Category: Banking and Finance

Dec 05, 2012 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the country’s largest non bank lender is planning a 100 million US dollar syndicated loan to fund future expansion, officials said. Chief executive D P Kumarage said the lender was in talks with a Middle East based party to syndicate the loan, which […]

Dec 04, 2012 (LBO) – Sri Lanka will not issue new finance company licenses in the next two years but is urging weaker lenders to consolidate with larger stronger ones, Central Bank Governor Nivard Cabraal said. “The Monetary Board (the Central Bank’s decision-making body) has taken a decision not to give new license in the […]

Dec 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has been ranked among top 1,000 global banks by UK-based Banker magazine, the island’s largest lender said. Bank of Ceylon serves over ten million customers island wide and has a rating of ‘AA+(lka)’ from Fitch with a stable outlook. Chairman Gamini Wickramasinghe said in […]

Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BBB+(lka) rating of Sri Lanka’s Singer Finance (Lanka) Plc, with a stable outlook, based on an 80 percent holding and strong links with its parent, Singer (Sri Lanka) Plc, which is rated A(lka) with a stable outlook. In 2012 SFL’s portfolio has expanded 53 percent […]

Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BB+(lka) rating of Sri Lanka’s Union Bank with a negative outlook, saying the lender faced risks to asset quality from strong growth but it had strong capital ratios. “Significant improvements to its risk management system and processes, including effective implementation of a core banking system […]

Nov 28, 2012 (LBO) – Sri Lanka’s Seylan Bank Plc, which came under state stewardship following a run is trying to recover 418 million rupees loaned to a public private partnership involving an Australia based party, a public notice shows. Seylan Bank in a notice published in Sri Lanka’s Daily Mirror newspaper said it was […]

Nov 26, 2012 (LBO) – A new commercial bank promoted by Sri Lanka’s Cargills group will seek 3. 0 billion rupees through a private placement of shares in January 2013, a media report said. Sri Lanka’s The Island newspaper quoted Harris Premaratne, chief executive of Cargills Agriculture and Commercial Bank as saying that the lender […]

Nov 15, 2012 (LBO) – Profits at Sri Lanka’s Sampath Bank group fell 9. 1 percent to 1.04 billion rupees in the September 2012 quarter from a year earlier amid weaker fee income and foreign exchange losses, interim accounts showed. The group reported earnings of 6.46 rupees for the quarter. For the nine months to […]

Nov 14, 2012 (LBO) – Sri Lanka’s Fitch Ratings has confirmed an ‘A+(lka)’ rating of Central Finance Company Plc, the country’s largest finance company at the end of 2011, with a stable outlook. At end-2011, CF was the largest licensed finance company (LFC) holding 13% of LFC assets in Sri Lanka. An upgrade of CF’s […]

Nov 13, 2012 (LBO) – Fitch Ratings has confirmed a ‘BB+(lka)’ rating of Trade Finance and Investment Plc (TFI), with a stable outlook, saying recent fast credit growth needs strong monitoring. “The rating factors in TFI’s strong capitalisation and profitability metrics for a small-sized registered finance company (RFC),” the agency said. “The rating is however, […]

Nov 12, 2012 (LBO) – Sri Lanka’s NDB group profits edged 3 percent lower to 678 million rupees in the September 2012 quarter from a year earlier, with interest and staff expenses rising, interim accounts show. The group posted earnings of 4. 13 rupees per share in the quarter. In the nine months to September […]

Nov 07, 2012 (LBO) – Sri Lanka’s Commercial Bank’s profits rose 11. 5 percent to 2.3 billion rupees in the September 2012 quarter from a year earlier, despite a steep rise in interest expenses, interim accounts showed. Performing loans grew 12 percent to 310 billion rupees in the nine months to September. Non-performing loans grew […]