Business

National Savings Bank has recently raised a USD 35 million loan facility supported by Indian Bank & Indian Overseas Bank, NSB media release revealed.

The National Best Quality Software Awards (NBQSA) Provides recognition to the outstanding achievement of individuals and organizations in Sri Lanka that have developed high-quality ICT products.

The Sri Lanka Telecom PLC (SLT) Group ended the 2020 financial year on a high note with a significant 25 per cent YoY growth in profit after tax to LKR 7.9 billion despite many challenges faced arising from the COVID-19 pandemic.

The grand finale of the Sri Lankan Entrepreneur of the Year Awards - 2019  will be  held on 4th of March 2021 at BMICH (Main Hall) from 3.00 pm – 6.00 pm subject to health regulations of the Ministry of Health, the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) said.

Coca-Cola Beverages Sri Lanka Ltd (CCBSL) successfully installed one of the largest single location rooftop solar projects in Sri Lanka at its facility in Biyagama, as part of the company’s pledge towards sourcing renewable energy, and combating climate change through the reduction of its carbon footprint by approximately 1.94 Mt per annum.

With a pioneering vision to provide timely and trusted prescription medication service to the Sri Lankan public, Mymed.lk has become an essential part of peoples' lives in the face of a pandemic.

LOLC Finance – Sri Lanka’s largest Non-Banking Financial Institution (NBFI), has introduced a credit card named 'Savi', exclusively designed for pensioners and state sector employees across Sri Lanka.

As an avid supporter of bridging gender disparities whilst empowering women in the workforce, Dialog Axiata PLC (Dialog), Sri Lanka’s premier connectivity provider joined hands as Platinum Sponsor on the 10th anniversary of WIM’s (Women in Management) foremost annual event the ‘Top 50’ Professional and Career Women Awards, to recognize and celebrate individual and corporate achievements of trailblazing women leaders in Sri Lanka for the year 2020.

Sri Lankan Airlines together with the country’s premier meeting, events, and function hosting venue BMICH, have come together to promote MICE tourism in Sri Lanka.

The monetary authority has reassessed the restrictions, and on 19 January 2021 permitted licensed banks to pay cash dividends and repatriate profits after completion of the audit of the financial statements for the year 2020.  

When deciding payment of cash dividends and repatriation of profits for the year 2020, licenced banks are expected to consider assets growth, business expansion and the impact from COVID-19 pandemic, CB said in a media release.  

Further, licensed banks were required to refrain from engaging in share buybacks and increasing non-essential expenditure, while exercising extreme due diligence and prudence when incurring capital expenditure until 30 June 2021.

Deteriorating asset quality and the associated higher credit costs are expected to keep banks’ profitability lower in 2021 than pre-2019 levels, despite improvement from 2020 profitability.CB said.

Previously, the Central Bank, on 13 May 2020 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2020 with a view to strengthening the liquidity and capital positions of licensed banks under exceptional circumstances amidst the COVID-19 pandemic.

Banks are emerging largely unhurt from the pandemic due to regulatory forbearance measures on capital and liquidity, moratoria, leniency on recognising loss provisions and large amounts of liquidity made available for on-lend as well as to backstop borrowers from defaulting.

However, the Central Bank called on licensed banks to take into account capital requirements under Basel III, expected asset growth, business expansion and the impact of the pandemic when deciding on the payment of the cash dividend.

“Licensed Commercial Banks shall also refrain till 30 June 2021 from buying back its own shares, increasing management allowances and payments to Board of Directors, exercise prudence and refrain to the extent possible from incurring non-essential expenditure such as advertising, promotions, gift schemes, entertainment, sponsorships, travelling and training.”

The circular also insisted banks exercise due diligence and prudence when incurring any capital expenditure.

Fitch ratings in a special report titled ‘Sri Lanka Banks Report Card 2020’, released in December warned sluggish economic activity, external and domestic vulnerabilities, muted private credit growth and the sovereign’s weakened credit profile are significant downside risks to the operating environment for Sri Lankan banks.