News & market updates

The Chamber of Construction Industry urged President Anura Kumara Dissanayake to adopt wide-ranging reforms to revive the sector, including a National Planning Commission, public procurement and payment-security laws, a development bank, online permit systems, and concessional housing loans.

Colombo Stock Exchange closed higher: All Share Index rose 1.19% to 11,096 and S&P SL20 rose 1.88% to 3,160. Larger banks (HNB, COMB, SAMP, DFCC, NDB) led gains while some smaller banks (NTB) fell and HDFC was flat; turnover was 994 million and net foreign outflow 5.2 million.

Colombo stocks rose ahead of the Presidential election as the ASPI gained 0.75% yesterday (up 2.7% WoW) and now shows a 2.93% YTD return, while the S&P SL20 rose 1.3% (4.1% WoW, 1.10% YTD). Banking stocks led the rally—Commercial Bank, Hatton National, NDB and Sampath were key movers—and turnover was driven by HNB, COMB and SAMP; foreigners were net sellers of Rs.12.1m.

Colombo Stock Exchange closed higher with banks leading gains after Sri Lanka reached a deal to restructure defaulted sovereign bonds allowing local banks to swap 70% of ISBs into dollar bonds with a 10% haircut and convert the remaining 30% into rupee securities.

NDB Bank sponsored the 9th Bradby Golf encounter at Victoria Golf Resort, where the Old Trinitians defeated the Old Royalists 6.5/3.5 to retain the G.C. Wickramasinghe Memorial Trophy. NDB CEO Kelum Edirisinghe presented the trophy as the bank served as official partner of the event.

NDB Bank (NDB.N0000) signed a Memorandum of Understanding with the University of Sri Jayewardenepura to provide internships, training programs and collaborative research opportunities aimed at developing talent for the technology-driven financial sector.

Colombo market closed higher as the S&P SL20 rose 0.8% and the ASPI gained 0.5% with turnover of Rs. 1.22bn, led by the banking sector which contributed 45% of turnover and saw its sector index up 1.17%. Top positive contributors included Commercial Bank, Melstacorp, NDB, Browns Investments and John Keells; HNB, COMB, NTB and PABC recorded gains while Sampath slipped.

National Development Bank PLC (NDB.N0000) partnered with the Organisation of Professional Associations (OPA) as a key partner for the OPA's 37th Annual Conference held 26-27 August 2024. The conference, themed "Towards Sri Lanka's Sustained Economic Growth", gave NDB access to OPA's network (~60,000 professionals) to engage with decision-makers and promote economic development.

Colombo Stock Exchange closed higher: All Share Index up 1.10% to 10,683 and S&P SL20 up 1.86% to 2,979 on turnover of 1.2 billion, led by banks and blue-chips (notably HNB and JKH) and with a net foreign inflow of 80.39 million.

National Development Bank PLC (NDB) announced its sponsorship of the NDB-MCA “C” Division 50-Over League Tournament 2024 and handed over the sponsorship cheque at a press conference on 11 September 2024.

National Development Bank PLC (NDB) secured 23 awards at the 39th Mercantile Athletic Championship held 9–11 August 2024 at Sugathadasa Stadium. The championship has been added to the World Athletic calendar; NDB said the results reflect employee dedication and its commitment to teamwork.

Parliament approved offshore banking regulations for Port City Colombo on 4 September, enabling offshore branches and granting six local banks (including Commercial Bank, HNB, DFCC, NDB and NTB) Authorised Person status. The rules permit direct foreign-currency transactions under Central Bank and FIU oversight to attract FDI.

National Development Bank PLC (NDB.N0000) presented the NDB Player of the Match award and promoted its new NDB Pixel teen digital savings account (debit card and NEOS mobile banking) at the 78th Bradby Shield, where Trinity College defeated Royal College 23-22.

Colombo market closed modestly higher with the ASPI up 4 points to 10,575 and turnover of Rs.1.03 billion. Banking stocks made up 54% of turnover while Royal Ceramics, NDB and Asian Hotels & Properties led gains and Commercial Bank, Nations Trust Bank and Sierra Cables fell.

Sri Lanka Parliament approved offshore banking regulations for Port City Colombo on 4 Sep 2024; six local banks, including Commercial Bank, HNB, DFCC, NDB and NTB, were approved as Authorised Persons by the CPCEC to operate offshore banking services.

