News & market updates

Phantom Investments (Rayynor Silva) bought a 9.75% stake in DFCC Bank (42.2m shares) for Rs.3.58bn at Rs.85/share. The shares were sold by LOLC Investment Holdings; Rayynor, who earlier took ~10% of Sampath Bank, said the DFCC investment is strategic and long term.

Fitch says a successful sovereign debt restructuring and reduced sovereign stresses would support Sri Lankan banks' operating environments and national credit profiles. The agency expects easing funding and liquidity pressures and improved access to foreign‑currency wholesale funding.

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 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.

Sri Lanka hosted the 52nd Annual Session of the International Pepper Community alongside the International Spice Exhibition, highlighting the country's role in the global spice export sector. The event was held at The Kingsbury Colombo and sponsored by Commercial Bank of Ceylon and DFCC Bank.

Fitch says Sri Lanka’s banks’ financial profiles would improve following a successful sovereign debt restructure for local bondholders, likely easing funding and liquidity pressures and restoring access to foreign-currency wholesale funding.

Fitch says a completed sovereign debt restructuring and improvement in Sri Lanka's credit profile would support banks' operating environment and credit profiles, citing high exposure to local treasury instruments (33.4% of assets) and easing funding and liquidity pressures.

Ambeon Capital bought a 9% stake in DFCC Bank for Rs.3.3 billion, calling the acquisition strategic and long-term. The seller was Don and Don Holdings; 38.98m DFCC shares traded at Rs.85 per share on 13 November as part of the transaction.

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.

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.

DFCC Bank won two silver awards at SLIM DIGIS 2.4 for Best Use of Experiential Digital Marketing (DFCC Galaxy Virtual Branch) and Best SEO/SEM Campaign for the DFCC website, highlighting its digital transformation and customer engagement efforts.

DFCC Bank reported Group Profit After Tax of Rs. 7,128 million for the nine months to 30 Sep 2024; Group Net Operating Income rose 22% to Rs. 24 billion and impairment charges fell 69% to Rs. 3,577 million. The bank’s loan book grew 10% to Rs. 383 billion and it issued Sri Lanka’s first listed and rated Green Bond.

Colombo stock market ended the shortened General Election week higher, with ASPI up 3.1% and the S&P SL20 up 3.8% and average weekly turnover of Rs.4.37 billion. Banking counters (Sampath, Commercial Bank, DFCC, Nations Trust, Pan Asia) led gains and turnover, while Browns Investments and several hotels and finance stocks saw notable investor interest.

Colombo Stock Exchange closed higher on Nov 14: ASPI +0.56% to 13,198 and S&P SL20 +1.23% to 3,986, with turnover Rs3.7bn. Most activity was in banking stocks (Rs1.6bn); top contributors were Sampath Bank, Commercial Bank, DFCC Bank, Nations Trust Bank and Browns Investments.

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.

DFCC Bank's leasing arm (DFCC Leasing) has partnered with John Keells CG Auto to provide flexible, competitive leases for BYD electric vehicles, announced at a ceremony on 24 Oct 2024.

Colombo's ASPI briefly touched 13,000 while turnover rose to Rs. 4.3 billion as markets rallied ahead of parliamentary elections. The banking sector led turnover and counters such as John Keells, Richard Pieris, C T Holdings, Bukit Darah and DFCC were among top contributors.

Colombo Stock Exchange rose with the ASPI up 0.88% (113.67 pts) to 12,988 and the S&P SL20 up 0.85% to 3,887. Top contributors included John Keells, C T Holdings, Bukit Darah and DFCC while Dialog Axiata was weaker; net foreign inflow was LKR 25 million and interest rose in non-bank/diversified financials ahead of a possible lifting of the vehicle import ban.

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.

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.

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.

DFCC Bank PLC signed an MOU with CodeGen to offer competitive solar loans at a fixed 11.50% interest rate for five years (extendable up to 10 years) to finance solar power installations and promote sustainable energy adoption in 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.

Colombo market fell for a third day as ASPI lost 77 points to 12,719 on profit taking, with turnover up at Rs.3.2bn and net foreign inflow of Rs.200m (Rs.199.8m into JKH). Banking and capital goods led activity while several counters (COMB, MELS, DFCC, RICH, NDB) weighed on the index.

Colombo Stock Exchange closed down: the ASPI fell 0.60% to 12,719 on turnover of Rs3.1 billion. John Keells contributed Rs1.2bn to turnover; most banks (HNB, COMB, SAMP, NDB, DFCC) were down while Dilmah Ceylon Tea, Co-operative Insurance, Singer and Vallibel One were among top gainers.

Colombo Stock Exchange closed down: ASPI fell 0.46% to 12,795 and the S&P SL20 fell 0.58% to 3,852 on turnover of Rs 2.3bn. Banking stocks were mixed — HNB, Commercial Bank and NDB fell while Sampath and DFCC rose; HNB trades contributed Rs 758m to turnover.

Kavinda de Zoysa has been appointed Chairman of Bank of Ceylon; he is a career banker with over 30 years’ experience and was most recently Director and Country Business Head of Citibank Sri Lanka, with a track record in digitization and corporate banking.

Hatton National Bank (HNB) said it and DFCC Bank mutually withdrew from the planned acquisition of Acuity Partners after failing to agree the final sale-and-purchase terms, despite HNB having obtained the required statutory and regulatory approvals.

DFCC Bank appointed Pradeep Arjuna Jayatunga as a Non-Executive Non-Independent Director. He is an attorney with over 35 years' experience and has served as Company Secretary of Balangoda and Madulsima Plantations and held senior legal roles in the Stassen Group.

Colombo market ended a seven-day winning streak as the ASPI fell 8 points and the S&P SL20 slipped 4 points, with turnover of Rs.1.86 billion. Banking stocks led turnover (34%) while quarterly results boosted PARQ, CONN and JETS, Sampath and Pan Asia were active, and Vidullanka announced an interim dividend of Rs.0.20 per share.