KPMG Sri Lanka’s Post

South Africa needs a tailored approach to IFRS. While international standards are vital, we must adapt them to serve our unique economic goals—attracting Foreign Direct Investment, boosting GDP, and reducing unemployment. The FRSC is ready to lead the charge, ensuring our financial reporting aligns with national interests. Let’s advocate for a convergence model that empowers our economy, just like China and India do. Together, we can build a stronger financial future. 🇿🇦💪: https://lnkd.in/dMGB6gDh #CIBASoldiers #FinancialStandards #SouthAfrica #IFRS #EconomicGrowth

🌟 This Week in Nigerian Business: Hopeful Reforms & Pressing Challenges 🌟 From proposed tax reform bills designed to simplify the system to the critical issues of oil theft and grid instability, this week’s news carries significant implications for businesses across the country. 🏢⚙️ Here are the Top 5 Business Stories that stood out: 📌 Dive into the key highlights shaping Nigeria’s business landscape! #CPSLLP #NigeriaBusiness #Reforms #Innovation #EconomicGrowth #BusinessNews

Government to drive economic growth via robust partnerships with states: Piyush Goyal https://lnkd.in/dsu9Acje #Economy #Government #PiyushGoyal #EconomicGrowth #ECGC #TradePartnerships #IndiaTrade #CommerceMinistry #JanSunwaiPortal #TransparencyInTrade #StateGovernmentCollaboration #ExportPromotion #EaseOfDoingBusiness #EmploymentGrowth #DigitalSolutions #PaperlessProcessing #FacelessServiceDelivery #OperationalExcellence #CustomerSatisfaction #IndianExporters #BoardOfTrade #SMILEERP #CommerceInitiatives #TradeInnovation #EconomicDevelopment #StateLevelGrowth #DigitalTransformation #BusinessEfficiency #TradeSustainability #IndiaEconomy #RobustTrade #GovernmentInitiatives #Investmentguruindia #Finance

According to the Financial Soundness Indicator Q3 2024 report published by CBSL , Sri Lanka's banking sector demonstrated strong growth, with Profit After Tax rising by 23.8% YoY to Rs. 178.6 billion and Profit Before Corporate Tax increasing by 28.4% to Rs. 284.2 billion. This performance was driven by a 20.1% YoY growth in Net Interest Income (Rs. 615 billion) and a 13.8% rise in Gross Income (Rs. 756.1 billion), reflecting efficient margin management and improved credit demand. The sector's resilience amid economic challenges highlights its ability to navigate risks while supporting recovery. While challenges such as high non-performing loans and regulatory pressures persist, continued economic stabilization and diversification of income sources position the sector for sustained growth and a pivotal role in Sri Lanka's economic development.

Sri Lanka has had “extremely high” level of participation in an offer to swap new securities for defaulted sovereign bonds which is expected to result in 98 percent of bonds being exchanged, the Finance Ministry said. https://lnkd.in/gK6spHZc

𝐑𝐞𝐢𝐧𝐟𝐨𝐫𝐜𝐢𝐧𝐠 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 – 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 New capital requirements and governance standards introduced by the amendments are critical for reinforcing the financial stability of Sri Lanka’s banking sector. This report, the first of its kind by Deloitte Sri Lanka and Maldives in partnership with Sudath Perera Associates, explores how these stringent measures are essential for building a more resilient and credible financial system. These reforms ensure that banks are better equipped to withstand global and local challenges. Read our full Report : https://deloi.tt/3TrMfeY #BankingRegulation #SriLankaBanking #BankingAct2024 #BankingRevolution #ImpactThatMatters #DeloitteLK

Exit polls predicting a massive victory for the ruling coalition, in MY opinion will positively impact the country in several ways. It will boost confidence among existing and prospective investors about the continuity of reforms, leading to increased inflows of money. The rupee may strengthen due to higher demand from overseas investments and the government’s improved ability to manage the fiscal deficit. Foreign portfolio investment (FPI) is expected to flow into both equities and bonds, which would invigorate the bond markets and lower the cost of funds for corporate . Assuming other factors remain constant, the next five years are poised to be favorable for economic growth.

In this edition of our #BudgetBites, Audit and Assurance Partner Yusta Kasenge shares how the Tanzania banking sector has grown and remains steadfast despite macroeconomic disruptions. To learn more about the effect the proposed amendments will have on you and your business, register for our Budget webinar here: https://deloi.tt/3R6U88D #NationalBudget2024 #TanzaniaBudget #ImpactThatMatters

Our annual budget analysis is in a few hours. I hope you have signed up to the webinar. Below I share my thoughts on the Tanzania banking sector.

The government has proposed a 13% primary expenditure limit in its new Public Financial Management Bill. While the bill overall is a positive step forward. This particular rule is highly detrimental. Checkout the Verite Insight authored by myself, Nishan de Mel, Raj Prabu Rajakulendran and Chathuni Pabasara to understand why this rule is odd and could be highly detrimental to the Sri Lankan Economy. You can also refer this link: https://lnkd.in/e25Jqqsw