News & market updates

Arthur Carmazzi will hold a full-day 'Reset the Brain' workshop on 19 June at the Monarch Imperial; registration is Rs. 30,000 and participants receive a free Colored Brain assessment and Ocean Culture Diagnostics (combined value $2,841).

John Keells Holdings chair Krishan Balendra will lead a 19-member Sri Lankan corporate delegation to Mumbai for the India–Sri Lanka Business Forum on 13 May to engage Indian counterparts on trade, investment and partnerships. Sri Lanka and India have also discussed a proposed $450m post-conflict reconstruction package.

DFCC Bank reported Group core business PAT of LKR 1.8 Bn and a Group total capital adequacy ratio of 16.092% for the quarter ended 31 Mar 2026. Net interest income rose 12% to LKR 8.3 Bn and net fees grew 34% to LKR 1.9 Bn, while higher impairment charges and LKR 569 Mn unrealised equity losses weighed on results; integration of Standard Chartered’s Sri Lanka wealth and retail operations is underway.

CBSL told the Committee on Public Finance that no unusual activity was reported during the period of the Rs.13.2 billion fraud at National Development Bank (NDB.N0000), which has led to a fall in its share price and credit downgrades. CoPF criticised failures by auditors, board committees and supervisors and called for stronger controls, updated security standards and AI-based fraud regulations.

The Central Bank of Sri Lanka carried out six spot examinations in 2025 into licensed banks over core banking system failures, data breaches, credit governance, market risk and offshore lending, without naming the banks. The report also noted 10 joint and five standalone examinations with the FIU to assess AML/TF/PF risks.

LOLC Finance (LOFC.N0000) appointed Reshan Dewapura as an Independent Non-Executive Director. Dewapura brings over 38 years of ICT experience, is CEO of GSS International and has held senior roles at HP and the ICT Agency of Sri Lanka.

CBSL Deputy Governor Chandranath Amarasekara warned that tightening global conditions leave little room for policy mistakes and urged structural reforms over short-term stimulus. He said the government moved from a large overdraft to a surplus in the banking system, the CBSL has expanded market-conduct supervision of banks, and the ADB cautioned repeated crises increase risks.

Colombo Stock Exchange closed lower: ASPI -0.23% to 23,011.72 and S&P SL20 -0.30%, with turnover Rs.4.92bn and banks leading at Rs.3.04bn. Movers included Melstacorp, Hemas and CDB up while Ceylinco Insurance, Commercial Bank, DFCC and Colombo Dockyard fell; Laugfs Power commissioned a 2MW mini-hydro and ACME proposed a capital reduction (EGM Jun 11).

Fintrex Finance, with implementation partner APTS and vendor Craft Silicon, went live with the Nimble core banking system on 2 April 2026 (phase one), aiming to improve processing speed, security, data management and scalability.

Thayalan Bartlett, Executive Chairman of MullenLowe Group Sri Lanka, was named to Campaign Asia-Pacific’s inaugural 50 Over Fifty 2026 list as the only Sri Lankan honoree. The recognition highlights his leadership in Sri Lanka’s marketing and communications sector and his role steering MullenLowe through recent national and industry challenges.

FITIS re-elected Dr. Dayan Rajapakse as Chairman at its April 22 AGM; the new board will prioritize capacity building, infrastructure expansion and digital trust to drive Sri Lanka's Digital Economy 2030 agenda.

Hapag-Lloyd Lanka, a subsidiary of Aitken Spence PLC, won two Institute of Chartered Shipbrokers Customer Service Awards for the Europe and Mediterranean trades. The unit cited CRM implementation and extended working hours as drivers of improved customer engagement and operational performance.

Five Sri Lankan ICT companies took part in an EDB–IPD European market exposure programme, participating at Hannover Messe and follow-up events in Berlin and Stockholm and securing multiple high-quality leads and follow-ups. The initiative, the second EDB–IPD collaboration, aims to boost exports and help Sri Lankan tech firms refine European market-entry strategies.

The Ceylon Chamber will lead a senior corporate delegation to Mumbai for the India–Sri Lanka Business Forum on 13 May 2026, with leaders from John Keells, Aitken Spence, Hayleys, Sierra Cables and Vidullanka among participants to engage Indian investors on trade and investment opportunities.

