Category: Banking and Finance

September 18, 2014 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Citibank Colombo Branch’s (CitiSL) National Long-Term Rating at ‘AAA(lka) with a stable outlook , the rating agency osaid in a statement. The full statement is reproduced below:- KEY RATING DRIVERS CitiSL’s rating is the highest on the National Rating scale and reflects the credit […]

September 02, 2014 (LBO) – Sri Lanka’s Monetary Board has appointed four new assistant governors with effect for 28 August this year to address the emerging challenges of the economy, the bank said in a media release. D Wasantha, C P A Karunathilake, H A Karunaratne and S R Attygalle to the post of Assistant […]

September 02, 2014 (LBO) – Fitch Ratings has assigned Sri Lanka-based National Savings Bank’s (NSB; BB-/Stable) proposed issue of US dollar-denominated notes an expected rating of ‘BB-(EXP)’, the rating agency said in a media release.RATING SENSITIVITIES>b/> Any change in Sri Lanka’s rating or to the perception of state support to NSB could result in a […]

September 01, 2014 (LBO) – Sri Lanka’s Bank of Ceylon said profits before tax increased 20 percent to 8.6 billion rupees the first half of 2014 compared to 7.2 billion rupees in 2013. Deposits in foreign currency account for 26 percent with the remaining 74 percent in local currency. The total customer deposit base has […]

August 28, 2014 (LBO) -The Central Bank of Sri Lanka and the People’s Bank of China entered into a Bilateral Investment Agreement on Bond Investment on the 25th August 2014, which enables the Central Bank of Sri Lanka to further diversify its reserves management activities into Chinese Renminbi denominated assets. As a result, the Central […]

August 28, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said K.M. Mahinda Siriwardana, Director General of Department of Fiscal Policy at the Ministry of Finance and Planning has been appointed non-executive director with immediate effect.Siriwardana is involved in activities related to tax policy, government revenue and overall macro-fiscal management in the Department of […]

May 18, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said profits before tax drop marginally to 6.474 billion in the first half of 2014 due to imposition of Nation building tax from January. The bank says the profit before financial VAT and NBT was up 1.92 percent to 7.587 billion rupees. The imposition […]

Aug 04, 2014 (LBO) – Sri Lanka’s regulator driven consolidation is on track with 12 banks and 57 non-bank lenders submitting plans for mergers and recapitalization, the Central Bank said. Another 19 non-bank lenders have completed internal processes to allow them to submit the plans, the regulator said. Already 19 proposals have been approved. Consultants […]

Aug 01, 2014 (LBO) – Profits at Sri Lanka’s National Development Bank rose 5.6 percent from a year earlier to 843 million rupees, helped by higher net interest income, amid falling interest expenses, interim accounts showed. The bank reported earnings of 10.50 rupees per share. In the half year to June the group reported earnings […]

July 31 2014 (LBO) – Sri Lanka’s state-run Bank of Ceylon, a major lender to the state and state enterprises will boost customer service and attract more private clients officials said, as the bank celebrates 75 years.“Our bankers are the best in the country but our outlook we must change,” Bank of Ceylon Chairman Harsha […]

July 29, 2014 (LBO) – Dharma Dheerasinghe, has been appointed Chairman of Commercial Bank of Ceylon, with the retirement of Dinesh Weerakkoddy. Preethi Jayawardene has been appointed Deputy Chairman. Dheerasinghe who was earlier Deputy Chairman was a Deputy Governor of Sri Lanka’s central bank. Jayawardene had been in the Board of Commercial Bank since December […]

July 23, 2014 (LBO) – Profits at Sri Lanka’s HDFC Bank, a mortgage lender, surged over five fold to 82 million rupees in the June 2014 quarter from a year earlier as borrowing costs fell, interim accounts showed. Defaulted loans are periodically settled against member balances. The bank reported earnings of 1.28 rupees per share […]