News & market updates

The Compliance Forum (FHA) held Compliance Symposium 2025 on 17 June with over 250 professionals from all 32 Licensed Finance Companies, and unveiled an AML/CFT Code of Conduct and a consolidated Handbook for Compliance Officers to strengthen sector compliance.

The CIMA–JXG Pinnacle Awards 2025 resumed in Colombo on 11 June, honoring corporate excellence; Commercial Bank won Bronze for ESG, ACL Cables received a Bronze CFO award, Citizens Development Business Finance won Silver for a digital transformation project, and Union Bank's chairman served on the judges' panel.

ASPI fell 0.4% and the S&P SL20 fell 0.7% as Colombo stocks extended losses amid heightened Israel‑Iran tensions. Turnover was Rs.3.15bn; top negative contributors included HNB, COMB, LOLC, HAYL and CTC, while CDB, Hemas, LVL Energy Fund and Lanka IOC saw notable buying/turnover.

Citizens Development Business Finance PLC (CDB) reported FY2024/25 PAT of Rs.4.0bn, up 59%, with PBT of Rs.7.9bn, total assets of Rs.156.9bn and declared a Rs.15 per share cash dividend. Its loan book grew 29% to Rs.110.9bn while 90DPD improved to 6.32% (gross) / 3.10% (net).

ASPI rose 138 points (0.8%) to 17,353 as the CSE extended its rally on turnover of Rs.7.37bn, led by heavy trading in CDB and CFIN; notable price gains were seen in CDB, CFIN, CTC, HHL, CIC and SUN, while SPEN topped net foreign buying and PKME topped net foreign selling.

Citizens Development Business Finance (CDB) reported FY25 PAT of Rs.4.0bn (up 59%) and PBT of Rs.7.9bn, with total assets at Rs.156.9bn and a Rs.15 per share cash dividend declared. Loan book grew 29% to Rs.110.9bn, NPLs improved (90DPD gross 6.32%, net 3.10%), and the firm highlighted digital and net‑zero initiatives.

Dividend · Rs 10.00 · XD Jul 1, 2025

Final dividend of LKR 10/share; XD 2025-07-01; record 2025-07-01; payable 2025-07-21; FY 2024/25

Citizens Development Business Finance PLC held a week-long Vesak celebration at its head office from 12 May with a lantern competition, Bhakthi Gee and a public Dansala; staff made lanterns from sustainable materials and musician Jagath Wickramasinghe joined as a guest.

Citizens Development Business Finance PLC (CDB) was conferred Corporate Gold Membership by the Green Building Council of Sri Lanka on 2 April, recognising its commitment to sustainability and green finance. CDB highlighted its Green Home concept and plans to expand affordable green housing and renewable energy solutions.

NCGIL issued its first guarantees to Commercial Bank (COMB), Hatton National Bank (HNB) and Citizens Development Business Finance (CDB) to partly cover MSME loans under a new ADB-funded program (USD 50m), offering guarantees currently up to 67% of principal.

NCGIL began operations and issued its first guarantees to Commercial Bank, Hatton National Bank and Citizens Development Business Finance to partly cover loans to three MSMEs; the ADB-funded, GOSL-backed vehicle has USD50m funding and offers guarantees up to 67% for term loans (LKR 0.5m–25m).

Ceylinco Life appointed Samitha Hemachandra as an Executive Director and Chief Operating Officer effective 1 April. Hemachandra is also a non-executive director of Citizens Development Business Finance PLC (CDB).

Ceylinco Life appointed Samitha Hemachandra as Executive Director and promoted him to Chief Operating Officer effective 1 April 2025. He is a non-executive director of Citizens Development Business Finance PLC (CDB), an associate/subsidiary of Ceylinco Life.

Citizens Development Business Finance PLC (CDB.N0000) sponsored the Bandula Warnapura Memorial Annual T20 Cricket Encounter 2025; CHSOMSF Legends won the series 3-1 over MCA Legends. CDB said the sponsorship supports youth development, sportsmanship and community empowerment.

Citizens Development Business Finance PLC (CDB.N0000) became the first Sri Lankan non-bank financial institution to achieve ISO 22301:2019 certification for Business Continuity Management. The company also holds ISO 27001:2022 recertification for Information Security as of September 2024.

