Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings. Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing…
Key Highlights Profit Before Tax (PBT) of Rs. 22.6 billion Total Assets base of Rs. 4.3 trillion Total Deposit base of Rs. 3.7 trillion Gross loans and advances of Rs. 2.4 trillion Financial Performance Bank of Ceylon (BOC) concluded the third quarter of 2023 on a positive note, demonstrating resilience in a challenging economic environment. The Bank’s PBT stood…
Lion Brewery (Ceylon) PLC (AAA(lka)/Stable), the leader in Sri Lanka’s beer market, could face more competition in the medium term following Distilleries Company of Sri Lanka PLC’s (DIST; AAA(lka)/Stable) decision to acquire beer producer Heineken Lanka Limited, Fitch Ratings says. Heineken is a distant second in Sri Lanka’s beer market for now, but we believe…
It was disclosed that there are many administrative shortcomings and irregularities in Sri Lanka Customs at the COPA meeting held. This was disclosed when the Committee on Public Accounts met in Parliament recently (17) Chaired by Hon. Lasantha Alagiyawanna to look into the reports of the Auditor General of the Sri Lanka Customs for the…
The Ceylon Chamber of Commerce is pleased to announce the inauguration of the Sri Lanka – Bangladesh Business Council (SBBC), the 21st bilateral trade council established by the Chamber. The Chief Guest at the event, and the Patron of the Council, the High Commissioner of Bangladesh to Sri Lanka His Excellency Tareq Md. Ariful Islam…
Electric three wheel battery swapping technology arrives A clean and affordable transportation solution is now available for Sri Lanka’s 1.2 million three wheelers with Lanka E-Mobility Solutions (Private) Limited (LeMS), introducing electric three wheel battery swapping technology, branded ‘e-wheel’ to local owners! The launch of this novel battery swapping technology means the three-wheeler owner no…
CFA Society Sri Lanka is honored to host esteemed representatives from the CFA Institute, as Ms. Arati Porwal, Country Head for India, and Mr. Sachin Naik, Director of Partnerships and Client Solutions for India, are set to visit the country from November 20th to November 24th, 2023. A spokesperson from CFA Society Sri Lanka said…
TVS Motor Company – a leading global automaker that operates in the two and three-wheeler segments – today announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, a 100 year old enterprise and a leading name in automotive distribution. This partnership signifies a significant step towards global expansion…
Fonterra Brands Lanka, Sri Lanka’s premier dairy company, has forged a partnership with the department of Livestock and Avian Sciences at Wayamba University, empowering the next generation of dairy enthusiasts to become responsible future leaders in Sri Lanka’s dairy sector, aligning with the government’s vision for building a sustainable dairy industry. Formalized through a Memorandum…
A discussion took place at the Presidential Secretariat, chaired by Mr. Sagala Ratnayaka, Senior Advisor to the President on National Security and Chief of Presidential Staff, with representatives from the Asian Development Bank. The focus of the meeting cantered on the upcoming water supply sector reform program in Sri Lanka, which is set to be…
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