News & market updates

LOLC Finance's alternate-finance unit LOLC Al-Falaah was voted "Best Islamic Leasing Provider (Global)" in the IFN Non-Banking Financial Institutions Poll 2024. Al-Falaah, part of LOLC Finance PLC, manages over Rs. 35 billion in assets and its Wadi'ah gold storage portfolio has surpassed Rs. 2 billion.

Tiesh has relaunched its 'For Him' men's jewellery collection, updating the 2016 line with sterling silver, gold and gemstone pieces plus bespoke and monogrammable options available at its Colombo showroom. The collection targets rising demand for men's jewellery and includes bracelets, cufflinks, rings and customised leather-buckle items.

Asia Asset Finance PLC marked ten years with parent Muthoot Finance, reporting total assets of Rs.32.28 billion, a lending book of Rs.26.1 billion (up Rs.5.5 billion YoY) and ROE of 16.38%.

Asia Asset Finance PLC marks a 10-year partnership with Muthoot Finance; as of 30 Sep 2024 its assets reached LKR 32.28bn (24.74% YoY), loan book LKR 26.1bn (up LKR 5.5bn) and ROE 16.38% (up 102% YoY). The company operates a 100-branch network and holds a Fitch A+ rating.

Sampath Bank's subsidiary Siyapatha Finance PLC opened its 52nd branch in Deniyaya, Matara District. The new branch will provide leasing, deposits, gold financing, business and personal loans, Fast Draft, factoring and Smart Pay automated bill payments and launched a CSR tree-planting and donation program.

LOLC Finance PLC relocated its Jaffna metro branch to new premises at No. 584, Hospital Road, Jaffna, with a grand opening on 4 December 2024. The modern facility — the company's second Jaffna branch — will offer savings, gold loans, leasing and micro-finance as part of its 203-branch network.

Siyapatha Finance, a fully owned subsidiary of Sampath Bank PLC, opened its 52nd branch in Deniyaya offering leasing, deposits, loans, gold financing and Smart Pay digital services. The branch launch includes CSR activities and targets local agricultural and tourism-linked demand.

Mercantile Investments opened its 62nd branch in Vavuniya on 24 Oct 2024 and its 63rd branch in Kekirawa on 25 Oct 2024, bringing its network to 63 branches. The new branches will offer leasing, vehicle loans, fixed deposits, gold loans and kids' savings accounts.

HNB Finance PLC opened a new branch in Panadura at No. 31/1, Horana Road and launched a dedicated Gold Loan Unit offering Gold Loan, Gold Plan and VIP Gold Loan products. The branch also provides leasing, fixed deposits, savings, business and home loan services.

NDB Bank's Kotahena branch became the first in NDB history to have all 12 branch staff qualify for the CEO’s Club in 2024, achieving Rs.37 million YTD; the branch's Privilege Relationship Manager recorded an ANP of Rs.20 million.

UB Finance (UBF.N0000) reopened its expanded and refurbished Rathnapura branch at No.105/1, Colombo Road on 4 November. The branch offers deposits, leasing, hire purchase, term and gold loans and factoring services; UB Finance is a subsidiary of Union Bank.

Allianz Insurance Lanka signed a referral partnership with Dedigama Group to allow Dedigama’s 270+ pawning outlets to refer customers to selected Allianz insurance products, expanding Allianz’s distribution and customer access.

Sri Lanka central bank's net foreign assets were brought to almost zero by September 2024, at negative $175m versus negative $4.6bn in August 2024. The improvement followed deflationary open-market and primary operations and repayment of swaps/loans, though recent inflationary OMOs have raised concerns.

Union Bank PLC reported a 22% rise in loans and advances to Rs. 75,744 million for the nine months to 30 Sep 2024; deposits grew 9% to Rs. 96,328 million. Profit after tax was Rs. 117 million, gross income fell 29% and the bank secured PCI DSS v4.0 and ISO 27001 certifications and a MoU with John Keells CG Auto for BYD EVs.

