Operating Profits up by 79% to post Rs. 771 Mn, owing to overall excellent core banking performance. Profit Before Tax – Rs. 540 Mn, up by 72% and Profit after Tax – Rs. 324 Mn, up by 50% Impairment Charges – 382 Mn, down by 37% Total Assets increases by Rs. 7.5 Bn to reach…
The first quarter of 2023 witnessed continued positive sentiments in Sri Lanka’s economic activity with the IMF approved Extended Fund Facility (EFF). Significant exchange rate appreciation, moderating inflation, a notable drop in T-bills rates and selective easing of import restrictions resulted in the Banking sector to re-align its business focus. At a time when the…
A series of farmer field training and Training of Trainers (TOT) on vanilla cultivation has been successfully conducted in Horana, Pasyala, Gampola, and Matale by the United Nations Industrial Development Organization (UNIDO) in collaboration with the Department of Export Agriculture (DEA). This is part of the BESPA-FOOD project, implemented by UNIDO and the Food and…
LAUGFS Gas, a leading LP Gas provider in Sri Lanka, has announced that it will not be increasing the prices of its LP Gas products despite the recent increase in gas prices in the global market. The global market price of LP Gas has been increasing steadily due to several factors, including rising demand for…
Perceived Economic Opportunity Index [PEOI] 2023 Q1: January 01 to March 31, 2023 The optimism of the Sri Lankan people is at rock bottom. But a distant glimmer of hope has appeared. The Foundation of Economic Freedom in Sri Lanka (FEFSL) presents here a summary of perceptions of the people of Sri Lanka about their…
The Chairman of the China Merchants Group (CMG), China’s largest diversified conglomerate, who was on a visit to Sri Lanka says the Group’s latest investment plans will up its accumulated investments in the island to reach nearly 2 billion US Dollars. Chairman Miao Jianmin, who is on his first visit to the country, attended a…
In a bid to create a business-friendly environment in the country, the Presidential Secretariat has organized 54 institutions that provide investor facilitation services under seven Task Forces on the directives of President Ranil Wickremesinghe. The aim is to simplify the processes involved, reduce the time taken, and make information readily available to increase efficiency. Task…
The South Asia Cluster Chief Executive Officer for Standard Chartered, Zarin Daruwala, is currently being hosted by Standard Chartered Sri Lanka. With the focus of further deepening the Bank’s long-standing strategic partnership with the nation’s public and private sectors and help support the nation towards rebuilding its economic prosperity, Zarin is due to hold discussions…
Total Investment of LKR 4 billion in its journey of nourishing a million Sri Lankan lives Reinforcing its commitment to the nation, Unilever Sri Lanka, an organisation that has been deep-rooted in Sri Lanka over the past 85 years, has embarked on a journey to localise the production of its malted food drink brands with…
In a bid to revive the country’s struggling economy, Sri Lanka has implemented a comprehensive economic reforms agenda. The government has initiated several key recovery strategies, with the establishment of a National Productivity Commission being a flagship project. Despite on-going economic constraints, the government allocated funds for the commission’s establishment in the Budget 2023. An…
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