Category: Banking and Finance

May 15, 2013 (LBO) – Sri Lanka’s Hatton National Bank, which has more than two million customers, has launched a mobile banking platform to which it is planning to draw 300,000 users in the next three years, officials said.Rodrigo said from next month the service will allow transfers to accounts in other banks. Jonathan Alles, […]

Mar 11, 2013 (LBO) – Sri Lanka’s larger listed banks have improved margins as interest rates rose in 2012 helped by a bigger current and savings deposits base and foreign borrowings, an equities research report said.At Commercial Bank foreign borrowings as a share of total funding had risen to 3.0 percent from 2.3 percent, at […]

Mar 09, 2013 (LBO) – The International Finance Corporation, a private sector financing arm of the World Bank and DEG, a German development financier will buy 10 percent stock each in a new Sri Lankan commercial bank.Cargills Agriculture and Commercial Bank is being promoted by Sri Lanka’s Ceylon Theatres group. Sri Lanka’s CT Holdings and […]

Mar 08, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance said it will sell up to 6.0 billion rupees in 4 and 5-year listed debentures with subscriptions opening on March 19.Listed debentures have been made free of withholding tax, triggering a spurt of such issues. The 4-year debenture pays 16.5 percent a year, with […]

Mar 08, 2013 (LBO) – Sri Lanka is holding its main policy rates a little below annual inflation of 9.8 percent, expecting prices to ease from March and has asked banks to cut lending rates to boost growth. The Central Bank said in its March monetary policy statement that the repo rate at which excess […]

Mar 01, 2013 (LBO) – Profits at Sri Lanka’s Hatton National Bank rose 41 percent to 3.1 billion rupees in the December 2013 quarter from a year earlier, helped by higher net interest income and fee income, interim accounts showed. The group reported earnings of 7.93 rupees per share for the quarter.In the year to […]

Feb 28, 2013 (LBO) – Profits at Sri Lanka’s Sampath Bank rose 48.2 percent to 1.3 billion rupees in the December 2012 quarter from a year earlier, accounts filed with the Colombo Stock Exchange showed. The group reported earnings of 8.20 rupees per share for the quarter. For the year to December the group reported […]

Feb 27, 2013 (LBO) – Profits at Commercial Bank of Ceylon, Sri Lanka’s largest private lender, rose 22 percent to 2.4 billion rupees in the December 2012 quarter from a year earlier, helped by higher net interest income and lower provisions.The group reported earnings of 2.92 rupees per share for the quarter, in quarter accounts […]

Feb 26, 2012 (LBO) – Loans from commercial banks to private borrowers fell to 9.9 billion rupees in December 2012 from 24.1 billion rupees a month earlier while credit to the state soared by 76.1 billion rupees, official data shows. In February the government raised 153 million dollars from a floating rate dollar bond sold […]

Feb 22, 2013 (LBO) – Sri Lanka’s Hatton National Bank will provide a 3.2 billion rupee long-term loan to the state to finance the rebuilding of 37.5 kilometres of priority roads in the central part of the island, the state information office said.The loan will be used to re-build road sections of 33.50 to 44.0 […]

Feb 22, 2013 (LBO) – Sri Lanka’s central bank will look at “the need for raising” shareholder ceilings imposed on banks, a media report said, quoting Central Bank Governor Nivard Cabraal.Several state entities have also bought stock in private banks, exceeding the limit. Reuters, a news agency quoted Cabraal as saying on the sidelines of […]

Feb 21, 2013 (LBO) – Sri Lanka’s Hatton National Bank will provide a loan of 6.779 million sterling pounds equivalent in dollars as part financing to construct 210 steel bridges, the state information office said.The cabinet of ministers had given the nod to enter into the loan contract at the rate of 6.0 percent above […]