Category: Banking and Finance

Feb 28, 2014 (LBO) – Profits at Sri Lanka’s Sampath Bank Plc fell 31 percent to 1.0 billion rupees, in the December 2013 quarter from a year earlier, amid higher loan losses, interim accounts showed. Gross assets rose 24 percent to 391 billion rupees and net assets rose 14 percent to 31.6 billion rupees. The […]

Feb 25, 2014 (LBO) – Profits at Sri Lanka’s Commercial Bank of Ceylon rose 25 percent to 3.3 billion rupees in the December 2013 quarter from a year earlier, despite a steep loan loss provisioning, interim accounts showed. The group reported earnings of 3.92 rupees per share. For the 12-months to December the group reported […]

Feb 22, 2014 (LBO) – A bank in Sri Lanka is in talks with US-based Paypal to become its partner bank for inward remittances, Central Bank Governor Nivard Cabraal said. But larger transactions like tourism services are also sold in many countries using Paypal. Sri Lanka allows outward payments through Paypal via credit cards, but […]

Feb 18, 2014 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the island’s largest bank by assets said it had opened a branch in Seychelles.Bank of Cetlon Assistant General Manager Ranjith Haputhanthri is country head for Seychelles. The bank said it wants to expand into other emerging markets. The bank already has branches in Chennai, […]

Feb 14, 2014 (LBO) – Profits at Sri Lanka’s DFCC Bank group rose 3.8 percent from a year earlier to 791 million rupees in the December 2013 quarter helped by fair value gains and interest income, interim accounts showed. The firm reported earnings of 2.99 rupees per share for the quarter. For the nine months […]

Feb 12, 2014 (LBO) – RAM Ratings Lanka said it had upgraded a ‘BB-‘ rating of BRAC Lanka Finance Plc (formerly Nanda Investments, by two levels to ‘BB+’ following an ownership change. l The rating has a stable outlook. Bangladesh-based BRAC bought into the firm and RAM said support was expected from the parent. The […]

Feb 11, 2014 (LBO) – Sri Lanka’s plan to consolidate banks, could bring long term benefits and greater system stability, Fitch Ratings said.The consolidation master plan envisaged the creation of bigger banks, with an asset base of over 1,000 million rupees. “Only one bank met this threshold at end-September 2013,” Fitch Ratings said. “The government […]

Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said. Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers […]

Feb 10, 2014 (LBO) – Sri Lanka’s banks could benefit from a regulatory move for consolidation, despite heightened short term risks, Standard & Poor’s, a rating agency said. Sri Lanka’s central bank is pushing banks and finance companies to merge, to reduce the total number in operation and make remaining ones bigger. “We believe Sri […]

Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said.Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers who […]

Feb 09, 2014 (LBO) – Sri Lanka’s Nation Lanka Finance Plc, a registered finance company is getting a 700 million rupee equity investment which will boost its capital over a few weeks, officials said.Financing by GEM was arranged by Yenom (Pvt) Ltd, a company operated by Kosala Heengama and Gregory Scott Newsome, who were connected […]

Feb 06, 2014 (LBO) – Nations Lanka Finance Plc said it would raise 1.4 billion rupees by selling shares to a foreign investor.The firm said in a stock exchange filing that it wanted to sell shares and warrants totaling 29.9 percent of company to Global Emerging Markets Yield Fund LLC. Sri Lanka’s finance companies are […]