News & market updates

The Local Consortium of Sri Lanka, holding about 12% of outstanding ISBs, has committed to participate in the government's $12.55bn ISB Exchange Offer and Consent Solicitation. Members (including Commercial Bank, DFCC, HNB, NDB, Nations Trust, Pan Asia and Seylan) will take part in the Local Option.

National Development Bank PLC's NDB Avurudu Island Campaign won the Silver Dragon (Best Social Media/Word of Mouth) and the Black Dragon (Best Small Budget) at the 2024 Dragons of Sri Lanka Awards. The campaign showcased the NDB NEOS digital banking platform via in-game QR payments and virtual goods to engage younger users.

APB hosted a CPDC session where NCGIL CEO Jude Fernando outlined a proposed credit guarantee scheme to improve MSME access to finance and lower lending risks for banks.

Members of the Local Consortium of Sri Lanka, including several domestic banks, committed to participate in the government's exchange of US$12.55bn of defaulted international sovereign bonds; local holders own about 12% and a local‑option offers instruments denominated in LKR and USD.

A local consortium of eleven banks and financial institutions, including Commercial Bank, HNB, DFCC, NDB, Nations Trust, Pan Asia and Seylan, committed to participate in the Government's exchange offer to restructure US$12.55bn of ISBs; the consortium holds ~12% of outstanding ISBs.

NDB Bank signed an MoU with the Sri Lanka Climate Fund on 21 Nov 2024 to undertake a Greenhouse Gas (GHG) assessment and verification for fiscal 2024 covering its head office and branch network. The initiative includes staff training and aims to guide NDB toward carbon neutrality alongside prior energy-efficiency and digital-banking measures.

National Development Bank PLC held an investor and analysts earnings call on 19 Nov 2024 to discuss its Q3 results for the year ended 30 Sep 2024, focusing on cost of funds, fee income, portfolio quality, net interest margins and digital initiatives; transcripts will be published on its website.

National Development Bank Plc will raise up to Rs5 billion through 50 million Basel III-compliant Tier 2 listed debentures at Rs100 each; subscription opens Nov 26 and the CSE has approved listing in principle. The rated, unsecured, subordinated, redeemable debentures carry a non-viability conversion feature.

Colombo Stock Exchange rose as the ASPI gained 0.56% (72.17 pts) to 13,054, led by bank activity which accounted for Rs736mn of turnover. Investors cited profit-taking after bank gains linked to ISB debt-restructure reports and Fitch noted banks' profiles would improve after a successful sovereign restructure.

CA Sri Lanka hosted the SAFA Best Presented Annual Report Awards 2023 in Colombo, where Sri Lankan firms won 24 awards. Several listed companies — including Commercial Bank, Hayleys, Haycarb, Royal Ceramics, Access Engineering, Kelani Valley, Talawakelle, DIMO, Sri Lanka Telecom, Ceylon Tea Brokers, NDB and L B Finance — received awards or merit recognitions.

Colombo Stock Exchange closed up: ASPI +0.06% to 13,113 and S&P SL20 +0.13% to 3,919 on turnover Rs2.7bn. Top contributors included John Keells, Commercial Bank, Lion Brewery and Access Engineering; banking stocks were mixed and there was a net foreign outflow of Rs366mn.

National Development Bank PLC (NDB) received the YouTube Silver Creator Award after surpassing 100,000 subscribers, becoming the first Sri Lankan bank to reach this milestone. The recognition highlights NDB’s digital engagement and use of video content for financial education and customer outreach.

Colombo market slipped on profit-taking: ASPI fell 0.95% (126 pts) and S&P SL20 fell 1.6% on turnover of Rs.6bn. John Keells, Hatton National and Sampath were major decliners while SERV and MARA saw investor interest; foreigners were net sellers of Rs.772.5m.

Colombo Stock Exchange fell as the ASPI closed down 0.95% (125.63 pts) at 13,105 and the S&P SL20 down 1.66% to 3,914 amid profit-taking; turnover was Rs6 billion led by capital goods. Top negative contributors included KHL.N0000, HNB.N0000, SAMP.N0000, COMB.N0000 and NDB.N0000.

