Category: Banking and Finance

Mar 06, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ national rating with a stable outlook for HSBC’s branch in Sri Lanka following an outlook downgrade of the main bank. Sri Lanka’s HSBC is a branch and is part of the same legal entity making up HongKong & Shanghai Banking Corporation Limited, which has […]

Mar 06, 2012 (LBO) – Sri Lanka’s listed Sampath Bank is planning to issue subordinated debt to boost its regulatory capital by at least 5. 0 billion rupees during the second quarter of 2012, chief executive Aravinda Perera said. At standalone bank level Sampath made profits of 3. 81 billion rupees in 2011 up 15.6 […]

Mar 06, 2012 (LBO) – Sri Lanka’s People’s Merchant Plc’s (PMP) ‘BB+(lka)’ national rating has been confirmed by Fitch Ratings with a stable outlook. The rating reflected the support that would be forthcoming if required from its main shareholder stat-run People’s Bank (PB) which has been rated ‘AA(lka)’ with a stable outlook, Fitch said. “Fitch’s […]

Mar 02, 2012 (LBO) – Capital Alliance Finance Plc, a registered finance company in Sri Lanka said it is offering 14.5 percent for six month fixed deposits targeting short term investors amid a general rise in interest rates. “Many of the fixed deposit schemes available today are medium to long term investor friendly whilst short […]

Mar 01, 2012 (LBO) – Sri Lanka’s Sampath Bank said December 2011 quarter net profit fell 34 percent from a year ago but a rapid growth in staff and branches should help boost profits in future despite falling interest margins. He said 78 percent of the bank’s funding was generated from deposits compared with an […]

Feb 29, 2012 (LBO) – Sri Lanka’ Hatton National Bank group December 2011 profits rose 21 percent from a year earlier to 2. 254 rupees helped by lower tax charges though core banking margins tightened, accounts showed. The bank reported earnings of 5.80 rupees for the quarter. For the year ending December it reported earnings […]

Feb 28, 2012 (LBO) – Sri Lanka’s Commercial Bank said Ravi Dias, its deputy chief executive, would take over as managing director and chief executive of the bank on the retirement of incumbent Amitha Gooneratne in April 2012. A statement said Dias was appointed acting chief executive from Monday, February 27, as Gooneratne is on […]

Feb 28, 2012 (LBO) – Sri Lanka’s Commercial Bank said December 2011 quarter net profit rose 12 percent to almost two billion rupees from a year ago with sharp gains in foreign exchange income while interest income fell. A stock exchange filing said interest income grew 10 percent to 10 billion rupees and interest expenses […]

Feb 27, 2012 (LBO) – Sri Lanka’s National Development Bank (NDB) said December 2011 quarter net profit shot up 69 percent to almost a billion rupees with a sharp increase seen in other income and lower tax costs. A note to the accounts said NDB provided 165 million rupees during the year ended December 31, […]

Feb 27, 2012 (LBO) – Loans to business from Sri Lanka’s commercial banks rose 34.5 percent to 2,005.9 billion rupees in the year to December 2011, with credit to the state hitting a new monthly high, official data showed. Credit to business in December remained at a high 60.2 billion rupees in December 2011, slightly […]

Feb 25, 2012 (LBO) – Profits of Sri Lanka’s Nations Trust Bank rose 54 percent in the December 2011 quarter to 363 million rupees from a year earlier, helped by non-interest income and a lower tax bill, despite narrower interest margins. The bank reported earnings of 1.60 rupee per share for the quarter. In the […]

Feb 20, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB and P2 to Sri Lanka Savings Bank with the long-term rating having a stable outlook. The ratings are upheld by the bank’s state ownership and the ongoing support from the government and reflect SLSB’s strong capital cushioning […]