Category: Banking and Finance

Oct 31, 2011 (LBO) – Sri Lanka’s Sampath Bank group profits for the September 2011 quarter rose 45.6 percent to 1.14 billion rupees helped by higher non-interest income and a tax cut interim accounts showed. The group reported earnings of 7.33 rupees for the quarter. For the nine months to September earnings were 20. 81 […]

Oct 31, 2011 (LBO) – Citizens Development Business Finance, a registered finance company in Sri Lanka said net profits for the September 2011 quarter rose 146 percent to 161.2 million rupees from a year earlier, helped by interest margins and other income. The firm reported earnings of 3.58 rupees for the quarter. For the six […]

Oct 31, 2011 (LBO) – Commercial Leasing Company, a unit of Sri Lanka’s LOLC group, said it had received a finance company license from the banking regulator and will seek a public listing. The firm will also increase its small and medium industry and micro finance portfolio. “The company is well positioned to take advantage […]

Oct 27, 2011 (LBO) – Net profits of Sri Lanka’s PABC Bank for the September 2011 quarter rose 62 percent to 208. 7 million rupees from a year earlier, helped by stronger net interest income and a lower tax rate, interim accounts showed. The bank reported earnings of 71 cents for the quarter and 2.08 […]

Oct 26, 2011 (LBO) – Nation Lanka Plc, a listed company said Sri Lanka’s Central Bank has given approval for it to be registered as licensed finance company subject to several conditions. But interest rates are now moving up, amid defence of a dollar peg by the monetary authority. The firm had to put up […]

Oct 26, 2011 (LBO) – Fitch Ratings Lanka has confirmed Pan Asia Banking Corporation’s (PABC) national long-term rating at ‘BBB(lka)’ with a stable outlook. PABC is a licensed commercial bank (LCB), 41% owned by a high net-worth businessman Mr. K.D.D. Perera and related parties. It accounted for 1.1% of LCB sector assets at end-2010 (2009: […]

Oct 25, 2011 (LBO) – HSBC in Sri Lanka, which has channelled about two billion dollars to infrastructure building in the island, sees more potential in the telecom sector, an official said. The mobile telecom sector is moving from the mainly narrow band GSM technology to broadband third generation (3G), Nick A Nicolaou, chief executive […]

Oct 25, 2011 (LBO) – Sri Lanka’s Seylan Bank’s profits in the September 2011 quarter rose 26. 8 percent to 396 million rupees from a year earlier, helped by lower loan loss provisions, interim accounts showed. The group reported earnings of 5. 63 rupees for the quarter. Nine month earnings were 1.63 rupees due mainly […]

Oct 24, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB- and P3 to Softlogic Finance with a stable outlook on the long-term rating. The ratings are premised upon the improvement in its market position while maintaining its asset quality at a level that commensurate with the BBB-rating […]

Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag. “This is useful for utility companies, […]

Oct, 21, 2011 (LBO) – India’s Axis Bank has opened a branch in Sri Lanka’s capital Colombo eying the island’s growing trade and domestic financing business, the lender said. The Colombo branch was opened by Sri Lanka’s central bank governor Nivard Cabraal, the banks said. Axis Bank had 1,456 branches across India in 953 cities […]

Oct 13, 2011 (LBO) – Accelerating post-war growth and surging vehicle imports owing to tax cuts and better incomes will drive Sri Lanka’s leasing and hire purchase market, promoters of People’s Leasing Company’s share issue said. People’s Leasing, Sri Lanka’s largest leasing firm, plans to raise 70 million US dollars in an initial public offer […]