Kelani Valley Plantations (KVAL.N0000) signed an MOU with SPJ Creation on 12 March 2026 to convert electronic waste into sustainable jewellery and value-added products. The initiative aims to upcycle e-waste, promote green entrepreneurship, and create livelihood opportunities for local artisans.

Lanka Hospitals presented its 2025 Annual Report and the 2026–2030 'HEARTS 360' five-year strategic roadmap, reporting its highest-ever revenue in 2025 and contributing over Rs. 1.4 billion to the State Treasury. The group highlighted record clinical volumes (802 cardiothoracic surgeries) and plans for digital transformation and medical tourism expansion.

Thayalan Bartlett, Executive Chairman of MullenLowe Group Sri Lanka, was named to Campaign Asia-Pacific’s inaugural 50 Over Fifty 2026 list as the only Sri Lankan honoree, recognising senior leaders shaping marketing, media and communications in the region.

Corporate Management Consultants will hold a seminar on 21 May at Cinnamon Lakeside to discuss strengthening the integrity of Sri Lanka's banking sector, covering fraud, governance, director accountability and cybersecurity. Speakers include Justice A.H.M.D. Nawaz, Faizal Salieh and TechCERT CEO Kushan Sharma.

Prime Minister Harini Amarasuriya set a bilateral trade target of $1 billion with Vietnam by 2030. She highlighted Sri Lanka's economic recovery (5% real GDP growth in 2025, 2.36m visitor arrivals) and invited Vietnamese investment across manufacturing, tourism, IT and logistics.

Opposition Leader Sajith Premadasa welcomed Vietnamese President Tô Lâm to Parliament, praising Vietnam’s Doi Moi reforms and urging deeper bilateral cooperation in electronics, artificial intelligence and innovation-driven industries to bolster investment and economic ties.

Prime Minister Dr. Harini Amarasuriya said rural youth can drive Sri Lanka's agricultural transformation with the right investment, noting SAPP has supported nearly 5,000 young agripreneurs since 2017. The National Youth Agripreneur Showcase connected 400 agripreneurs with markets, finance and partners, highlighting digital innovation and climate-resilient approaches.

Macktiles Lanka opened a new showroom at 236, Main Road, Attidiya, Dehiwala on 24 April 2026. The outlet debuts new product lines including a 4x2 range, Batik, Junior and Green series and implements technology-driven customer tailoring with ISO 14001:2015-certified processes.

Sri Lanka's ASPI closed up 0.29% (66.12 points) at 23,063 after a volatile session that briefly breached 23,000. Hayleys and Dialog were top positive contributors, and Hatton Plantations said Durga Infra bought 10,245,384 shares and now holds 12.5%.

Sri Lanka and Vietnam set a target to increase bilateral trade to $1 billion by 2030. Discussions covered renewable energy, digital infrastructure/AI, manufacturing and agriculture; Vietnam donated 100 tonnes of fertilizer and new airline routes to Colombo are planned.

The Treasury said duplicate Aswesuma welfare payments totalling Rs. 248.79 million were mistakenly made after a 'poor' payment file was uploaded twice. Officials said 49,759 beneficiaries withdrew funds before reversals, banks were asked to recover the excess and the amount will be reclaimed from May disbursements.

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.

CID has recorded statements from 21 individuals in an investigation into a $2.5 million cyber theft from the Treasury, Public Security Minister Ananda Wijepala told Parliament; the government said it will act against those found responsible and the probe is ongoing.

PayPal will launch in Sri Lanka on 15 May, initially enabling inward B2B payments to exporters with selected local banks appointed as agents. The rollout aims to formalise inward remittances and increase regulated foreign currency inflows under CBSL oversight.

The iPhone 17 was the world's best-selling smartphone in 1Q 2026, accounting for 6% of global shipments, according to Counterpoint Research. Apple placed four models in the top 10, while mid-range Android devices from Samsung and Xiaomi dominated the remainder of the list.

Sri Lanka will allow direct receipt of funds through PayPal into local bank accounts from May 15. The Central Bank and private banks finalized arrangements to remove legal and technical barriers, aiming to boost official foreign exchange inflows and enable regulated tax reporting.