The fifth generation of mobile technology, known as 5G, will bring new innovations to our lives. From driverless cars to holographic calls, 5G will provide the data connections on which these systems run. Unlike previous innovations in network technology, 5G is coloured by politics. In particular, Huawei, a Chinese company, faces unprecedented scrutiny, and…
Pays Rs 14 billion or 45% of profit as taxes to government Migration to SLFRS 9 costs Rs 5 billion in equity Loan book and deposits both grow by over Rs 100 billion for 3rd consecutive year Gross income increases by 21% to Rs 138 billion The Commercial Bank of Ceylon PLC has…
Reuters – ** The Sri Lankan rupee and the main stock index ended little changed on Friday after the central bank surprisingly reduced commercial banks’ statutory reserve ratio (SRR) by 100 basis points with effect from March 1, market sources said. ** Sri Lanka’s central bank reduced commercial banks’ statutory reserve ratio (SRR) by 100…
Nestlé delivered a revenue of Rs. 37.3 billion and a net profit of Rs. 3.5 billion for the full year ending 31 December 2018, amidst challenging market conditions. Revenue for the fourth quarter was Rs. 9.4 billion with a net profit of Rs. 0.9 billion. 2018 was a challenging year, impacted by unfavourable exchange rates,…
Sri Lanka is currently negotiating foreign currency swaps with three wealthy countries India, China and Qatar to the tune of over US $ 2 billion or more to manage country’s foreign reserves and debt repayments amidst the island nation has to pay over US $ 5.9 billion to service a portion of the debt this…
Sampath Bank announced that its third BASEL III compliant Debenture issue, to raise Rs.7 billion, had been oversubscribed within a few hours of its opening on 20th February 2019. Having pioneered Basel III compliant debentures in the Sri Lankan market in 2017, the sum raised by way of the debenture will go towards strengthening the…
In the backdrop of 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%. Net interest…
The Monetary Board of the Central Bank, at its meeting held on 21 February 2019, 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 per cent with effect from 01 March 2019. The Board also decided to keep the policy interest rates of the…
A recent media report quoting First Capital Research points out that they expect a continuation of monetary policy rates at current levels although they recognize an increased probability of 10%t for a rate cut considering the prevailing below par GDP growth and sluggish credit growth. The Central Bank to keep Statutory Reserve Ratio (SRR)…
Sri Lanka’s tea exports in January 2019 had risen by almost 13% or by 2.7 million kilograms to 23.6 million kilograms compared to a year earlier, recent data outlines. Accordingly Tea bags and packeted tea have shown a growth during the period under review, while bulk tea exports decreased. Among the major importers of Sri…
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