Category: Banking and Finance

May 12, 2012 (LBO) – Sri Lanka’s Nations Trust Bank group said net profits for the March 2012 quarter rose 8 percent from a year earlier to 405 million rupees, as margins narrowed amid rising interest rates. The group reported earnings of 1. 76 for the quarter. The stock closed at 48.80 down 10 cents […]

May 10, 2012 (LBO) – Priyantha Fernando, a retired deputy governor of Sri Lanka’s central bank has been appointed a director of Commercial Leasing and Finance Ltd, a unit of listed Lanka Orix Leasing group. The firm said Fernando has 35-years of experience and has been charge of financial system stability and was also an […]

May 3, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is to increase its network of overseas branches following a sharp increase in profits of two existing units in neighbouring south India and the Maldives. The bank, the island’s biggest lender, is to open two new branches in the south Indian cities of Tuticorin […]

May 02, 2012 (LBO) – Sri Lanka’s Union Bank group’s net profits for the March 2012 quarter were up 21. 8 percent from a year earlier, helped by stronger interest and foreign exchange income, interim accounts showed. But Union Bank said its gross non-performing loans (without interest in suspense) fell to 4.6 percent from 5.51 […]

April 30, 2012 (LBO) — Fitch Ratings Lanka on Monday affirmed HNB Assurance PLC’s national insurer financial strength rating and national long-term rating at ‘A(lka)’. The Outlook is Stable. A unit of the privately-held Hatton National Bank (HNB), HNB Assurance’s ratings reflects its capitalisation in terms of regulatory solvency and Fitch’s risk-based capital computations. The […]

Apr 29, 2012 (LBO) – Sri Lanka’s state-run National Savings Bank has bought a 13 percent stake in The Finance Company, a troubled firm that is being bailed out by regulators, at a steep premium above market price. NSB has bought 7.863 million shares of The Finance at 49. 74 rupees in an off-market deal […]

Apr 27, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has sold a 500 million dollar 5-year bond to yield 6. 875 percent a year with the investors oversubscribing the issue 7.7 times, sources familiar with the matter said. Books were initially opened with a price guidance of 7. 1 percent but the price […]

Apr 27, 2012 (LBO) – A successful 500 million US dollar bond sale by state-run Bank of Ceylon showed investor confidence and broadened access to international capital, chairman Gamini Wickramasinghe said. Bank of America Merrill Lynch, Citi and HSBC managed the bond. It was rated ‘B1’ by Moody’s and ‘BB-‘ by Fitch. The bond issuance […]

April 27, 2012 (LBO) – Sri Lanka’s Seylan Bank March 2012 quarter net profit rose 69.3 percent from a year earlier to 644,047 million rupees, helped by less provisioning, accounts showed Friday. Group income grew 13.7 percent to 4.5 billion rupees for the March quarter over the corresponding period 2011. Net interest income grew at […]

April 26, 2012 (LBO) — Fitch Ratings Lanka on Thursday affirmed Multi Finance PLC’s national long-term rating at ‘B+(lka)’ with a stable outlook. The agency has also affirmed and withdrawn the ‘B(lka)’ rating on Multi Finances proposed subordinated debenture issue of up to 100 million rupees, as the issue did not proceed as previously envisaged. […]

Apr 24, 2012 (LBO) – Two shareholders of Sri Lanka’s listed Nations Trust Bank have asked for more time to sell down their stakes to comply with a regulatory requirement, the firm said. Sri Lankan conglomerate John Keells Holdings holds 29.9 percent of the company and Central Finance hold 20 percent of the company. Sri […]

Apr 24, 2012 (LBO) – Sri Lanka’s state workers rose 1. 1 percent to 1.232 million after falling 7.2 percent a year earlier, with central and local government employees climbing 16,812 to 986,386 though state agency workers fell, official data showed. Analysts say trimming the public sector and paying better wages would reduce the burden […]