Union Bank reported a 22% rise in loans and advances to LKR 75,744m for the nine months to 30 Sep 2024, with deposits up 9% to LKR 96,328m and profit after tax of LKR 117m. The bank relaunched leasing and pawning, signed an MoU with John Keells CG Auto to introduce BYD EVs, and received PCI DSS and ISO 27001 certifications.

Sri Lanka's official reserve assets rose 7.9% to USD 6.46 billion in October 2024, including about USD 1.4 billion from a conditional swap with China's PBoC; foreign currency reserves increased to USD 6.38 billion and gold reserves to USD 42 million.

LOLC Al-Falaah (part of LOLC Finance) launched the Wadi'ah Gold Storage Facility and its benevolent cash-advance portfolio has surpassed Rs. 2 billion.

Vallibel Finance (VFIN.N0000) opened new branches in Tangalle and Hingurakgoda. The lender says the expansion improves access to financial services for local communities and leverages its digital infrastructure to deliver customer-centric products such as gold loans, leasing and deposits.

Asia Asset Finance PLC opened three new branches (Jaffna, Kuruwita, Deraniyagala) in September 2024, taking its branch network to 91 nationwide. The branches will offer services including gold loans, leasing, business financing and microfinance, and openings were marked by local CSR donations for schools.

Siyapatha Finance PLC opened its 51st branch in Matugama, expanding its islandwide network. The branch will offer leasing, deposits, gold financing, loans and Smart Pay, and the company carried out CSR activities including tree planting and donating computers.

Sampath Bank's fully owned subsidiary Siyapatha Finance PLC opened its 51st branch in Matugama. The branch will offer leasing, deposits, gold financing, loans and digital services (Smart Pay); the company also carried out a tree-planting CSR initiative and donated computers to a local school.

HNB Finance (HNBF.N0000) inaugurated a new Gold Loan Centre in Embilipitiya, expanding access to gold loans and other financial services with low interest rates and flexible repayment options.

Asia Asset Finance PLC opened three new branches in September 2024, bringing its network to 91 across Sri Lanka. The new outlets in Jaffna (relocated), Kuruwita and Deraniyagala will offer services including gold loans, leasing and business financing, and openings were marked by CSR donations to local schools.

HNB FINANCE PLC opened a new Gold Loan Centre at No.59 Ratnaweera Building, Main Road, Embilipitiya, expanding access to its Gold Loan, Gold Plan and VIP Gold Loan products and offering leasing, deposits and other loan services with low rates and flexible repayment options.

Richwin Plaza was named Best Mobile Phone Seller of the Year and Richwin Investment and Credit was named Best Emerging Micro Finance Company at the Iconic Awards 2024; awards were received at a ceremony at BMICH in Colombo.

Fitch has affirmed Citizens Development Business Finance PLC’s National Long-Term Rating at 'BBB(lka)' with a Stable Outlook and its subordinated debt at 'BB+(lka)'. Fitch noted CDB's large motor-car exposure (75% vehicle financing, 18% gold-backed lending) and said easing vehicle import bans could support growth.

Richwin Plaza was named The Best Mobile Phone Seller of the Year and Richwin Investment and Credit was named The Best Emerging Micro Finance Company of the Year at the Iconic Awards 2024 in Colombo.

Colombo Commercial High Court granted Dedigama Group Ltd. an interim injunction restraining D.A.C.P. Dedigama Pawning Centre Ltd. from using the name "Dadigama" (දැඩිගම), similar trade dress or opening/advertising new pawnbroking/jewellery outlets after trademark-infringement and passing-off claims.

Orient Finance PLC opened two new branches in Chenkalady and Kaluwanchikudy, expanding its branch network to 37 and aiming to broaden access to deposits, savings, leasing, gold loans, alternative finance and corporate financing in the Eastern region.

Orient Finance PLC opened two new branches in Chenkalady and Kaluwanchikudy, increasing its branch network to 37. The branches will provide deposits, savings, leasing, gold loans, corporate financing and other financial services to the Eastern region.