A seminar on 27 Nov will outline Central Bank-issued corporate governance directives for licensed banks, which take effect 1 Jan 2025 and include requirements such as a minimum of 12 board meetings per year and vacancy for directors missing more than three meetings.

NDB Bank's basketball team won the 32nd Mercantile League Basketball Tournament 2024, finishing undefeated and beating DFCC Bank 69-63 in the final. Dasun Ranasundara was named the tournament's Most Valuable Player.

National Development Bank PLC reported bank-level pre-tax profit of Rs. 9.4 billion for the nine months ended 30 September 2024. NIM was 4.21% and EPS was Rs. 13.69, with impairment charges down 21% YoY and capital ratios maintained above regulatory minima.

Colombo market extended its pre-election rally as the ASPI gained 136 pts to 13,125 and the S&P SL20 neared 4,000 on turnover of Rs.7bn. Banking stocks led the advance (Sampath, DFCC, NDB, NTB, JKH, LOLC, MELS, CTHR among contributors) and several firms (ASIY, GRAN, TAFL, GLAS) announced interim dividends.

National Development Bank PLC reported bank-level pre-tax profit of Rs. 9.4 Bn for the nine months ended 30 September 2024. Net interest margin was 4.21%, EPS was Rs. 13.69 and capital ratios remained above regulatory minima.

NDB Bank organised a beach clean-up at Kapumgoda on 9 Nov 2024, with over 100 employees collecting more than 400 kg of waste as part of its 'Adopt a Beach' ESG initiative. The bank will extend the project for another year and has collected over 7,400 kg of debris since adopting the beach.

NDB Bank held a digital transformation forum on 25 October in Galle to showcase its NEOSBIZ app for Southern-region SMEs. The event highlighted NEOSBIZ features for streamlined financial management, improved transaction security and real-time business insights for SMEs.

Daraz launched its 11.11 sale running until Nov 17 with up to 90% discounts, vouchers worth over LKR 150 million, free delivery and partner bank discounts (including Commercial Bank, DFCC, HNB, Pan Asia, LOLC Finance, NDB) and featured brands such as DIMO.

Banks, regulators and SMEs met at the Presidential Secretariat to discuss SME loan repayment difficulties and parate execution; the parate execution law has been suspended until Dec 15. The Central Bank and commercial banks will evaluate temporary suspension of debt recovery and compile a report to design relief.

Colombo Stock Exchange closed higher as the ASPI rose 0.58% to 12,875 and the S&P SL20 gained 0.91% to 3,866, with banking stocks contributing over LKR 1bn of turnover. Vidullanka announced a scrip dividend listing and Ceylon Tobacco declared a third interim dividend of 40.9 per share.

NDB Bank's Card Centre team won the 2024-25 Inter-Bank Card Quiz hosted by the Payment Card Industry Association, defeating 22 other bank and financial institution teams. The event was held at the Hilton Residency and sponsored by MasterCard International.

Colombo Stock Exchange ASPI rose 0.57% to 12,800 on Friday with turnover Rs2 billion and net foreign inflows of Rs199 million. Top turnover generators included Royal Ceramics, Dipped Products, Lanka Milk Foods, John Keells and Sampath Bank; banking stocks showed mixed moves.

Sri Lanka’s BRICS membership application was rejected, but its request to join the BRICS New Development Bank (NDB) has been accepted; the Cabinet will decide after the Finance Ministry’s assessment. The NDB membership could open alternative multilateral financing for Sri Lanka.

Colombo Stock Exchange closed mixed with the ASPI up 0.07% to 12,727 and the S&P SL20 down 0.02% to 3,823. Top gainers included John Keells, Melstacorp, Dipped Products, Hemas and LOLC, while banking stocks fell (HNB, Sampath, DFCC, NDB down; Commercial Bank up) with a net foreign inflow of Rs45mn.

National Development Bank PLC (NDB.N0000) hosted a digital transformation forum on Oct 25, 2024 in Galle to showcase its NEOSBIZ app for Southern Region SMEs. The event highlighted NEOSBIZ features for streamlined financial management, transaction security and real-time insights to support SME growth.