Category: Banking and Finance

Mar 01, 2011 (LBO) – Sri Lanka’s Senkadagala Finance, a registered finance company, has been given the nod to list on the second board of Colombo Stock Exchange through the ‘introduction’ process the bourse said in a statement. Sri Lanka’s finance companies have been asked to list on the stock exchange by the Central Bank, […]

Feb 28, 2011 (LBO) – Sri Lanka’s Hatton National Bank said group net profit for the December 2010 quarter was up two percent to 1. 87 billion rupees from a year ago with sharp gains in fee income. A stock exchange filing said HNB’s group net profit for the full financial year ending December 31, […]

Feb 28, 2011 (LBO) – Sri Laka’s Seylan Bank, under regulatory re-structuring reported a 387. 2 million rupee profit for the December quarter from a loss of 30. 4 million a year earlier, helped by foreign exchange profits and cost controls. Full year profits rose 176 percent to 1,207 million rupees. The group reported earnings […]

Feb 28, 2011 (LBO) – RAM Ratings Lanka has assigned a long-term BBB rating to Union Bank with a stable outlook and a short-term rating of P3, a statement said. “The ratings are premised on the bank’s healthy capitalisation as well as adequate funding and liquidity positions,” the rating agency said. “On the other hand, […]

LONDON, February 28, 2011 (AFP) – Banking giant HSBC said on Monday that its net profit more than doubled to $13.16 billion (9.56 billion euros) last year as bad debts plunged to the lowest level since 2006. HSBC said in a results statement that pre-tax profits soared by nearly 170 percent to billion in 2010, […]

Feb 24, 2011 (LBO) – Sri Lanka’s NDB Bank’s net profit for the December 2010 quarter rose 25 percent to 607 million rupees from a year earlier while the full year net rose 3. 0 percent to 2.14 billion rupees. The bank is reporting 26.22 rupees earning per share for the year. In the December […]

Feb 24, 2011 (LBO) – Sri Lanka’s Commercial Bank said profits in the December 2010 quarter rose 46.8 percent to 1.77 billion rupees while the full year profits rose 31 percent to 5.5 billion rupees, helped by stronger credit growth. The non-performing loan ratio has improved to 4.22 percent by end December 2010, from 6. […]

Feb 24, 2011 (LBO) – The heads of east Asian central banks begin a meeting in the Sri Lankan capital Colombo Friday to discuss challenges facing monetary authorities in emerging markets after the global financial crisis. The Central Bank of Sri Lanka will host the 46th South East Asian Central Banks (SEACEN) Governors’ conference, high-level […]

Feb 23, 2011 (LBO) – Merchant Bank of Sri Lanka (MBSL), a unit of state-run Bank of Ceylon said group profits for December 2010 rose 243 percent on wider interest margins and higher non-operating incomes. MBSL, which also has a finance company, an insurer and a savings bank under its wing said group revenues rose […]

Feb 22, 2011 (LBO) – United Motors, local agents in Sri Lanka for brand new Mitsubishi vehicles, has sold its subsidiary Orient Financial Services Corporation for 230 million rupees, a stock exchange filing said. The buyer of the unit, which does vehicle leasing and contract hire business, was People’s Venture Investment Company, part of the […]

Feb 21, 2011 (LBO) – Sri Lanka’s Nations Trust Bank’s (NTB) net profit for the 2010 financial year rose 58 percent to just over a billion rupees from a year ago as interest margins grew, a stock exchange filing said. Diluted earnings per share for the financial year ending December 31, 2010 were 5. 28 […]

Feb 14, 2011 (LBO) – Sri Lanka’s registered finance companies (RFCs) are gradually recovering from the weakened economic climate that prevailed in 2008 and 2009, a ratings report said. RAM Ratings (Lanka) said the sector has benefitted from falling interest rates which has increased margins due to deposit rates falling faster than rates on loans. […]