Category: Banking and Finance

Oct 29, 2010 (LBO) – Other than Sri Lanka’s government Treasury bills, which was free of credit risk, other types of investments even in banks and finance companies regulated by the Central Bank had different levels of risk, Governor Nivard Cabraal said. To educate the public about the level of risk in each institution the […]

Oct 28, 2010 (LBO) – K G D D Dheerasinghe, deputy governor of Sri Lanka’s central bank has been awarded an honorary fellowship of the Institute of Bankers of Sri Lanka for his contribution to developing the financial services industry. The Central Bank said he joined the monetary authority in 1975 and had worked in […]

Oct 28, 2010 (LBO) – The Sri Lankan government’s top legal officer has suggested making directors of banks personally liable if their firms get into trouble and giving more power to the regulator to act against them. Attorney general Mohan Peiris said laws similar to those in the companies act were needed to cover bank […]

Oct 27, 2010 (LBO) – Sri Lanka’s Sampath Bank was given an ‘AA’ long term rating with a ‘stable’ outlook and ‘P1’ short term rating, on better risk management which improved asset quality and capital adequacy, RAM Ratings Lanka said. “In 2008, Sampath recruited several experienced personnel to fortify its internal systems and market position,” […]

Oct 26, 2010 (LBO) – Sri Lanka’s Pan Asia Bank net profit for the September 2010 quarter rose 87 percent to 129 million rupees from a year ago as interest costs fell and non-interest income rose, a stock exchange filing said. Interest income fell two percent in the September 2010 quarter to 776 million rupees […]

Oct 26, 2010 (LBO) – Sri Lanka’s Seylan Bank was assigned a ‘BBB+(lka)’ National Long-term rating for its proposed senior unsecured redeemable debentures of up to two billion rupees, Fitch Ratings Lanka said. The rating agency also confirmed the bank’s National Long-term rating at ‘BBB+(lka)’ with a stable outlook while also confirming the bank’s 3.4 […]

Oct 26, 2010 (LBO) – Sri Lanka’s Sampath Bank September 2010 net profit rose 47 percent to 789 million rupees from a year ago as it reversed provisioning for bad loans, a stock exchange filing said. The bank’s interest income fell 13.1 percent to 4.7 billion rupees while interest expenses fell at a faster 23. […]

Oct 25, 2010 (LBO) – Fitch Ratings Lanka has confirmed the national long-term rating of Sri Lanka’s Hatton National Bank (HNB) at ‘AA-(lka)’ and its subordinated debentures at ‘A+(lka)’ with a stable outlook, a statement said. “The ratings reflect HNB’s sound financial profile supported by good profitability, asset quality and capitalisation among local commercial banks,” […]

Oct 18, 2010 (LBO) – Credit to Sri Lanka’s businesses from commercial banks rose 12.6 percent in August 2010 to 1,226.5 billion rupees from a year earlier while credit to government fell, official data shows. Sri Lanka’s petroleum firms for example are taxed till they run losses and prices are politically controlled. Growth in loans […]

Oct 18, 2010 (LBO) – Sri Lanka’s Hatton National Bank aims to increase lending under its micro-finance portfolio as it has been found to be good business although misunderstood by many, chief executive Rajendra Theagarajah said. “Micro-finance is part of the ‘DNA’ of HNB, even though it accounts for only two percent of our balance […]

Oct 17, 2010 (LBO) – Depositors of Sri Lanka’s failed Golden Key Credit Card Company, an unregulated finance firm, may get some cash when a part of the money from a hotel connected to the firm is sold, a media report said. President Mahinda Rajapaksa is due to meet two Golden Key depositor associations on […]

Oct 14, 2010 (LBO) – Sri Lanka’s The Finance Company, which is converting some deposits into shares, has managed to reduce losses compared to last year but interest costs are still higher than income, a stock exchange filing showed. The firm, part of the troubled Ceylinco group although now under separate management, made a loss […]