Category: Banking and Finance

May 09, 2013 (LBO) – A book on interest rates written by assistant governor W M Hemachandra has been published to improve economic knowledge, Sri Lanka’s central bank said.‘Interest Rates The Theory and Practice’ is aimed at university students, academics, analysts, researchers and policy makers.It will also be useful for high school students and teachers. […]

May 07, 2013 (LBO) – HSBC Sri Lanka said Patrick Gallagher has taken over as chief executive of HSBC Sri Lanka and Maldives. He succeeds Nick A Nicolaou, who has retired after more than 35 years with the HSBC group. Gallagher has joined the HSBC Group in 1989 and has worked in Bahrain, Hong Kong, […]

May 03, 2013 (LBO) – Sri Lanka’s Seylan Bank group said net profits for the March 2013 quarter rose 26 percent from year earlier, by both fund and fee based income.The group reported earnings of 1.51 rupees for the quarter. Return (profit before tax) on assets was 1.54 percent and return on equity was 1.54 […]

Apr 25, 2013 (LBO) – A one billion rupee unsecured listed debenture issue to be sold by Sri Lanka’s Senkadagala Finance had been given a final investment grade rating of ‘BBB+(lka), Fitch Ratings said. It is at the same level as an expected rating issued on April 18, pending the receipt of final documents. The […]

Apr 22, 2013 (LBO) – State-run Bank of Ceylon said it had been named the top brand overall and the first banking brand in a survey by Brand Finance, a UK based brand valuation network.It has 606 branches, 473 teller machines and 860 foreign corresponding agents. It recently introduced a night banking branch in Wellawatte […]

Apr 22, 2012 (LBO) – State borrowings from Sri Lanka’s commercial banks including dollar credits reached 57.9 billion rupees in February 2013, but there was no central bank accommodation, official data showed.Central Bank credit fell from 266.3 billion rupees to 245.1 billion rupees indicating that the monetary authority was sterilizing forex purchases, building up reserves […]

Apr 22, 2013 (LBO) – Fitch Ratings said it had upgraded to ‘AA-(lka)’ from ‘A(lk)’ a rating on People’s Finance Plc, which has merged with its higher rated People’s Finance and Leasing (PLC), Sri Lanka’s largest non bank lender. . The rating has a ‘stable’ outlook. PLC also has a ‘B+’ international rating. Fitch said, […]

Apr 20, 2013 (LBO) – Sri Lanka’s central bank made 66 billion rupees in profits in 2012, up 41 percent from a year earlier, helped by gold trading and inflation, official data showed. In 2010 when the Central Bank made only 11 billion rupees in profits, Sri Lanka had a stable economy and low inflation. […]

Apr 18, 2013 (LBO) – Commercial Bank of Ceylon, Sri Lanka’s largest private lender by assets said its 562 automated teller machine network had dispensed 1.79 billion rupees on April 10, the highest ever for a single day. In Sri Lanka cash withdrawals from banks peak in April, during a traditional New Year festival period. […]

Apr 18, 2013 (LBO) – Sri Lanka’s Senkadagala Finance Plc (SFC) will sell one billion rupees of 3 and 4-year debt which have been given an expected ‘BBB+(lka)’ rating, Fitch Ratings said. The rating has a stable outlook. BBB+(lka) is an investment grade rating. “The proposed debentures will be issued in two tranches with a […]

Apr 09, 2013 (LBO) – Sri Lanka’s banks have experienced a moderate weakening in asset quality and capital ratios as the country recovers from a credit bubble, central bank data up to the third quarter of 2012 has shown. Gross non-performing loans rose to 4.0 percent from 3.8 percent in 2011, but the ratio is […]

Apr 09, 2013 (LBO) – Sri Lanka’s interest rates will start to ease from May and June 2013 ongoing reforms as state energy enterprises take effect, Treasury Secretary P B Jayasundera said. The CEB is expected to raise prices this month and the CPC is expected to stop giving it subsidized furnace oil. Though the […]