Colombo Stock Exchange closed up, with the All Share Index rising 0.03% to 10,574 and the S&P SL20 up 0.02% to 2,923. Top contributors included Royal Ceramics, National Development Bank and SMB Finance; turnover was Rs1.03bn with a net foreign inflow of 17 million.

CHEC Port City said three international banks are in talks to set up offshore operations in Colombo Port City and that Commercial Bank, HNB, DFCC, NDB and Nations Trust have been approved as Authorised Persons to operate in the special economic zone. The rules allow multicurrency offshore transactions under CPCEC with Central Bank oversight.

NDB Bank partnered with the Organization of Professional Associations of Sri Lanka as a key partner for the 37th Annual Conference on Aug 26–27, 2024 to promote dialogue on sustained economic growth. The collaboration is intended to deepen engagement with decision-makers and support NDB’s economic development and digital banking agenda.

Depositors allege ZRA Holdings and the new F&G management used depositors' funds and transfers via NDB to pay Rs.200 million for an 11% stake in the Ocean Queen (now Aryana Queen) hotel. Depositors say the move breaches Supreme Court undertakings and plan to seek further intervention.

National Development Bank PLC (NDB) was the main sponsor of St. Peter’s College’s 'Bhava' 2024 cultural evening at the BMICH. The bank used the event to support youth arts and to promote its youth-focused accounts, including ZEE and Shilpa.

National Development Bank PLC launched an exclusive HFC Affinity Credit Card for Holy Family Convent Bambalapitiya's Past Pupils’ Association on Sept 3, offering a waived first-year fee, school-fee installment plans, partner discounts and a portion of proceeds to support the school.

LTL Holdings has launched an IPO on the CSE of up to 1,379,310,400 new shares at LKR 14.50 (initial LKR 16bn, greenshoe to LKR 20bn) offering up to 22.3% of the company. Proceeds will fund a 350 MW LNG combined-cycle plant (LKR 13.5bn) and a 50% stake in a 100 MW solar project (LKR 6bn); NDB Investment Bank, Hatton National Bank and Sampath Bank are acting as managers/bankers to the issue.

NDB Bank unveiled the Waterdale Apartments with Home Lands Group and is offering home loans covering up to 75% of the sale price with repayment terms up to 25 years and options in LKR and foreign currency.

President Ranil Wickremesinghe prioritised economic stability and announced measures including a Rs.50 billion SME/MSME support fund, a new insolvency law, creation of a National Development Bank and an Economic Commission from 1 Jan 2025. He also pledged digitalisation of government services and stronger anti-corruption frameworks.

National Development Bank Plc will raise up to Rs10 billion via Basel III-compliant Tier 2 subordinated debentures, initially issuing 50 million five-year units at Rs100 each (a further 50 million if oversubscribed); subscription opens Sept 5 and CSE has approved listing in principle.

NDB Bank marked the 10th anniversary of its Kandy City Centre branch on 22 August with a traditional Pirith ceremony, highlighting a decade of service and community engagement. The bank said the branch will continue enhancing services and digital banking offerings.

Roar AdX ran Meta advertising workshops for Commercial Bank (COMB.N0000), Sampath Bank (SAMP.N0000), Seylan Bank (SEYB.N0000) and National Development Bank (NDB.N0000) to improve their targeted digital advertising strategies and drive growth.

National Development Bank signed an MoU with Hayleys Solar to offer pensioner solar loans up to Rs.4.5 million with up to 15-year repayment, no security and life-insurance-covered repayment; Hayleys Solar will also offer a 12% discount on solar units.

NDB Bank launched “NDB Pixel”, a digital-first savings account for 13–18 year-olds with a LKR 5,000 minimum deposit, higher interest rates, a debit card and mobile banking. Accounts require parent/guardian consent and provide parental transaction alerts and monitoring.

NDB Bank signed an MOU with Hayleys Solar to launch 'Solar Facilities under Aachara Pensioners’ Loan Scheme' offering pensioners up to Rs.4.5 million in bank-funded solar loans with up to 15-year repayment and life-insurance loan cover. Hayleys Solar will provide a 12% discount on solar units and after-sales support.