BoC scores One Trillion Deposits
The Bank of Ceylon, the Sri Lankan banking giant has scored its second Trillion by its deposit base reaching over Rs. One Trillion. With this achievement Bank has created history by being the first and the only bank in Sri Lanka to pass this milestone. The Bank’s historic first Trillion was achieved in year 2012 by earning a Rs. One Trillion asset base which was the first time any corporate entity had achieved a Rs. One Trillion balance sheet in Sri Lanka.
Midea partners with Telesonic
Midea, widely acclaimed as the rising star of global consumer electronics recently partnered with Telesonic, who will market and service Midea’s commercial and domestic air conditioner range in Sri Lanka. Midea has already consolidated its dominance in the sphere of air conditioning, emerging as the world’s largest manufacturer of ACs and the world’s No.1 in air cool technology. Midea made its long-awaited formal entry into the Sri Lankan market, picking Telesonic from a long list of hopefuls, as its exclusive partner in the island.
Seylan denies merger talks
In a release to the CSE on 8th March 2016, Seylan Bank stated that the Bank is not engaged in merger talks with National Development Bank PLC or any other entity at present.
Based on the audited financial statements released to the CSE on 3rd March 2016, the Bank reported a Profit after Tax of Rs.3.83 billion (5-year CAGR of 25.53%), with a ROE of 15.62% and a ROA (after tax) of 1.4% for 2015. The Bank reported a Net Credit growth of 24.61%, with net advances growing from Rs.154,963 million in 2014 to Rs. 193,104 million in 2015.
FCCISL seminar on NTMs & NTBs
The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) recently concluded a training session on non-tariff measures (NTMs) and non-tariff barriers (NTBs) environment in SAARC countries last week. The well attended sessions were held in partnership with SAARC Trade Promotion Network (SAARC TPN) Kathmandu, National Institute for Micro Small and Medium Enterprises (ni-msme) and GIZ (GmbH). The two-day training had been prepared to gain knowledge on trade agreements between bordering countries and SAARC nations, salient features of NTMs and NTBs, legal regulations, inadequate security environments and many other topics.