RAM Ratings Lanka reaffirms AAA/P1 rating to Standard Chartered Bank-Sri Lanka branch
RAM Ratings Lanka has reaffirmed the respective long- and short-term financial institution ratings of Standard Chartered Bank Sri Lanka Branch (SCBSL or the Bank) at AAA and P1; the long-term rating has a stable outlook. The ratings are firmly anchored by the credit profile of Standard Chartered Bank PLC of the UK (SCB-UK) of which the Bank is a branch.
SCBSL is currently the second-largest foreign bank in Sri Lanka, with an asset base of LKR 84.90 billion as at end-December 2011. It operates as a branch of SCB-UK which is the headquarters of Standard Chartered Bank (SCB or the Group). SCB has presence in over 70 markets, with its main focus in the Asian, Middle Eastern and African markets.
The Group’s pre-tax profit grew 10.67% year-on-year (y-o-y) to USD 6.77 billion in FYE 31 December 2011 (FY D