Category: Banking and Finance

Sept 15, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of the Sri Lanka branch of Citibank with a stable outlook, saying it is strongly capitalized and had support would be available from the parent unit. The bank had no bad loans but had a 44 percent concentration on the appare sector. The […]

Aug 31, 2012 (LBO) – Profits at Sri Lanka’s Standard Chartered Bank unit rose 20. 9 percent to 1.52 billion rupees in the six months to June 2012 from a year earlier, helped by a surge in forex income, published accounts showed. Total performing loans rose only 5.9 percent to 46.8 billion rupees in the […]

Aug 30, 2012 (LBO) – Sri Lanka’s former war zones in the north and the east and areas in the South hit by a tsunami in 2004 will get housing loans from DFCC Vardhana Bank financed by a 15 million US dollar credit from Asian Development Bank. ADB said it the loan from its private […]

Aug 30, 2012 (LBO) – Several banks in Sri Lanka will suspend recovering farmer loans in drought stricken areas on an order made by President Mahinda Rajapaksa, information minister Keheliya Rambukwella said. The moratorium came after representations made by farmers when President Rajapaksa visited drought stricken areas recently, minister Rambukwelle said. The debt moratorium applies […]

Aug 24, 2012 (LBO) – Sri Lanka’s micro finance institutions will be regulated through a three tier framework where large scale entities will be brought under the direct supervision of the Central Bank, minister Keheliya Rambukwelle said. The Central Bank will set principles and standards to regulate the micro financiers. The cabinet of ministers had […]

Aug 23, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of Sri Lanka’s Sampath Bank but cut its outlook to stable from positive, saying its core capital build-up was weaker than expected though still above the regulatory minimum. “The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated […]

Aug 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon reported profits of 2. 469 billion rupees for the June 2012 quarter up 25 percent from a year earlier with profits boosted by foreign exchange gains. The group reported earnings of 2. 96 rupees for the quarter. In the six months to June group […]

Aug 13, 2012 (LBO) – Loans from Sri Lanka’s banking system fell to 13. 5 billion rupees in June 2012, from 41.8 billion a month earlier with state credit no longer pressuring the banking system, while private citizens’ credit remained positive, official data showed. Total loans from commercial banks to private borrowers rose 19.0 billion […]

Aug 13, 2012 (LBO) – Sri Lanka’s efforts to establish banking services in the former war-torn areas included ‘laundering’ soiled money held by displaced persons, Central Bank governor Ajith Nivard Cabral told an international Defence conference in Colombo. “Banks at that time were set up in containers which were at various locations so that people […]

Aug 10, 2012 (LBO) – Sri Lanka could use private financing to fund growing infrastructure requirements like toll roads in future given the inability of governments to meet all such funding needs, a Fitch Ratings official said. Attractive infrastructure investment opportunities in Sri Lanka could draw local and foreign capital which could help underpin future […]

Aug 09, 2012 (LBO) – Sri Lanka’s Central bank has relaxed exchange control regulations to allow the free transfer of funds from non-resident foreign currency (NRFC) accounts, the bank releasing a statement said. The bank said funds can be freely transferred between and among NRFC accounts including foreign currency investments abroad. “Necessary direction to authorized […]

Aug 09, 2012 (LBO) – Sri Lanka’s Central bank has relaxed exchange control regulations to allow the free transfer of funds from non-resident foreign currency (NRFC) accounts, the bank releasing a statement said. The bank said funds can be freely transferred between and among NRFC accounts including foreign currency investments abroad. “Necessary direction to authorized […]