Category: Banking and Finance

May 22, 2014 (LBO) – Fitch has confirmed a ‘A+(lka)’ rating of Sri Lanka’s Melsta Regal Finance based on expected support from its parent, ‘AAA(lka)’ rated Distilleries Company of Sri Lanka. MRF has expanded quickly since it started commercial operations in October 2012 as part of DIST group and Fitch expects that it will continue […]

May 22, 2014 (LBO) – Sri Lankan firms and banks should look at borrowing and lending longer term as interest rates and inflation fall, Central Bank Governor Nivard Cabraal said.Analysts say Sri Lanka’s banks and their customers borrow short term as excessive state intervention in the economy, especially in energy prices lead to sudden surges […]

May 20, 2014 (LBO) – A credit guarantee scheme covering gold-backed loans or pawning advances will be set up so that banks will have more comfort to lend against the asset, Central Bank Governor Nivard Cabraal said.But banks saw defaults rising on the credit when gold prices fell and values fell below the collateral. Sri […]

May 17, 2014 (LBO) – Profits at Sri Lanka’s National Development Bank rose 135 percent from a year earlier to 1.19 billion rupees in the March 2014 quarter, amid positive loan growth, interim accounts showed. Group total assets grew 12 percent to 197 billion rupees and net assets were up 1 percent to 24.7 billion […]

May 15, 2014 (LBO) – Profits at Sri Lanka’s state-run Bank of Ceylon group fell 1.9 percent from a year earlier to 2.64 billion rupees in the March 2014 quarter with loan loss reversals and trading gains, offsetting flat net interest income. Financial investments held-to-maturity rose to 206 billion rupees from 157 billion rupees. Fees […]

May 14, 2014 (LBO) – Profits at Sri Lanka’s Hatton National Bank group fell 13 percent from a year earlier to 1.09 billion rupees in the March 2014 quarter as net interest income fell and loan losses went up, interim accounts showed. At stand alone bank level, gross non performing loans rose to 4.53 percent […]

May 12, 2014 (LBO) – Profits at Sri Lanka’s Sampath Bank rose 21 percent from a year earlier to 1,2 billion rupees in the March 2014 quarter helped by loan loss reversal and other income while net interest income fell. The group reported earnings of 7.50 rupees per share for the quarter. Group interest income […]

May 12, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said profits rose 2 percent in the March 2014 quarter to 2,301 million rupees from a year earlier, with helped by higher net interest income and trading gains.The group reported earnings of 2.71 rupees per share, in interim accounts filed with the Colombo Stock […]

May 11, 2014 (LBO) – Sri Lanka’s Waterfront Properties (Pvt) Ltd, a unit of John Keells Holdings that is building an integrated resort has started raising foreign debt with Standard Chartered being appointed advisor. Standard Chartered Bank had given the first 100 million US dollars, as bridging finance for the first phase of the project, […]

May 08, 2014 (LBO) – Sri Lanka’s Nations Trust Bank said profits rose 10 percent in the March 2014 quarter from a year earlier to 549 million rupees despite providing for losses on gold backed loans. The group reported earnings of 2.38 rupees per share for the quarter in interim accounts filed with the Colombo […]

May 7, 2014 (LBO) – Browns Investments Plc said it had sold 11.98 million non-voting shares held in Seylan Bank to Lanka Orix Leasing Company Plc for 479.9 million rupees. LOLC itself owns finance companies as well as having a position in Seylan Bank. Brown is part of the LOLC group. LOLC has been restructuring […]

May 05, 2014 (LBO) – Sri Lanka’s credit from commercial banks fell 0.9 billion rupees to 2490.7 billion rupees in February 2014 from a month earlier, the second month running that private credit has fallen in absolute terms.In January the outstanding private credit stock fell 42.7 billion rupees, the first month credit has shrunk in […]