The Committee on Public Finance, which previously considered the Value Added Tax (Amendment) Bill that removed all VAT exemptions back in November 2023, inquired as to why the Ministry of Finance hasn’t adopted the recommendations made by the Committee regarding the VAT Amendment Bill. Accordingly, the Committee had recommended to the Ministry of Finance to…
Accelerated lending sees loan book grow by Rs 56.8 billion in 3 months Deposits surge by Rs 109.4 billion in final quarter 12-month gross income up 21.82% to Rs 341.6 billion The Commercial Bank of Ceylon Group lent Rs 56.816 billion in the fourth quarter of 2023 at a monthly average of Rs 18.939 billion…
Acquisition expands Virtusa’s offerings with solutions-based approach for customers Virtusa Corporation, a global provider of digital strategy, digital engineering, and information technology (IT) services, announced an expansion to its business solutions portfolio through the acquisition of BRIGHT, one of the largest elite partners to ServiceNow & Splunk in EMEA. This acquisition will enable Virtusa to deliver business solutions…
Bank’s Financial Performance Financial Highlights Profit before Income Tax – LKR 10.080 Bn Profit after Income Tax – LKR 6.256 Bn up by 33%. Total Assets reached to LKR 718 Bn with a YoY growth of 7% Overall Statutory Liquid Assets Ratio (SLAR) of 38% as at 31 December 2023 Total Capital Adequacy Ratio of…
The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) conducted the first Investor Forum for the year 2024 on the 17th of February at the Hotel Oviya – Vavuniya. The forum was organized with the objective of raising awareness on the importance of investor education and investor…
Group Total operating income up by 29% to LKR 41Bn Group tax expense for the year was LKR 7Bn Impairment charge of LKR 14Bn reflective of present economic stresses Group Profit After Tax LKR 8.65Bn In a demanding banking landscape, DFCC Bank demonstrated resilience amidst significant local economic disruptions. Proactive policy adjustments facilitated a…
Sri Lanka inflation, based on the National Consumer Price Index (NCPI), for January 2024 was recorded at 6.5%, as measured by the year-on-year change, the Department of Census and Statistics (DCS) revealed in its latest report published on today (21). This is an increase in comparison to the headline inflation of 4.2% recorded in December…
Bloomberg – Sri Lanka sent a new restructuring proposal to dollar bondholders through its adviser Lazard as the South Asian nation seeks to complete overhauling its defaulted debt, according to people familiar with the matter. A counter proposal to a bondholder group’s offer in October for a 20% haircut and the issuance of macro-linked bonds…
Thai Airways International Signs General Sales Agency (GSA) Agreement with MAC Holdings Private Limited Flights to Resume from 1st April 2024 ex BKK Thai Airways to resume operations between Colombo and Thailand from March 31st, 2024 onwards. The flight ex CMB will depart on 01.04.2024. MAC to be the Airline’s forefront as their proud General Sales…
JAT Holdings PLC, Sri Lanka’s market leader in wood coatings and brushes, and emerging regional paint manufacturer, marked a key milestone on the 12th of February 2024, with the official commencement of operations at its new Alkyd Resin Plant in Bangladesh. The plant has been purpose-designed and -built by JAT Holdings PLC, through its wholly-owned…
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