News & market updates

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 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.

Seylan Bank is the title partner of the Kedella Art of Living Expo (29 Nov–1 Dec 2024 at BMICH) for the 12th consecutive year and will offer tailored banking solutions onsite, including housing, personal, leasing, credit cards, savings, solar loans and digital services.

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.

Seylan Bank PLC is launching a Seylan Cards Christmas campaign running Nov 10–Dec 31, 2024, offering deals via 300+ merchant partners and supermarket savings up to 25%. The promotion also includes Cinnamon hotel packages, a Swipe & Win air-ticket giveaway and Easy Payment Plans.

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.

Seylan Bank upgraded its mobile banking app to add Sinhala and Tamil language options and enhanced security features including biometric login and SMS/email/Soft Token OTPs. The app (Android/iOS) also supports portfolio review, fund transfers, bill payments, custom security questions and customer support.

Seylan Bank upgraded its mobile banking app to add Sinhala and Tamil language options and revamped user experience and security (biometric, SMS/email/Soft Token OTP) on Android and iOS to broaden access to its online banking services.

Seylan Bank relaunched its Affinity Credit Card for Rotary District 3220 members, offering a waived joining fee, six-month 0% instalment plans, enhanced overseas limits and rewards, and donating 50% of annual fees plus 0.25% of card usage to the Rotary Foundation.

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.

Colombo stock market turnover hit an 8-month high of Rs. 7 billion, led by Harischandra Mills (Rs.1bn), NDB (Rs.663m), Hayleys (Rs.534m), DFCC (Rs.340m) and PABC (Rs.339m); off-board trades transferred 13.9% of Harischandra and 10.7% of Swadeshi.

Seylan Bank PLC posted a 4.61% rise in group profit to LKR 2.06 billion in the September 2024 quarter, with earnings of LKR 3.25 per share. Net interest income fell 13.97% as interest income and expenses declined, while trading gains surged 561% to LKR 37.6 billion; NPLs eased and capital ratios remained above requirements.

Seylan Bank reported Profit after Tax of LKR 6,593 Mn for the 9 months ended 30 Sep 2024, up 46.65% year‑on‑year. Profit before Tax was LKR 10,608 Mn (+47.72%); net interest income fell 10.77% (NIM 5.03%) while Total CAR was 17.05% and LCRs remained well above regulatory minima.

Seylan Bank (SEYB.N0000) recorded Profit after Tax of Rs. 6,593 million for the nine months ended 30 Sep 2024, up 46.65% y/y. Profit before Tax was Rs. 10,608 million (+47.72%), with Total Capital Adequacy Ratio 17.05%, CET1 12.25%, LCRs well above regulatory minima and impaired loan ratio 3.05%.

Seylan Bank’s men’s team finished Runner-Up in the 'A' Division and the women’s team placed 2nd Runner-Up in the 'C' Division at the 65th Inter-Firm Table Tennis League Championship 2024. Key player Chalitha Ranjana won the Open Master’s Singles in 2024 and has multiple national and international medals.

President Dissanayake met with the Sri Lanka Banks' Association and pledged to fast-track digital transformation, including a National Digital ID to be implemented within 1.5 years, while committing to protect and support banks and entrepreneurs amid economic challenges.

Seylan Bank opened its 255th and 256th 'Seylan Pahasara Libraries' in Kurunegala, providing resources and computers for over 2,100 students. Since 2013 the programme has reached over 330,000 students and aims to establish 300 libraries by 2026.

Seylan Bank relocated its Hambantota branch to No. 53, Wilmot Street and reopened it on 21 October 2024, a move aimed at improving customer service amid Hambantota's commercial upscaling.

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.

The Commercial High Court ordered the winding up of Walkers Piling Ltd. following a petition by Tokyo Supermix Ltd.; the company's assets are valued at over Rs.1 billion and Seylan Bank PLC appeared as an intervening creditor.

Seylan Bank (SEYB.N0000) honoured longstanding customers with its guaranteed 'Mega Rewards' at the Wedding Show 2024, presenting cash grants, gifts and reimbursements to account holders among the ~15,000 attendees. The scheme rewards life events without draws and is tied to account balances.

Seylan Bank recognised longstanding customers with its Mega Rewards scheme at the Wedding Show 2024, awarding guaranteed cash grants and gifts to eligible current and savings account holders for life events such as weddings, birthdays, surgeries and exam achievements.

Seylan Bank placed 6th overall and 2nd among banks at the 39th Mercantile Athletics Championships, winning 10 Golds, 8 Silvers and 5 Bronzes (23 medals) with 30 athletes. Highlights included Sarangi Silva as Overall Best Athlete, Chamika Weerawardena’s four Golds and Kamalene Mills setting a meet high-jump record.

Seylan Bank partnered with Cinnamon Hotels & Resorts (John Keells Hotels PLC) to host the two-day ‘Gathering of the Giants’ for Seylan cardholders, featuring safaris, a documentary premiere and expert conservation talks; the event was well received and aimed to boost tourism and conservation awareness.

Intellect Design Arena launched eMACH.ai in Sri Lanka — a composable open-finance platform offering 329 microservices, 535 events and over 1,757 APIs to help banks design future-ready technology. Named local clients include HDFC Sri Lanka, Cargills Bank, Central Finance, CDB, Seylan Bank and Union Bank of Colombo.

Intellect Design Arena launched eMACH.ai in Sri Lanka — a composable open-finance platform with 329 microservices, 535 events and over 1,757 APIs — and cited local customers including HDFC, Cargills Bank, Central Finance, Seylan Bank and Union Bank as users/partners.

Seylan Bank renewed its partnership with the National Chamber of Exporters, signing an MoU on 15 August 2024 to provide support services to exporters and SME exporters. The alliance aims to help exporters expand into international markets and boost foreign income for Sri Lanka.