Category: Banking and Finance

Mar 16, 2012 (LBO) – Sri Lanka’s Standard Chartered Bank is planning to double business from small and medium enterprises over the next three years with a specially tailored platform of products and services, officials said. Rajeev Chalisgaonkar, head of SME in South Asia said in India, deposits and advances in the business segment grew […]

Mar 16, 2012 (LBO) – Sri Lanka’s state-owned National Savings Bank disbursed more loans through branches in 2011 than in the past after it decentralised lending, chief executive H M Hennayake Bandara said. In the year ended December 31, 2011, interest income fell 1. 4 percent to 43.2 billion rupees while interest expenses fell at […]

Mar 14, 2012 (LBO) – Sri Lanka’s central bank has asked banks to limit credit to buy motor cars, in a bid to reduce imports, as the country faced balance of payments pressure and lost more than a quarter of its foreign reserves. The Central Bank said vehicle dealers had built up large inventories of […]

Mar 10, 2012 (LBO) – Credit to business from Sri Lanka’s commercial banks fell to 44.5 billion rupees in January 2012 from 60.2 billion rupees a month earlier, but credit to the state zoomed to a new monthly peak 73.7 billion rupees, official data showed. Rising state borrowings from the banking system, particularly central bank […]

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 […]