News & market updates

Port City Colombo has onboarded 100+ companies as Authorised Persons (APs) as of 24 Aug 2024, with 22 designated Businesses of Strategic Importance. Several local banks including Sampath, Commercial Bank, HNB, NDB, Nations Trust and DFCC have applied to establish offshore banking branches in the SEZ under new offshore banking regulations.

Port City Colombo onboarded 100+ companies as Authorised Persons by Aug 24, 2024; banks including COMB.N0000, SAMP.N0000, HNB.N0000, NDB.N0000, NTB.N0000 and DFCC.N0000 have applied to open offshore banking branches under the July 26, 2024 offshore banking regulations.

National Development Bank PLC held an Investor and Analysts Earnings Call on 20 August to discuss its first-half financial results for the period ended 30 June 2024. Management highlighted a focus on optimising cost of funds, enhancing fee-based transaction banking income and improving portfolio quality.

NDB Bank sponsored the first leg of the 78th Bradby Shield on Aug 24 and used the event to promote its new NDB Pixel digital account for teens. Trinity beat Royal 17-16; NDB also ran spectator engagement activities (QR-code drone prizes) ahead of the Oct 7 second leg.

National Development Bank PLC held an investor and analysts earnings call on 20 Aug 2024 to discuss its H1 2024 results; CEO Kelum Edirisinghe highlighted three strategic priorities: optimising cost of funds, growing fee-based transaction banking income, and improving portfolio quality. Transcripts and playback are available on the bank's website.

Colombo market fell for the week as the ASPI lost 1.2% and the S&P SL20 lost 1.4% amid election concerns; notable declines included PABC (-11.4%), HAYL (-3.8%), JKH (-2.6%), CCS (-2.5%) and NDB (-2.2%).

Colombo Stock Exchange closed lower with the All Share Index down 0.84% to 11,361 and the S&P SL20 down 1.05% to 3,254 on turnover of 1.2 billion. Brokers said selling was driven by funds and individuals awaiting election clarity; net foreign inflow was 41 million.

The Sri Lanka–Korea Business Council panel featured Advocata chair Murtaza Jafferjee warning that rising debt, high interest rates and sharp rupee depreciation threaten fiscal stability and require reforms; IMF projects about 3% annual GDP growth for 2024–29 contingent on disciplined policy.

Nine Sri Lanka banks, including Commercial Bank, HNB, NDB, NTB and DFCC, have applied to open branches in the Colombo Port City special economic zone to serve offshore customers; Bank of China has also expressed interest. The banks will be regulated by Sri Lanka's central bank and the Port City is a dollarized SEZ exempt from central bank liquidity tools.

Colombo market opened lower with the ASPI closing at 11,495, down 9 points, on turnover of Rs.580.5m; capital goods led turnover (38%) while banking and blue-chip counters put pressure on the index.

Colombo Stock Exchange closed with the All Share Index down 0.11% at 11,482 and the S&P SL20 up 0.08% at 3,302, on turnover of 547 million and net foreign inflow of 580,955. Top movers included Sampath Bank, NDB and Aitken Spence (higher), Chevron Lubricants and Teejay (foreign buying) and Melstacorp (down).

Commercial Bank of Ceylon's home loans portfolio grew to Rs. 72.965 billion as at 31 March 2024, making it the market leader in Sri Lanka's home loans market. The bank highlighted product suites including first-time buyer, green and flexible home loan schemes.

Commercial Bank of Ceylon's home loans portfolio reached Rs. 72.965 billion as at 31 March 2024, making it the market leader in Sri Lanka's home loans. The bank — the first private sector leader in this segment — highlighted product offerings including first-time buyer schemes, Green Home Loans (including residential solar) and flexible repayment options.

National Development Bank PLC (NDB) marked its tenth year in Islamic banking and won six awards at the SLIBFI Awards 2024, including Deal of the Year – Gold.

NDB (National Development Bank PLC) won a Gold Award at the SLITAD People Development Awards 2023/2024, recognising its people development and HRD initiatives. The award highlights the bank's focus on training, continuous learning and workforce capability development.

