News & market updates

The Clearing Association of Bankers held its 12th AGM on 4 October at HNB Towers; Sampath Bank’s Nalin Liyanage was elected CAB President for 2024/2025. Representatives from multiple commercial banks attended and Prompt Xpress served as the platinum sponsor.

Colombo Stock Exchange closed higher: All Share Index +0.10% to 12,164 and S&P SL20 +0.20% to 3,600, turnover Rs1.5bn and net foreign inflow Rs267m. Top turnover included John Keells, Hayleys, Commercial Bank, Sampath Bank and Nations Trust; top foreign flows varied across names.

Lasith Nanayakkara will be Deputy General Manager – IT/Chief Information Officer at National Savings Bank (NSB), effective 1 October 2024. He joins from Nations Trust Bank PLC where he was Executive Vice President and Chief Transformation Officer and has over 35 years' banking experience.

Colombo market cooled after 11 straight gains as the ASPI fell about 59 points (0.5%) on turnover of Rs.2.3bn, with banks contributing 59% of turnover. Sampath, Commercial and Hatton National rose, while Vallibel One and Nations Trust fell; JKH, LOLC, NDB, Hayleys and DFCC weighed on the index.

Colombo Stock Exchange fell: All Share Index down 0.49% to 11,934 and S&P SL20 down 0.31% to 3,510, with turnover Rs 2.2bn and net foreign outflow Rs 123mn. Banks drew investor interest and crossings/top turnover involved Sampath, Commercial, HNB, Nations Trust, Hayleys and Vallibel One.

Nations Trust Bank (NTB) concluded its 'We Transfer More Than Just Money' 2024 remittance campaign, boosting foreign remittance inflows and awarding 12 NTB customers smartphones via weekly draws for remittances of Rs.50,000 or more.

Private credit in Sri Lanka rose by Rs135bn in August 2024, up from Rs60bn in July. The pickup supports bank lending but occurs amid central bank deflationary policy and warnings about inflation and rupee pressure.

Colombo Stock Exchange closed higher: All Share Index +2.87% to 11,659 and S&P SL20 +4.09% to 3,367, with turnover Rs3.9bn and net foreign inflow Rs82.10m. Banking stocks led gains while foreign buying concentrated in Sampath, HNB, Bukit Darah and LOLC Finance and selling hit CIC, Nations Trust, hSenid, John Keells and Ceylon Cold Stores.

Nations Trust Bank PLC hosted the Nations Trust WNPS Monthly Lecture in September on blind snakes to raise awareness of their biology and conservation. The event is part of the bank's CSR strategy to educate communities and complements its focus on digital empowerment and outreach.

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.

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.

Union Assurance recognised Nations Trust Bank PLC's top bancassurance performers in development and team-building programmes, with over 200 NTB staff participating. Events held at Weligama Bay Marriott and Hikka Tranz included educational sessions and senior management attendance to strengthen the partnership.

Colombo Stock Exchange closed higher: All Share Index +0.54% to 10,884 and S&P SL20 +0.81% to 3,061, led by bank stocks which generated Rs5,514mn of turnover. Total turnover was Rs1.2bn with a net foreign outflow of Rs38.96mn; top turnover names included HNB, Commercial Bank, Sampath and Nations Trust.

ASPI rose 1.34% to 10,826 and the S&P SL20 gained nearly 2% as banking counters led gains and accounted for 46% of turnover; top contributors included Sampath Bank, Hatton National Bank, John Keells, Aitken Spence and Hayleys.

Colombo Stock Exchange closed higher: All Share Index up 1.34% to 10,826 and S&P SL20 up 1.92% to 3,037, with bank stocks leading turnover (Rs424mn) and most banks rising. Net foreign outflow was Rs71mn; foreign buying seen in Ceylinco, Chevron Lubricants and Browns Investments while selling affected Commercial Bank, Access Engineering, Co-operative Insurance, Nations Trust and Sunshine.

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.

Nations Trust Bank (NTB) is offering American Express cardmembers up to 30% savings at Jetwing hotels and villas; bookings are open until 30 September with travel allowed until 30 October 2024.

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.

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.

Nations Trust Bank's FriMi and Mastercard promotion awarded a Samsung Galaxy S24 to grand winner Mohamed Shihab Rekaz after qualifying transactions of Rs.10,000+; 10 additional winners received Samsung Fit3 smartwatches via a draw.

DIMO announced a strategic partnership with Nations Trust Bank to expand CARPITAL advisory services for pre-owned luxury vehicles, adding NTB financing, leasing, insurance, credit card and wealth-management solutions. NTB customers gain expedited processing, residual financing up to 50%, and DIMO warranties and roadside assistance.

Dialog Axiata PLC named four new finalists for the Dialog Innovation Challenge — Cubic, BabyChart, Shop2Message and WattWise — competing for a share of LKR 5 million and access to mentorship and potential pitch for the Rs. 500 million Digital Innovation Fund.

Nations Trust Bank's FriMi and Mastercard ran a spending challenge requiring Rs.10,000+ on FriMi debit cards; Mohamed Shihab Rekaz won a Samsung Galaxy S24 and 10 others won Samsung Fit3 smartwatches. Winners were chosen by draw as part of ongoing customer promotions.

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.

Colombo bourse slipped with the S&P SL20 down 0.83% and ASPI down 0.35% on turnover of Rs.1.03bn as political uncertainty and net foreign selling weighed on sentiment. Banking and blue-chip counters (notably Sampath, Commercial Bank, John Keells and Melstacorp) were main drags while Teejay Lanka and Hayleys saw notable activity.