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‘Regaining momentum amidst continuing headwinds’

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While the pandemic is undoubtedly one of the most formidable challenges Sri Lanka has encountered in recent years, it is believed that the collective response of the local banking sector has helped the country as a whole, to handle the unexpected economic downturn in 2020.

Sampath Bank too faced many challenges in adjusting to the pandemic. Transitioning into a fully digital environment and an entirely new operating model under pandemic related restrictions was no easy feat. However, thanks to the solid progress made on the digital front in the recent past, the bank was able to make the transition in a matter of days to ensure uninterrupted operations. Equally importantly, Sampath Bank played a vital role in stabilizing the economy through the disbursement of the relief package for COVID affected businesses and individuals. The Bank extended the phase I of the Covid – 19 debt moratorium to over 50% of its loan book last year while 29% of the loan book remained under phase II of the debt moratorium in 1Q 2021 as well. Sampath Bank also actively participated in disbursing the Saubhagya Renaissance scheme to eligible customers. Where necessary, the bank also took its own initiatives to assist customers to tide over the difficult times.

As the pandemic situation continues to evolve and bring fresh challenges, Sampath Bank capitalized on the lessons learnt in the past to strengthen resilience and accelerate its transformation to the post-pandemic world. At the same time, the bank reiterates its commitment in rolling out the new relief measures proposed for 2021.

Meanwhile, the Bank subdivided its ordinary shares in the proportion 01:03. As a result, the number of shares increased from 381,457,985 to 1,144,373,955. Sampath Bank



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ICC’s Oceanfront Galle completed on time amidst Covid-19 restrictions

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Oceanfront Galle structure constructions have been completed on time, amidst the restrictions imposed by the authorities to contain COVID 19 pandemic. Nevertheless, ICC has taken initiatives to apply for COC in the beginning of June 2021.

The home owners and potential investors were invited to inspect on the construction progress of Oceanfront condominiums in Galle while experiencing the beautiful sunset by the Galle coast. ICC has conceptualized OFC Galle to have a view of the clear ocean from all possible angles featuring a fully equipped gym, a double floored spa and “Sunset” restaurant with beautiful views of the ocean.

Allowing investors to seamlessly enjoy the returns of OFC, ICC has introduced an all-inclusive rental management system which offers end-to-end solutions.

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Major-value stocks decline,three companies prop up ASPI

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By Hiran H.Senewiratne

Stock trading activities in the Colombo Stock Exchange(CSE) was subdued throughout yesterday as all major value-stocks declined in prices. Three companies; namely LOLC Development Finance (NIFL) Carsons and Bukit Darah kept the All Share Price Index positive, stock market analysts said.

Hence both indices showed mixed reactions. All Share Price Index was up by 16.98 points up and S&P SL20 down by 40.86 points. Turnover stood at Rs 1.94 billion with a single crossing. The crossing took place in HNB (Non Voting), which crossed 330,000 shares to the tune of Rs 36.3 million and its share price traded at Rs 110.

In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs 247 million (4.9 million shares traded), Bukit Darah Rs 156.7 million (450,500 shares traded), LOLC Rs 145.5 million (365,000 shares traded), Browns Investments Rs 128.5 million (21 million shares traded) and HNB (Non Voting) Rs 109.3 million (993,000 shares traded).

When Bukit Darah share price appreciated by 25 percent or Rs 51.25 from its initial trading price of Rs 279.50 to Rs 355, its holding company Carson Plc  share price also appreciated in parallel to its. Carsons Plc share price appreciated by 18 percent or Rs 52. Its share price started trading at Rs 293 and at the end of the day it shot upto Rs 345.

Further, NIFL being a low float company its share price increased by 25 percent or Rs 51.25. Its share price started trading at Rs 205 and at the end of the day it moved to Rs 256.25. These companies positively contributed 75 points to the All Share Price Index. Carsons contributed 28 points, Bukit Darah 28 points and NIFL 19 points to the All Share Price Index.

NIFL or LOLC Development Finance Company  has emerged as the most valuable finance company in terms of market capitalization. During the last seven sessions it’s share price appreciated by 261 percent or 3.6 times. The share price staryed trading at Rs 71 seven days ago and today it has moved up to Rs 256.25.

 

 

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People’s Bank Dankotuwa branch moves to new premises

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Opening of the People’s Bank Dankotuwa Branch at the new location which offers added convenience to its customers

 

People’s Bank Dankotuwa Branch moved to a new location recently. The opening ceremony of the new premises was attended by People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku.

The new spacious premises offers added convenience to customers along with a full range of services backed by the latest digital banking technology.

People’s Bank Deputy General Manager (Recoveries) Lionel Galagedara, Regional Manager(Puttalam) K.A.A.S Peiris, Assistant Regional Manager S.A.M.L Sirimanne, Dankotuwa Branch Manager D.M Liyanage, customers, also participated at the event.

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