Enables upgrade of voice and data experience Sri Lanka’s most preferred telco brand among youth, Bharti Airtel Lanka (“Airtel Lanka”), announced that it had secured the allocation of 5MHz of the 900MHz spectrum band from the Telecommunications Regulatory Commission of Sri Lanka (TRCSL). The allocation was on an “administrative basis” and based on a pre-published…
The Government of Sri Lanka and the Asian Development Bank (ADB) entered into a Framework Financing Agreement on 14th August, 2017 with regard to the financial arrangements for the Second Integrated Road Investment Program. The investment program will improve the accessibility to the road network from rural areas and thereby increase the contribution of the…
Hatton National Bank PLC (HNB) posted a profit after tax (PAT) of Rs 8.0 Bn for the nine month period ended September 2019 while the Group recorded a PAT of Rs 8.7Bn for the same period. The third quarter of 2019 saw HNB’s profits improving to Rs 3.2 Bn compared to the previous quarters while…
Pressure on banks’ financial profiles due to challenging operating conditions – as reflected in our 2019 negative banking-sector outlook for Sri Lanka – became more apparent in the banks’ 1H19 results, Fitch Ratings says in a new report. The sector’s non-performing loans (NPLs) continued to rise rapidly, up 39% in 1H19 (64% in 2018) and…
· Net interest income up by 23% YoY · Net fee and commission income up by 21% YoY · LKR 4 Bn contribution towards fiscal revenue in taxes · Sound balance sheet growth amidst an industry-wide low growth atmosphere · Total assets crossed the LKR 500 Bn mark, up by 7% · Loans and advances…
The Chartered Institute of Logistics and Transport (CILT) recently rang the Opening Bell to commence trading at the Colombo Stock Exchange (CSE) to mark the organization’s centenary year. Headquartered in the UK, CILT is the premier chartered professional body for professionals engaged in supply chain, logistics & transport, and is represented in 35 countries with…
Port City Colombo, a world-class city in the making for South Asia, signed an MOU with South Asia’s first-ever green university NSBM Green University Town (NSBM) at the Port City Colombo’s Sales Gallery on the 7th of November 2019. Graced by members of the senior management of both institutions, the MOU solidified the Port City…
Reuters – Sri Lankan shares ended firmer on Wednesday at near one-week highs, as investors picked up beverage and diversified shares ahead of Saturday’s presidential vote. ** Though wartime defence chief Gotabaya Rajapaksa, who is backed by majority Sinhala Buddhists, had early lead in the poll, the momentum had now tilted towards his rival Sajith…
According to World Travel and Tourism Council WTTC, as one of the world’s largest economic sectors, Travel & Tourism creates jobs, drives exports, and generates prosperity across the world. The sector accounted for 10.4% of global GDP and 319 million jobs, or 10% of total employment in 2018. Sri Lanka tourism sector is tipped to…
Sri Lanka’s gross official reserves grew by US $148.27 million to US $ 7,783.6 million in October 2019 from US $ 7,635.33 in September, latest Central Bank data showed. By the end of September, foreign currency reserves were 6,757 million dollars while the reserve position in the IMF was 66 million dollars. Reserves in Gold…
