News & market updates

Sanasa Development Bank (SDB) opened a new Business Centre at 167 Union Place, Colombo 02 to expand its corporate, business and mass-affluent banking services. The centre will offer tailored lending and deposit facilities, dedicated relationship management, money-market solutions and digital banking packages.

Sanasa Development Bank (SDB) opened a new Business Centre at 167, Union Place, Colombo 02 to expand its corporate and business banking presence. The centre will target corporate, institutional and mass-affluent clients with tailored lending, deposit, money-market and digital banking solutions.

Colombo Stock Exchange midday: ASPI down 0.17% (37.22 pts) to 22,043.43 and S&P SL20 down 0.15% to 6,157.85. Capital goods led turnover (LKR 46.2m of LKR 216.8m); notable gainers HNB, RCL, SPEN, SDB, NHL and decliners GREG, MELS, JKH, CARS, LOLC.

Carson Cumberbatch approved a second interim dividend of Rs.7.40 per ordinary share, totalling Rs.1.45 billion and exempt from withholding tax. Colombo markets were up midday (ASPI +0.08% at 22,260.75) with Dialog, Melstacorp, Sanasa Development Bank and Sampath as top positives and Ceylon Tobacco, DFCC and Aitken Spence as negatives; turnover Rs.388.5mn, capital goods led at Rs.62.4mn.

Sanasa Development Bank (SDB.N0000) said CEO Kapila Ariyaratne will step down effective 6 Oct 2026 and Deputy CEO Manoj Akmeemana will become CEO from 7 Oct 2026, subject to Central Bank approval.

SDB bank (SDB.N0000) launched a fixed deposit campaign offering rates up to 11.25% p.a. for 120–390 day tenures. The time-bound drive aims to boost deposit mobilization amid rising market interest rates and is available via branches and digital channels.

Redington and IBM hosted the IBM Innovation Forum Sri Lanka 2026 on June 5 to promote secure, AI-driven enterprise transformation, featuring panelists from DFCC Bank and Sanasa Development Bank and introducing IBM Bob for enterprise software development.

Colombo market edged up as the ASPI rose 0.04% (8.62 pts) to 22,385.91 while the S&P SL20 fell 0.17% to 6,210.72. Turnover was Rs.2.56bn on 107m shares, the banking sector led turnover and foreigners were net sellers of about Rs.12.2m.

SDB Bank has modernised its core digital banking infrastructure with IBM Power servers, IBM FlashSystem storage and IBM Cloud Pak for Business Automation to boost agility, operational resilience and enable scaling of AI-driven services.

Sanasa Development Bank (SDB.N0000) reported Profit After Tax of Rs. 60 million for Q1 2026, a 7% increase year-on-year. Net fee and commission income rose 29% to Rs. 152 million, and capital/liquidity ratios remained strong (Total Capital Ratio 15.15%, LCR 145.08%, NSFR 136.97%).

SDB bank signed an MoU with Hayleys Mobility to offer structured private vehicle leasing with a notable emphasis on electric vehicle (EV) financing across Sri Lanka. The partnership intends to integrate vehicle selection and financing to improve accessibility and convenience for customers nationwide.

SDB bank's UPay digital wallet received a Merit recognition in the Best Digital Payment Application for Retail Payments category at the LankaPay Technnovation Awards 2026. The award highlights the bank's efforts to advance secure, accessible digital payment services for retail customers.

SDB bank’s UPay digital wallet received Merit recognition in the Best Digital Payment Application for Retail Payments category at the LankaPay Technnovation Awards 2026. The award highlights SDB’s focus on secure, accessible digital payment solutions for retail customers.

DFCC Bank convened a discussion examining how the Middle East conflict could transmit into Sri Lanka’s economy, highlighting energy price, shipping, FX, tourism and remittance channels. The forum emphasised banks’ role in helping clients manage FX exposure, trade finance and liquidity amid rising uncertainty.

SDB bank held its Business Awards 2025 to recognise top-performing staff, with Anamaduwa Branch named overall best-performing branch. North Central Region was named best-performing region, Uva and Metro 1 were runners-up, and over 35 award categories were presented.

SDB.N0000 signed an MoU with the Smallholder Agribusiness and Resilience Project (SARP) to provide affordable credit to eligible smallholder agribusinesses under the ~$82m IFAD-supported project, helping beneficiaries meet equity requirements and implement sustainable ventures.

Sanasa Development Bank (SDB.N0000) signed an MoU with the Smallholder Agribusiness and Resilience Project to provide affordable credit to eligible smallholder agribusinesses under the roughly USD 82m IFAD-supported initiative. The bank will deliver financing via its SME and Cooperative segments to help beneficiaries meet equity requirements.

SDB bank relocated its Warakapola branch to new premises at No. 221/E, Colombo Road, which will open on 3 March 2026. The refurbished branch offers modern design, ample parking and improved facilities to enhance convenience and customer service for local clients.

Senior bankers at the Association of Professional Bankers convention urged caution, prioritising balance-sheet discipline—liquidity, capital buffers, and managing interest-rate and FX exposure—over rapid expansion. Speakers also highlighted selective growth, risk-adjusted returns, and greater use of digital capability and sustainable debt instruments.

Fitch says the Central Bank of Sri Lanka's reintroduced bank consolidation framework is broadly credit-positive, targeting banks with assets below Rs.400 billion and subjecting banks scoring under 60% in 2026–27 to possible mandatory consolidation. Fitch notes consolidation should strengthen capital and franchises, and identifies HDFC.N0000 as a likely acquisition target.

Banks across Sri Lanka are intensifying AML/CFT controls ahead of the country's third mutual evaluation, warning a negative outcome would damage financial credibility and access to funding. Leading banks such as DFCC and HNB report system upgrades, AI-backed transaction monitoring, stronger KYC/UBO processes and mock evaluations.

Sanasa Development Bank Plc appointed Manoj Akmeemana as Deputy Chief Executive Officer. He brings over 35 years' experience in corporate lending, credit administration, recoveries and risk management, and previously held senior roles at Sampath Bank.

SDB bank appointed Manoj Akmeemana as Deputy Chief Executive Officer; he brings over 35 years of experience in corporate lending, credit administration, recoveries and risk management and joins from Sampath Bank.

Colombo market rose for a ninth straight session as the ASPI gained 1.21% to 23,292.91, with market turnover about Rs. 6.6bn; banking counters led activity and top positive contributors included HNB, COMB, JKH, NDB and SAMP.