Category: Banking and Finance

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 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 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 […]

Feb 20, 2012 (LBO) – Dubai based Abraaj Capital, said it has bought Aureos Capital, a private equity firm that has invested over 1.3 billion dollars in small and medium enterprise in Latin America, Africa and Asia. “The integration with the Abraaj Group is a testament to Aureos’ success and investment proposition in the high-growth […]

Feb 17, 2012 (LBO) – Sri Lanka’s The Finance Company slipped back into the red in the December quarter having broken even the previous quarter although losses were much less than a year ago. The troubled finance firm, which was re-structured under regulatory guidance, made a December 2011 quarter loss of 17.5 million rupees compared […]

Feb 16, 2012 (LBO) – Sri Lanka’s LOLC group which has interest in financial services, plantations, trading and leisure said net profits for the December 2011 quarter fell 6 percent to 673 million rupees. The group reported earnings of 1.42 rupees for the quarter. For the nine months ended December 2011 the group reported earnings […]

Feb 14, 2012 (LBO) – Sri Lanka’s Seylan Bank December 2011 quarter net profit rose 72 percent to 664 million rupees from a year ago, helped by lower loan loss provisioning. Interest income rose 12 percent to 4.2 billion rupees while interest expenses rose at a faster 15 percent resulting in net interest income going […]

Feb 14, 2012 (LBO) – NDB Aviva Wealth Management, a Sri Lankan asset management firm, has chosen Advent Software to provide a wealth management system for portfolio, client relationship and trade order management. NDB Aviva wanted to improve operational efficiency and achieve industry best practices to develop its institutional investor client base and improve service […]

Feb 14, 2012 (LBO) – Fitch Ratings Lanka has confirmed Pan Asia Banking Corporation’s (PABC) proposed subordinated debentures of up to 2.0 billion rupees at ‘BBB-(lka)’. The issue is rated one notch below PABC’s national long-term rating of ‘BBB(lka)’ with a stable outlook reflecting its debt-like features, a statement said. “PABC’s ratings reflect continued improvements […]

Feb 11, 2012 (LBO) – Sri Lanka’s Mercantile Investments Plc, has been downgraded to ‘BBB+’ from ‘A’ and its short term rating from P1 to P2 by Ram Ratings Lanka, on weaker asset quality and exposure to stocks. “The downgrade reflects MIL’s weak asset quality as a result of its high exposure to equity investments […]

Feb 11, 2012 (LBO) – The Finance, Sri Lanka’s pioneer finance company has returned to pre-war premises in the island’s northern Jaffna city, where the economy is going resurging after the end of a 30-year war. “Every time I come to Jaffna I see new developments,” Central Bank governor Nivard Cabraal said at the ceremonial […]