Category: Banking and Finance

Nov 11, 2011 (LBO) – Profits of Sri Lanka’s Hatton National Bank rose 32 percent to 1,380 million rupees in the September 2011 quarter, from a year earlier, helped by a lower tax rate and provision reversals, interim accounts showed. The group reported earnings of 3.79 for the quarter. For the nine months to September […]

Nov 11, 2011 (LBO) – Sri Lanka’s DFCC Bank group reported profits of 529 million rupees in the September 2011 quarter, hardly changed from 524 million a year earlier, with net interest income narrowing, interim accounts showed. The group reported earnings of 2. 0 rupees for the quarter. For the six months it reported earnings […]

Nov 09, 2011 (LBO) – Profits at Sri Lanka’s Nations Trust Bank, a unit of John Keells Holdings rose 22 percent to 433 million rupees in the September 2011 quarter, helped by lower taxes despite weaker interest margins. The bank reported earnings of 1. 91 rupees per share for the quarter. For the nine months […]

Nov 09, 2011 (LBO) – An initial public offer of shares by Sri Lanka’s People’s Leasing Company to raise 7. 0 billion rupees drew applications with a total value of 9,527 million rupees, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees a share. […]

Nov 08, 2011 (LBO) – Sri Lanka’s state-run Peoples’ Bank has been upgraded by one level to ‘AA(lka)’ from ‘AA-(lka), with a stable outlook on state support and an upgrade of the sovereign in July 2011. “The rating reflect Fitch’s expectation of government support, underpinned by the bank’s increasing importance to the state post-war, systemic […]

Nov 07, 2011 (LBO) Sri Lanka’s Hatton National Bank will sell five billion rupees of debt within the next six months to boost capital and prepare itself to give more loans in the future, an official said. He said the bank has already raised nearly eight billion rupees in capital via a combination of equity […]

Nov 04, 2011 (LBO) – Sri Lanka’s The Finance Company Ltd said it broke even in the September 2011 quarter, recovering from a steep loss a year earlier, helped by provision reversals and lower interest expenses. The firm reported profits of 6.9 million rupees for the September quarter, recovering from a loss of 737 million […]

Nov 04, 2011 (LBO) – Sri Lanka’s Union Bank reported group net profits of 65.8 million rupees for the September 2011 quarter with profits of its asset management subsidiary being consolidated. The group reported earnings of 19 cents for the quarter and 57 cents for the nine months. At stand alone bank level profits rose […]

Nov 03, 2011 (LBO) – Sri Lanka’s banking regulator has urged bank directors to be more diligent and use their skills to ensure the health of their own institutions and that of the financial system. Central bank governor Nivard Cabraal said that although the economy was growing fast with the end of the island’s 30-year […]

Nov 03, 2011 (LBO) – A 70 million US dollar initial public offer of shares by Sri Lanka’s People’s Leasing Company was oversubscribed on the opening day Thursday itself and would close in the afternoon, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees […]

Nov 03, 2011 (LBO) – Fitch Ratings Lanka said it is maintaining Merchant Credit of Sri Lanka’s (MCSL) National Long-Term ‘BBB(lka)’ rating on ‘Rating Watch Evolving’ (RWE) pending a merger. MCSL is a registered finance company (RFC) that accounted for 1.9 percent of total RFC assets at end-2010. It has a network of 11 branches. […]

Nov 02, 2011 (LBO) – Sri Lanka’s banking regulator has urged banks to borrow abroad using improved credit ratings and precedents set by sovereign bonds as local savings were inadequate to raise funds needed to maintain high growth. “The rating must be relevant, not just locally, but to the person in Boston, Japan and Singapore. […]