ASPI rose 1.67% (256 pts) as turnover reached Rs.3.67bn, led by heavy Sierra Cables volume and buying in banking and diversified-financial stocks. Banking stocks and capital-goods names (notably Sierra Cables, John Keells, CDB, HNB) were key contributors.

Citizens Development Business Finance PLC held a Women's Day SMB Fair at Independence Arcade under its SMB Friday platform with Wings Ecosystem and patpat.lk, showcasing women-led SMEs and boosting their visibility while providing marketing and financial-management support.

Citizens Development Business Finance PLC (CDB.N0000) has partnered with the Chitrasena Vajira Dance Foundation to fund scholarships for the foundation's six-year traditional dance training programme under CDB's Preserving Art & Culture sustainability vertical.

Citizens Development Business Finance (CDB.N0000) won the 'Other Financial Services' category at the 20th ACCA Sri Lanka Sustainability Reporting Awards. Judges highlighted its report's integrated thinking anchored in tech disruption and long-term sustainability commitments including child health and autism initiatives.

Experts at a CMA seminar said Budget 2025 has strengths but flagged practical concerns and tax risks, including taxing foreign service income at 15%, raising capital gains tax to 15%, and replacing SVAT with a risk-based refund; speakers urged focus on debt sustainability and SME support.

ACCA Sustainability Reporting Awards 2024 named Hayleys PLC overall winner and Commercial Bank of Ceylon PLC overall runner-up. Listed firms recognised in sector categories included Talawakelle Tea Estates, Horana Plantations, Ceylon Cold Stores, Commercial Bank, Sampath Bank, Citizens Development Business Finance, Resus Energy, Hayleys Fabric, Haycarb, Diesel & Motor Engineering, JAT Holdings and Aitken Spence Hotels.

Citizens Development Business Finance PLC (CDB) disbursed Sri Lanka's first loan under the National Credit Guarantee Institution (NCGI) scheme to a Welimada farmer to fund a polytunnel and irrigation upgrade. CDB said further NCGI-backed funding over the next three years will target manufacturing, renewable energy, ICT, agriculture, fisheries, healthcare and education.

Citizens Development Business Finance (CDB.N0000) launched 'CDB Wings', a women-focused financial ecosystem offering 6% interest on savings, year-round 10% cashback on select spends, waived credit card fees and exclusive leasing, home and business loan facilities. The programme aims to boost women's financial inclusion and entrepreneurship.

Fitch upgraded the national long-term ratings of 10 Sri Lankan non-bank financial institutions and affirmed eight after recalibrating the national scale; notable upgrades include Central Finance, L B Finance, HNB Finance, Merchant Bank, Abans Finance and Singer Finance, while UB Finance was affirmed with a negative outlook.

Dividend · Rs 5.00 · XD Jan 3, 2025

First Interim dividend of LKR 5/share; XD 2025-01-03; record 2025-01-05; payable 2025-01-24; FY Ending 31st March 2025

Union Bank appointed Mr. Mahesh Nanayakkara as an Independent Non-Executive Director; he currently serves as Managing Director and CEO of Citizens Development Business Finance (CDB) and has over 30 years in financial services. The note highlights his leadership at CDB and social-impact work on autism awareness.

Mahesh Nanayakkara has joined the Board of Union Bank of Colombo PLC as an Independent Non-Executive Director. He is currently CEO of Citizens Development Business Finance PLC and has over 30 years' experience in financial services.

Colombo market fell with the ASPI down 1% and S&P SL20 down 1.5% on Rs.7.04bn turnover and a net foreign outflow of Rs.211.6m. Banks led turnover (65%) with DFCC and CDB among gainers while JKH, Commercial Bank, Sampath and Browns were top negative contributors.

Colombo Stock Exchange closed down: ASPI fell 1.00% to 12,982 and S&P SL20 fell 1.49% to 3,860, with turnover Rs7bn led by banks and a net foreign outflow of Rs211mn. Top negative contributors included John Keells, Commercial Bank, Sampath and Browns, while DFCC and CDB were top turnover generators.