Category: Banking and Finance

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. […]

Feb 10, 2011 (LBO) – Sri Lanka’s Central Finance, a regulated finance firm said net profits for the December 2011 quarter rose 72 percent to 472 million rupees as margins widened amid falling rates. For the nine months to December Central Finance reported profits of 1.19 billion rupees, up 69 percent giving earnings per share […]

Feb 10, 2011 (LBO) – Sri Lanka’s Distilleries Group has struck a deal to sell a controlling stake in the island’s pioneering unit trust management company, National Asset Management Ltd or NAMAL, a statement said. Distilleries subsidiary Milford Holdings is expected to earn 455 million rupees for the 70 percent stake in the mutual fund. […]

Feb 10, 2010 (LBO) – Sri Lanka’s Union Bank which is going for an initial public offer selling 15 million shares at 25 rupees after its capital was boosted by several private investors including Malaysia’s Genting group, officials said. Officials say unaudited results for the full year indicate a profit of 148 million rupees. Next […]

Feb 09, 2011 (LBO) – Sri Lanka’s Seylan Bank has appointed Tilan Wijeyesekera an industry veteran with experience in financial services and consumer goods, to head its marketing and business development. Wijeyesekera has been at Lanka Milk Foods as general manager – marketing, head of marketing at Janashakthi Insurance, marketing business development manager at Elephant […]

Feb 03, 2011 (LBO) – Sri Lanka’s SMB Leasing (SMBL) and Lanka Ashok Leyland (LAL) have begun importing luxury tourist coaches amid a boom in tourist arrivals and a shortage of vehicles, a statement said. Leasing facilities have been provided by SMBL to the buyer of the first three imported luxury LAL tourist coaches. The […]

Feb 03, 2011 (LBO) – Fitch Ratings Lanka has upgraded Vallibel Finance’s (VFL) rating to ‘BB-(lka)’ from ‘B+(lka)’ with a stable outlook, a statement said. “The upgrade of VFL’s rating reflects sustained improvements in its credit metrics – in particular its asset quality, profitability and capitalisation,” Fitch said. It also reflects VFL’s increased scale of […]

Feb 03, 2011 (LBO) – Sri Lanka’s The Finance Company, being restructured under regulatory supervision, has managed to reduce losses in the December 2010 quarter but interest costs are still higher than income, a stock exchange filing showed. Net interest income fell 42 percent to 159.3 million rupees, with interest income down 29.6 percent to […]

Feb 02, 2011 (LBO) – The Colombo Stock Exchange has approved a public share offer by Sri Lanka’s Union Bank to raise 375 million rupees by issuing 15 million ordinary shares at 25 rupees each, a statement said. CSE has approved in principal the application for listing on the main board of the bourse. The […]

Feb 02, 2011 (LBO) – The Monetary Board of the Central Bank of Sri Lanka has given a commercial banking license to Amana Bank, a statement said. Islamic banking is an emerging alternative to the interest-based banking practice and is gaining popularity across the world’s communities. “Amana Bank will be Sri Lanka’s first licensed commercial […]

Feb 02, 2011 (LBO) – Sri Lanka’s Fitch Ratings has today confirmed Sri Lanka’s People’s Leasing Company’s long term rating of ‘A(lka)’ with a stable outlook on its potential support from its parent, state-run People’s Bank which is rated ‘AA-(lka)’. Fitch said PLC carries out the incremental leasing business of People’s Bank’s leasing business which […]

Feb 01, 2011 (LBO) – Sri Lanka’s People’s Leasing Finance (PLF), a unit of Peoples Leasing Company by one notch to ‘BBB(lka)’ with a stable outlook, on expected support from its ‘A(lka)’ parent which owns 93 percent of the firm. Fitch said support from the parent was now “more likely” than in the past as […]