News & market updates

Union Bank of Colombo (UBC.N0000) reported 1H 2026 PBT of Rs. 881 million, up 84% y/y, and PAT of Rs. 587 million, up 134%; gross income rose 19% to Rs. 10,139m and total assets grew 15% to Rs. 199,283m.

Union Bank of Colombo reported PBT of LKR 881 Mn in 1H 2026 (up 84% YoY) and PAT of LKR 587 Mn (up 134% YoY). Group PBT was LKR 997 Mn, total assets rose 15% to LKR 199,283 Mn, and income included LKR 249 Mn from sale of shares in subsidiary UB Finance.

Hatton National Bank (HNB) says sustainability is a core strategic imperative, citing its successful Rs. 10 billion Sustainability Bond issuance and its decision to exclude coal financing. The bank urged board-level governance, better climate data and alignment with CBSL’s Sustainable Finance Roadmap 2.0 and the SLSBI to integrate sustainability across Sri Lankan banks.

Union Bank of Colombo (UBC.N0000) hosted Pensioners' Day and launched a competitive pension loan of up to Rs. 8 million at the bank's lowest interest rates, including Rs. 30,000 in annual PickMe rides for government pensioners. The event included partners such as Nawaloka Hospitals providing health screenings and services.

Union Bank appointed its CEO Dilshan Rodrigo to the board of LankaPay, Sri Lanka's National Payment Network. He will contribute to strengthening the national payments infrastructure and advancing secure, efficient digital payment solutions.

Union Bank (UBC.N0000) launched a competitive pension loan of Rs 8 million at the lowest interest rates while hosting a Pensioners' Day offering health screenings and benefits, including Rs 30,000 in annual PickMe rides for government pensioners; Nawaloka Hospitals participated as a partner.

Visa hosted the Sri Lanka Cybersecurity Conclave on 25 June 2026, convening banks, government and regulators to address AI-driven cyber threats, fraud prevention and Visa's security solutions. Participants stressed threat intelligence, real-time response and information sharing.

Union Bank CEO Dilshan Rodrigo said SMEs are understating revenues and profits—banks often reconstruct financials and find turnover about 40% higher—hindering cash-flow lending. He urged stronger audit standards, independent SME credit ratings and deeper capital markets for long-term SME finance.

Bank of Ceylon launched BOC Flex – Tap & Pay, Sri Lanka's first mobile banking wallet-based contactless payment solution on 9 July 2026. The wallet uses virtual cards, auto top-up and NFC support to enable contactless POS and online payments, boosting digital payments and competitive pressure on other banks.

Union Bank (UBC) launched the Union Bank Pension Loan offering government and other pensioners up to Rs. 8 million with repayment up to 15 years, low interest and no personal guarantor; benefits include Rs.30,000 of annual PickMe rides, a Rs.7,000 yearly Nawaloka Hospitals health package and a pre-approved credit card.

Union Bank of Colombo (UBC.N0000) launched the Union Bank Pension Loan allowing government pensioners to borrow up to Rs. 8 million with up to 15-year repayment, low interest, no guarantor and benefits including LKR30,000 annual PickMe rides and a LKR7,000 yearly health package at Nawaloka Hospitals.

Commercial Bank (COMB.N0000) now lets Premium/Platinum credit and Elite debit cardholders convert Max Loyalty Rewards points into airline miles with SriLankan Airlines and other carriers at a promotional rate of 6 points = 1 FlySmiLes mile through 31 Dec 2026, via its existing digital platform.

National Development Bank PLC suffered an internal Rs. 13.2 billion fraud that went undetected, prompting a parliamentary probe that blamed Central Bank oversight failures and drew IMF demands for regulatory and AML/CFT reforms. The Central Bank has retained Deloitte India for a forensic audit with an interim report due in two weeks and a final report by July 18.

CG Corp Global chairman Binod Chaudhary highlighted the group's Sri Lanka footprint, noting it holds a majority stake in Union Bank of Colombo and operates multiple hospitality properties including the Taj Samudra. He also cited a BYD agency partnership with John Keells and a cement feasibility study.

Sri Lankan rupee weakened further, with commercial bank TT rates at Rs. 332.09/342.70 and spot trading around Rs. 329.25–330.25, extending depreciation amid strong dollar demand, higher fuel import costs and Middle East tensions.

The Ceylon Chamber of Commerce will host the Sri Lanka Climate Summit 2026 on 9 June 2026 at Taj Samudra, shifting focus to implementation, technical readiness and climate-linked finance. Platinum sponsors include Commercial Bank and Dilmah Tea; strategic sponsors include Nestlé Lanka, Cargills and Colombo Stock Exchange.

National Development Bank is facing allegations of a Rs. 13.2 billion fraud, prompting scrutiny of its audits, governance and supervisory oversight. A shareholder has filed derivative proceedings and commentators are calling for action from auditing and oversight bodies.

Union Bank of Colombo PLC (UBC) is partnering with the Sri Lanka Institute of Directors and others to host an evening and keynote by Dr. Binod Chaudhary for the Sri Lanka launch of his book 'Made in Nepal' at Port City Colombo today from 5:30 p.m.

Opposition MP Faiszer Musthapha urged urgent action on widening financial security risks after a $2.5m Treasury phishing scam and a Rs.13.2bn theft linked to National Development Bank. He called for stronger cybersecurity, accountability and stricter bank supervision to protect investor confidence.

Union Bank of Colombo (UBC.N0000) reported 1Q 2026 PBT of Rs. 465m (up 260%) and PAT of Rs. 334m (up 570%). Gross income rose 24% to Rs. 4.9bn with NII of Rs. 1,649m; sale of UB Finance shares added Rs. 213m and a Rs. 3bn debenture strengthened Tier II capital.

Union Bank of Colombo reported 1Q2026 PBT of LKR 465 million (up 260%) and PAT of LKR 334 million (up 570% y/y). Gross income rose 24% to LKR 4.9bn, total assets grew 9% to LKR 188.7bn, and LKR 213m of other income came from the sale of shares in subsidiary UB Finance.

Sampath Bank PLC launched a fully integrated AI-driven lending ecosystem on its Vishwa platform, enabling instant, paper-light loan approvals and faster SME and leasing credit decisions. The system uses automated assessments and external credit insights to speed approvals and reduce documentation requirements.

Union Bank of Colombo PLC appointed Shaheeda Barrie as an Independent Non-Executive Director. Barrie is a senior legal practitioner with over 25 years' experience in public law, financial regulation, capital markets and banking.

Fintech Forum and UnionPay are driving adoption of digital payments in Sri Lanka, supporting the regulator‑approved 2024 National Card initiative to expand card usage. UnionPay has expanded local issuance since 2019 with partners including Commercial Bank and highlights QR adoption and reduced cash costs (~1.5% of GDP) as goals.

Ravi Karunanayake told Parliament that a multi-billion rupee fraud at National Development Bank has extended to involve 5–7 other banks and 4–9 non-banking financial institutions, blaming a 'systematic failure of accountability' by the central bank.

President Dissanayake chaired a meeting with bank and financial institution heads to promote the National QR Payment Promotion Initiative; CBSL Governor Weerasinghe said shifting from ATM cash services to the new digital method will cut banks' ATM costs and provide a more efficient, secure payment option.