratings of HNB Finance, Siyapatha Finance & Singer Finance
Feb 25, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Ratings of HNB Finance, Siyapatha Finance, and Singer Finance with a stable outlook. Accordingly, Fitch has affirmed the National Long-Term Rating of HNB Finance at A(lka) while affirming the National Long-Term Rating of Siyapatha Finance at A-(lka). Fitch Ratings has also affirmed Singer Finance […]
‘s Comm Bank reports operating profit Rs.31.6Bn for the year ended Dec 2018
Feb 25, 2019 (LBO) – The Commercial Bank of Ceylon PLC has reported an operating profit of 31.6 billion rupees for the year ended 31st December 2018, reflecting a growth of 12.8 percent before taxes on financial services. Profit before income tax improved by 10.4 percent to 25.6 billion rupees, a lower rate of growth attributable […]
Inflation likely to remain in 4 – 6 percent range in 2019: Central Bank projections
Feb 22, 2019 (LBO) – Projections of the Central Bank indicates that inflation is likely to remain in the desired 4 – 6 percent range in 2019 and beyond. Headline inflation and core inflation increased in January 2019 mainly due to the increase in non-food inflation driven by higher expenditure on certain items such as […]
Central Bank decides to reduce SRR & keep policy rates unchanged
Feb 22, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 21 February 2019, has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.00 percentage point to 5.00 percent with effect from 01 March 2019. The Board also decided to […]
Rs.8bn inflows into securities since Jan; rupee appreciated 2.3-pct YTD: FM
Feb 21, 2019 (LBO) – Finance Minister Mangala Samaraweera says that foreign capital is now flowing back into the economy with 8 billion rupees worth inflows into government securities since January this year. Addressing the AmCham Breakfast Buzz held today in Colombo, the Finance Minister reminded that the rupee has also appreciated 2.3 percent year […]
First Capital Research expects a continuation of policy rates at current levels
Feb 21, 2019 (LBO) – First Capital Research said it expects a continuation of monetary policy rates at current levels although they recognize an increased probability of 10 percent for a rate cut considering the prevailing below par GDP growth and sluggish credit growth. First Capital Research expects the Central Bank to keep Statutory Reserve […]
Seylan Bank reports PAT of Rs.3,189Mn for year ended 31st Dec 2018
Feb 21, 2019 (LBO) – In a challenging external environment, Seylan Bank recorded a Profit-after-Tax of Rs. 3,189 Million for the year ended 31st December 2018 after one-off adjustment of Rs. 1,135 Million to resolve the long standing issue of additional gratuity. The Bank’s advances grew by 16.4% while the deposit base grew by 16.4%. […]
Five few BOI projects to start in Jaffna
Feb 20, 2019 (LBO) – The Jaffna District is one of the main districts in the Northern Province which the Board of Investment (BOI) has targeted for development through Foreign Direct Investments. Among the existing investments under BOI in the Northern Province are 6 Apparel Manufacturers and 15 other projects.When these are all operational the […]
Japan’s Odakyu Group partners TAD Group for Rs.4.5Bn investment in Sri Lanka
Feb 21, 2019 (LBO) – Japan’s Odakyu Group, a firm with interests in transport, real estate and retail together with the TAD Group is expecting to investment of 4.5 billion rupees with a number of significant further investment mandates to bolster the Sri Lankan economy over the upcoming years. One of its most significant ventures […]