Category: Banking and Finance

Dec 17, 2010 (LBO) – Fitch Ratings Lanka has upgraded Singer Finance (Lanka) Limited’s (SFL) national long-term rating to ‘BBB+(lka)’ from ‘BBB(lka)’ with a stable outlook, a statement said. SFL is a registered finance company and a fully-owned subsidiary of SSP. It has a network of six branches and six service centres in Sri Lanka. […]

Dec 17, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees was oversubscribed 120 times, drawing applications worth 48 billion rupees, a statement said. The IPO is mainly to fund Singer Finance’s hire purchase business growth which is reawakening after the 2008-09 business downturn. Updated The firm had […]

Dec 16, 2010 (LBO) – Sri Lanka’s central bank has issued a 5,000-rupees commemorative coin to mark its 60th anniversary which will be sold to the public from next month, a statement said. The ‘Frosted Proof’ crown sized silver commemorative coin is the first multi-coloured coin issued by the central bank. The limited issue of […]

Dec 15, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees by offering 26.66 million shares at 15 rupees each was oversubscribed on the opening day Wednesday, a statement said. Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing that the IPO […]

Dec 15, 2010 (LBO) – RAM Ratings Lanka has upgraded Co-operative Insurance Company Limited’s (CICL) claims-paying ability rating to BB+ from BB with a stable outlook, a statement said. “The upgrade is reflective of the company’s strengthened capitalisation and improving financial performance,” the rating agency said. “Moreover, the rating is supported by CICL’s niche focus […]

Dec 14, 2010 (LBO) – RAM Ratings Lanka has given Citizens Development Business Finance (CDB) a long-term financial institution rating of BBB- with a stable outlook and rated short-term debt at P3, a statement said. “The company’s ratings are upheld by its improving performance and healthy asset quality,” the rating agency said. “Nonetheless, the ratings […]

Dec 13, 2010 (LBO) – Sri Lanka’s finance companies, the island’s sub-prime lenders, have returned to profits and strengthened capital, but bad loans were still high as the sector recovered from a downturn, a report by the regulator shows. Bad loans at registered finance companies rose to 11. 7 percent of gross loans by June […]

Dec 13, 2010 (LBO) – Bad loans at Sri Lanka’s commercial banks are falling, and profits are rising and credit growth is picking up as the economy recovers and a leaves behind the effects of a burst bubble, a report by the island’s banking regulator shows. Pre-tax profits had risen to 35 billion rupees at […]

Dec 13, 2010 (LBO) – Fitch Ratings Lanka has confirmed Senkadagala Finance Company’s (SFC) national long-term rating at ‘BBB+(lka)’ with a stable outlook, a statement said. The company was established in 1968 by the Balasuriya family, who own 90 percent of SFC’s equity. “SFC’s rating reflects its long operating history and good capital structure, as […]

Dec 10, 2010 (LBO) – Fitch Ratings Lanka has confirmed Central Finance Company’s (CF) National Long-term rating at ‘A+(lka)’ with a stable outlook, a statement said. CF’s net interest margins improved to 13 percent in H111 largely due to an overall reduction in cost of funds. The agency has also assigned an ‘A(lka)’ rating to […]

Dec 10, 2010 (LBO) – Sri Lanka has been included in an Asian Development Bank scheme where it invests in a private equity fund to expand microfinance and small business lending, especially to poor people, a statement said. The ADB will provide up to 10 million US dollars for an equity stake in the ShoreCap […]

Dec 10, 2010 (LBO) – Sri Lanka’s Sampath Bank is pushing strongly into credit cards and is already on the third slot and is on track to top 100,000 cards early in 2011, with overall credit conditions also picking up, a top official said. At the moment Standard Chartered and HSBC are the two biggest […]