News & market updates

The Export Development Board launched an awareness and hands-on training programme for exporters and potential exporters in the light engineering sector on 19 May 2026, aiming to boost competitiveness as exports stood at USD 205 million in 2025 with a target of USD 400 million by 2030. The programme covered export/business topics and technical foundry training, including simulation, energy efficiency, quality assurance and pollution control.

Singer (Sri Lanka) reported a 77.5% rise in quarterly profit to Rs2.39bn for the March 2026 quarter. Group revenue rose 47% to Rs35.7bn, driven by strong home appliances performance and a 77% jump in financial services PBT; EPS was Rs2.05.

Asian shares were mixed and global bonds recovered after U.S. President Donald Trump paused a planned attack on Iran, sending Brent crude down over 2% to $109.41/bbl and 10-year U.S. Treasury yields easing to about 4.60%. Nvidia earnings due Wednesday will test AI-driven market sentiment.

The India–Sri Lanka Business Forum in Mumbai on 13 May 2026 highlighted renewed momentum in trade, investment and connectivity across tourism, renewable energy, ICT, logistics and infrastructure, with John Keells chair Krishan Balendra among delegates promoting deeper private‑sector ties.

SLIIT has redesigned curricula and assessments to prepare graduates for an AI-driven workplace—embedding industry exposure, AI tool use and project-based learning—and reports a 96% graduate employability rate. The institute also emphasizes human skills (communication, collaboration) and diverse team projects.

Nawaloka College of Higher Studies held the INCOHST 2026 grand finale on 16 May, a national school-level IoT/AI competition with 58 teams participating; Richmond College, Galle won the event.

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.

Bank of Ceylon reported Profit Before Tax of Rs. 28.8 billion and Profit After Tax of Rs. 18.8 billion for the quarter ended 31 March 2026. Total assets stood at Rs. 5.5 trillion, deposits Rs. 4.5 trillion and gross loans Rs. 2.7 trillion; Tier I CAR 13.04% and total CAR 17.31%.

Dialog Axiata PLC launched Arcana, Sri Lanka’s first enterprise-ready Sinhala text-to-speech model developed with Rime Labs and now live for enterprise deployment. The model supports on-premise and cloud deployment, domain-specific tuning and custom brand voices for local enterprises.

A fireside panel positioned Sri Lanka as a high-value tourism and innovation hub, urging focus on quality tourism, digital/AI infrastructure and long-term investment; Sri Lanka welcomed about 2.36 million international visitors in 2025, surpassing pre‑pandemic levels.

CFA Society Sri Lanka will host a half-day workshop, 'Financial Analyst 2.0: Using LLM Tools for Daily Workflows', on 3 June 2026 (09:00–12:00) in Colombo to train finance professionals on applying AI/LLM tools to modelling, research, valuations and forecasting; registration closes 1 June.

Sophos' State of Identity Security 2026 found 71% of organizations suffered at least one identity-related breach in the past year, with mean recovery costs of $1.64 million (median $750,000). The report cites human error and weak non-human identity (NHI) management—exacerbated by agentic AI—as primary causes and recommends MFA, least-privilege, secrets management and ITDR/Zero Trust.

Sports Commune, led by Manjot Kalra and Mayank Goel, has acquired the Jaffna Kings ahead of Lanka Premier League Season 6. The new owners have pre-signed Bhanuka Rajapaksa and Dunith Wellalage and say they will focus on youth engagement, digital media and long-term sporting development.

Asian stocks fell as drone attacks in the Gulf pushed Brent above $111/bbl and global bond yields higher (US 10-year ~4.63%), raising inflation and tightening risks; Nvidia and major retail earnings this week will test equity resilience.

Dialog Axiata PLC reported 1Q FY26 revenue of Rs. 47.3 billion (up 9% YoY) and NPAT of Rs. 9.2 billion (up >100% YoY), and approved a first interim dividend of Rs. 0.70 per share. EBITDA rose 23% YoY to Rs. 24.3 billion, operating free cash flow was Rs. 14.6 billion, and capex was Rs. 5.5 billion mainly for 5G expansion.

