Category: Banking and Finance

Mar 03, 2014 (LBO) – Sri Lanka’s credit from commercial banks to state enterprises surged to 57 billion rupee in December 2013 ending four months of net pay downs of debt official data showed as a drought worsened in the country hitting hydro power. The subsidy deception hurts the poor most – who consume the […]

Mar 03, 2014 (LBO) – Merchant Bank of Sri Lanka (MBSL), a unit of state-run Bank of Ceylon said it was merging with two subsidiaries and become a finance company, under a regulatory directive. Instead, all three units will merge and operate as a licensed finance company. MBSL will merge with MBSL Savings Bank Limited […]

Mar 01, 2014 (LBO) – Books of Sri Lanka’s banks and finance companies are being evaluated by audit firms as they are moving towards mergers under a regulatory push, the Central Bank said. The ministry of finance and inland revenue department have agreed to deal with tax issues that expected in the consolidating lenders, the […]

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 28, 2014 (LBO) – Profits at Sri Lanka’s Seylan Bank Plc rose 71 percent to 797 million rupees in the December 2013 quarter from a year earlier, on wider margins, despite higher loan losses, interim accounts showed. Group gross assets rose 17.3 percent to 217 billion rupees in the 12 months to December with […]

Feb 28, 2014 (LBO)- Profits at Sri Lanka’s Hatton National Bank fell 38 percent to 1.8 billion rupees in the December 2013 quarter amid shrinking net interest income, interim accounts showed. The group reported earnings of 4.73 rupees per share. In the year to December the group reported earnings of 19.20 rupees per share on […]

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 […]