Category: Banking and Finance

Jan 18, 2012 (LBO) – People’s Leasing Co. , Sri Lanka’s largest leasing company, said net profit in the December 2011 quarter rose 46 percent to 832 million rupees from a year ago. December 2011 quarter revenue rose 65 percent to 4. 2 billion rupees from a year ago while earnings per share rose 53 […]

Jan 17, 2012 (LBO) – Sri Lanka’s credit to business from commercial banks rose to a new historic high of 63. 2 billion rupees in November helped by liquidity injections to offset foreign exchange interventions, official data showed. In the 12-months to November 2011, credit to business grew 33.5 percent to 1,945.7 billion rupees against […]

Jan 09, 2012 (LBO) – Sri Lanka’s credit information office is planning to acquire software by US-based Dun & Bradstreet costing 150 million rupees as it expands coverage and services, an official said. “We expect the software to be deployed from March,” Sri Lanka Credit Information Bureau (CRIB) general manager Gamini Karunaratne said. “It may […]

Jan 06, 2012 (LBO) – Fitch Ratings Lanka has upgraded People’s Leasing Company’s (PLC) National Long-Term rating to ‘A+(lka)’ from ‘A(lka)’ and People’s Finance’s (PF) to ‘A-(lka)’ from ‘BBB(lka)’. The outlooks on both ratings are stable, the rating agency said in a statement. PLC’s outstanding 1,155 million rupee senior unsecured redeemable debentures have also been […]

Jan 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the island’s largest lender is looking to sell a 500 million dollar bond in the first half of this year chairman Gamini Wickramasinghe said. “It will be during the next three to four months,” he said. “The bond will be rated.” Bank of Ceylon […]

Jan 02, 2012 (LBO) – Sri Lanka’s Commercial Bank has connected its 500th automated teller machine as it rapidly expands its network, adding 100 terminals in the past five months or at a rate of 20 a month on average. The newest ATM was opened at Maradana Railway Station in Colombo, under a bank project […]

Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]

Dec 28, 2011 (LBO) – Fitch Ratings has confirmed the Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC) National Long-Term rating at ‘BBB+(lka)’ with a stable outlook. At the same time, the agency has confirmed the bank’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’. “The ratings reflect HDFC’s demonstrated ability to contain interest rate […]

Dec 22, 2011 (LBO) – A new Sri Lankan law to expropriate certain businesses has prompted RAM Ratings to put Bimputh Lanka on ‘Rating Watch’ with a negative outlook while confirming the microfinance firm’s BB/NP ratings. Concerns arose over Bimputh’s exposure through cultivation loans given to sugar cane growers of Sevanagala Sugar Industries, which is […]

Dec 21, 2011 (LBO) – Sri Lanka’s Commercial Bank has begun opening automated teller machines at railway stations to give commuters access to its electronic cash dispensing facility, a statement said. The bank’s first ATM machine under the programme was commissioned at the Fort Railway Station, the biggest terminal, in the heart of the capital […]

Dec 20, 2011 (LBO) – RAM Ratings Lanka has confirmed the long- and short-term financial institution ratings of Sri Lanka’s Union Bank at BBB and P3 with the long-term rating having a stable outlook. Union Bank’s performance is deemed moderate, albeit with an improving trend since fiscal 2009. Supported by its robust loan growth that […]

Dec 20, 2011 (LBO) – Sri Lanka’s central bank has promoted four officers to the post of Assistant Governor with effect from January 01, 2012 in line with the succession plan of the banking regulator. The four officers are A Kamalasiri, R Dheerasinghe, S S Ratnayake and K D Ranasinghe, the bank said in a […]