NDB Bank – Shareek won six awards at the SLIBFI Awards 2024 as it marks ten years in Islamic banking, including Deal of the Year (Gold) and multiple unit and rising-personality honours.

National Development Bank (NDB.N0000) posted a pre-tax profit of Rs. 6.5 billion for 1H24, up 58% YoY, driven mainly by healthy net interest income. NIM reached a record 4.26%, capital ratios remain above regulatory minima and the bank plans to raise up to Rs.10 billion in Tier II debentures.

NDB Bank ran Pancha Mama financial-literacy workshops in June–July, reaching schools and about 200–250 participants per session, and promoted its NDB Shilpa Children’s Savings Account offering bonus interest, gifts and insurance benefits (hospitalisation cover from Rs.20,000; life cover from Rs.50,000).

Colombo Bourse rose for a fifth straight session as the ASPI gained 1% to close at 11,531 (S&P SL20 +1.3%), with banking and food & beverage stocks led by HNB, SAMP, DFCC, MELS and LMF driving the rally amid Rs.776m turnover.

Colombo Stock Exchange closed higher—ASPI +1.03% and S&P SL20 +1.31%—with banking stocks drawing interest after positive interim results; Hatton National Bank posted a LKR 15.4 billion profit after tax for the six months to June 2024.

National Development Bank PLC posted a pre-tax profit of Rs. 6.5 Bn for 1H 2024, up 58% YoY, driven by stronger net interest income and NIM rising to 4.26%. The bank reported improved asset quality, robust liquidity and capital ratios, and plans to raise up to LKR 10 Bn in Tier II debentures.

NDB Bank ran two NEDA-backed 'B500 Project' workshops (July 10 and July 22) training about 135 SME clients on financial literacy, market strategies and digitalization; a third session is scheduled for August 12.

Colombo Stock Exchange closed higher: All Share Index up 0.58% at 11,413 and S&P SL20 up 1.05% at 3,278, with turnover of 1.3 billion. Banks drew interest after positive interim results — Hatton National Bank posted a six-month PAT of 15.4 billion; John Keells saw 144 million in foreign buying while Hayleys faced foreign selling.

Colombo market edged up as S&P SL20 rose 0.3% and ASPI closed at 11,312, with turnover just Rs. 337.4m (down 60.3% vs the month’s average). Commercial Bank, Melstacorp, NDB and Tokyo Cement were top contributors amid mixed activity across banking, capital goods and tourism stocks.

National Development Bank (NDB) ran SME workshops with the National Enterprise Development Authority (NEDA) under the 'B500 Project', holding sessions on 10 July in Colombo (≈70 attendees) and 22 July in Kaluthara (≈65 attendees) on financial literacy, market trends and digitalisation; a third session is scheduled for 12 August in Gampaha.

Colombo Stock Exchange closed down: ASPI fell 0.36% to 11,253 and S&P SL20 fell 0.43% to 3,210, with turnover Rs629mn. Top contributors included Sampath (up after stellar interim results and a Rs10bn debenture announcement), DFCC and SMB Finance, while several banks including HNB, NDB and Commercial Bank weighed on the index; net foreign inflow was Rs19mn.

CSE turnover fell to Rs. 320 million — the lowest since May 2020 — as indices closed flat and investors remained cautious amid political uncertainty. Ceylinco (CINS) was the main positive contributor while Central Finance, John Keells, CIC, NDB and Browns featured among top turnover names.

NDB Wealth Management, a fully owned subsidiary of National Development Bank PLC, hosted a 'Startup Investing 101' workshop with nVentures and international experts to educate HNW clients on startup investing. NDB Wealth manages over Rs. 340 billion AUM and aims to deepen client engagement in venture capital.

The ASPI rose 42 points (0.4%) to 11,294 as the Colombo market closed marginally higher on turnover of Rs. 582 million. Gains in John Keells, Richard Pieris, HNB, BIL and others supported the rise, turnover was led by JKH and capital goods, banking and F&B sectors, while foreigners net sold Rs. 20.6m.