Category: Banking and Finance

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 […]

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, 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 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 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. […]