Category: Banking and Finance

Nov 29, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 5.6 percent in the 12-months to December from a year earlier, slowing from 6.7 percent a month earlier, with the index climbing 0.2 percent during the month. Under Sri Lanka’s so-called flexible exchange rate, where the Central Bank buys all capital inflows […]

Nov 25, 2013 (LBO) – Sri Lanka’s central bank said budget proposals to boost mergers will strengthen finance companies.The full statement is reproduced below:- Strengthening Finance Companies and Banks The Central Bank notes the several measures proposed in the Budget 2014 to strengthen the licensed finance companies, where, with a view to encouraging consolidation in […]

Nov 21, 2013 (LBO) – Sri Lanka finance companies with subsidiary finance companies as well as banks having subsidiary finance companies will be asked to merge, President Mahinda Rajapaksa said.“¦I propose that any finance company which is a subsidiary company owned by a main company be absorbed by the main company to consolidate their operations,” […]

Nov 14, 2013 (LBO) – Profits at Sri Lanka’s Commercial Bank of Ceylon group rose to 2.7 billion rupees, up 21 percent from a year earlier, helped by other operating income, despite higher loan losses, interim accounts showed. The group reported earnings of 3.25 rupees for the quarter. For the nine months to September the […]

Nov 13, 2013 (LBO) – Sri Lanka’s National Development Bank said it was planning a junior debt sale of up to 10 billion rupees.The bank wanted to sell 5.0 billion rupees in unsecured subordinated redeemable debt with an option to sell a further 5.0 billion rupees. There has been a spate of listed debt issues […]

Nov 08, 2013 (LBO) – Profits at Sri Lanka’s Sampath Bank group fell to 859 million rupees in the September 2013 quarter, down 33 percent from a year earlier, on loan loss charges, interim accounts showed.The group reported earnings of 5.12 rupees per share for the quarter.For the nine months to September the firm reported […]

Nov 02, 2013 (LBO) – Fitch Ratings has lowered the outlook on Sanasa Development Bank’s ‘BB+(lka)’ rating from ‘positive’ to ‘stable’. “The revision of the Outlook on SDB reflects an unexpected deterioration in its credit profile,” Fitch Ratings said. “SDB has failed to sustain the improvement in its capitalisation and to maintain its asset quality […]

Oct 31, 2013 (LBO) – Profits at Sri Lanka’s Seylan Bank group fell 17 percent to 535 million rupees in the September 2013 quarter from a year earlier, on higher loan losses, interim accounts showed.The group reported earnings of 1.55 rupees per share. For the nine months to September the group reported earnings of 4.46 […]

Oct 31, 2013 (LBO) – Fitch Ratings has confirmed a ‘BBB(lka)’ investment grade rating of Sri Lanka’s Pan Asia Bank but has lowered the outlook to ‘stable’ from ‘positive’.PABC accounted for 1.5% of banking sector assets in Sri Lanka at end-2012 and operated through a network of 73 branches. Fitch said there was an unanticipated […]

Oct 31, 2013 (LBO) – Nalin Wijekoon, has been appointed President of the Finance House Association of Sri Lanka, an industry body representing registered finance company. The association started in 1958 with 42 member firms. Wijekoon is chief executive of Softlogic Finance Plc. He has over 30 year’s experienced in the financial sector and has […]

Oct 31, 2013 (LBO) – Fitch Ratings said a 3.0 billion rupees subordinated debt offer of Sri Lanka’s Nations Trust Bank has been given an expected ‘A-(lka)’ rating. The rating agency also confirmed a ‘A(lka)’ long term rating of the bank, which is a notch higher, with a stable outlook.’ “The ratings reflect NTB’s broadly […]

Oct 25, 2013 (LBO) – Sri Lanka’s DFCC Bank has raised 100 million US dollars from an international bond at yield around 9.6 percent, market sources said. The DFCC deal went to the market with a price guidance of 9.625 percent, and faced tough conditions, taking more than two days to close. According to earlier […]