Amana Bank (ABL.N0000) reported Q1 2026 PBT of Rs.0.8bn (+14% YoY) and PAT of over Rs.0.5bn (+16% YoY). Net financing income rose to Rs.2.2bn (+14%), total operating income to Rs.2.7bn (+13%), CASA 44%, CET1 13.2%, and Stage 3 NPA 1.2%.

The National Disaster Relief Services Centre launched a digital Compensation Management System and Community Inquiry Mechanism to speed and streamline relief for Cyclone Ditwah survivors, funded by Norway with support from UNICEF and UN Volunteers. The systems enable online claim filing via Grama Niladhari officers, QR-code/hotline inquiries and tracking.

Zellers ran an AI-powered Avurudu Kumara and Kumariya contest with over 450 entries and a two-hour live voting finale, crowning Contestant 116 (Anji) and Contestant 377 (Ivory Cocoa) as winners; the relaunched Maliban brand used animated Facebook finalists to boost engagement.

Uber Sri Lanka launched Hybrid Subscriptions for Moto and Tuk drivers, introducing an 'earn first, pay later' option and maintaining 0% trip commission while offering time-based and earnings-based subscription plans for full- and part-time drivers.

Commercial Bank of Ceylon donated its 400th IT Lab at Mahamathya Vidyalaya, Athurugiriya and launched 'ComBank Akshara' to consolidate its education-focused CSR. The bank says the fully equipped labs have benefited over 500,000 students nationwide and are funded via its CSR Trust.

CFA Society Sri Lanka will host a half-day workshop "Financial Analyst 2.0: Using LLM Tools for Daily Workflows" with Uzabase on 3 June 2026, 09:00–12:00 at the Courtyard by Marriott, Colombo City Centre. The session covers using AI/LLM tools for financial modelling, investment research, valuations, risk assessment and building custom LLM workflows.

The Central Bank of Sri Lanka launched an online Complaint Management System that lets financial consumers submit, track and escalate complaints against financial service providers 24/7, aiming to standardise and speed up complaint resolution and regulatory oversight.

State-owned Bank of Ceylon reported PAT of Rs. 18.8bn and PBT of Rs. 28.8bn for 1Q ended 31 March 2026. Key metrics: NII Rs.52.9bn, total operating income Rs.61.5bn, impairment charge Rs.7.9bn, total assets Rs.5.5tn, deposits Rs.4.5tn, Tier-1 CAR 13.04%.

Commercial Bank and Sampath Bank are among the initial Sri Lankan banks to roll out PayPal, a move bankers say will ease cross-border payments for freelancers and strengthen formal foreign-exchange inflows.

Dialog Axiata reported Q1 net profit of Rs.9.2 billion, up 122.3% from Rs.4.1 billion a year earlier. Group revenue rose 9.2% to Rs.47.3 billion and the board proposed an interim dividend of Rs.0.70 per share.

Central Bank of Sri Lanka launched an online Complaint Management System (CMS) at https://reachus.cbsl.lk/ to allow financial consumers to submit and track complaints against CBSL-regulated financial service providers. Complaints must first be made to the FSP and can be escalated to CBSL if unresolved; the CMS is available 24/7 and supports document uploads.

Pan Asia Banking Corporation (PABC.N0000) reported Q1 2026 Profit Before Tax of Rs.1.65 billion, up 13% YoY, with loans +10% to Rs.239.49 billion and deposits +10% to Rs.254.19 billion. Asset quality improved (Stage 3 ratio 1.57%) and CASA rose to 22.63% while the bank invested in digital and branch expansion.

Sri Lanka must pivot its export strategy toward India after US tariffs and the EU–India FTA eroded Western market advantages; Sri Lanka exported $1.07bn to India in 2024 versus $4.32bn in imports, and February 2026 exports rose 48% YoY to $264m.

WTTC forecasts global travel and tourism will contribute $12 trillion to global GDP in 2026 (9.9% of world GDP), expand 3.2% and support 376 million jobs; it says investment in smart infrastructure, digital innovation and AI is critical to sustain growth.

Sri Lanka Telecom PLC reported 1Q2026 consolidated revenue of Rs.30.8bn (up 10.6% YoY) and PAT of Rs.3.1bn (up 53.3%), driven by broadband demand; SLT PLC standalone revenue was Rs.19.7bn with PAT of Rs.2.1bn, supported by cost efficiencies and FX gains.