Category: Banking and Finance

May 31, 2013 (LBO) – Sri Lanka’s DFCC Bank group has reported net profits of 1.2 billion rupees in the March 2013 quarter, up 63 percent from a year earlier, helped by higher interest income. The group reported earnings of 4.63 rupees per share reporting on accounts filed with the Colombo stock exchange using Sri […]

May 30, 2013 (LBO) – Sri Lanka is looking to give the freedom of getting inward payments through Paypal, a cost-effective global remittance and payments system that has helped boost e-commerce in many countries, Central Bank Governor Nivard Cabraal said.“We are looking at it seriously,” Central Bank Governor Nivard Cabraal told LBO. “We have to […]

May 22, 2013 (LBO) – Melsta Regal Finance Ltd, a unit of Distilleries Company of Sri Lanka has been rated ‘A+(lka) by Fitch Ratings, on the strength of its ‘AAA(lka)’ rated ultimate parent. The full statement is reproduced below: Fitch Rates Sri Lanka’s Melsta Regal Finance ‘A+(lka)’/Stable Fitch Ratings-Colombo-21 May 2013: Fitch Ratings has assigned […]

May 21, 2013 (LBO) – Fitch Ratings said an ‘AA-(lka)’ rating of Sri Lanka’s Hatton National Bank has been confirmed with a stable outlook and the bank has slowed pawning advances as gold prices fell. It also confirmed an ‘A+(lka)’ rating of HNB’s subordinated debentures of 6.0 billion rupees. “HNB’s ratings reflect its strong domestic […]

May 20, 2013 (LBO) – Prime Grameen Micro Finance Limited plans to grow its customers from 125,000 members to 200,000 members in 2013, helped by expansions into former war zones in Sri Lanka’s East, officials said.Before borrowing, members of a group will typically start depositing small amounts, helping develop a savings habit. Some micro finance […]

May 16, 2013 (LBO) – Small businesses in Sri Lanka and the Maldives will soon have access sophisticated financial products to engage in international trade, International Finance Corporation (IFC), a member of the World Bank Group said. The organization also provides advisory services to for small and medium enterprises by improving access to finance, and […]

May 15, 2013 (LBO) – Profits at Sri Lanka’s NDB group fell 53 percent to 499 million rupees in the March 2013 quarter, from a year earlier, on higher operating expenses and provisioning as interest costs rose, interim accounts showed.The group reported earnings 3.09 rupees per share. Interest income rose 34 percent to 4.9 billion […]

May 15, 2013 (LBO) – Profits at Sri Lanka’s Nations Trust Bank rose 15 percent to 501 million rupees in the March 2013 quarter helped by fee and fund based income, interim accounts show.The bank reported earnings of 2.18 rupees per share. NTB group’s interest income rose 35 percent to 4.35 billion rupees and interest […]

May 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said profits fell 19.7 percent to 2.25 billion rupees in the March 2013 quarter from a year earlier, on narrowing interest spreads and lower forex gains.Analysts are therefore forced to call banks up for basic information readily available under earlier rules, unless they voluntarily […]

May 13, 2013 (LBO) – Indra Finance Ltd, a unit of Kandy based Indra Traders, a motor trading group has been registered as a finance company, Sri Lanka’s Central Bank said.A registered finance company can take deposits from the public with a credit rating. The Central Bank’s department that supervises non-bank financial institutions said the […]

May 13, 2013 (LBO) – Sri Lanka’s Hatton National Bank group profits were flat at 1.22 billion rupees in the March 2012 quarter, as losses ticked up amid slow loan growth, interim accounts showed.A group level number was not available. Sri Lanka is recovering from a balance of payments crisis and a sharp spike in […]

May 10, 2013 (LBO) – Sri Lanka’s Pan Asia Bank said it was in a strong position to boost investments from Japan with Tokyo-based Bansei Securities, also becoming a shareholder.“Pan Asia Bank with its strong understanding of Japanese investor concerns has been playing a pivotal role in securing and executing several large scale investment activities […]