Category: Banking and Finance

Aug 19, 2010 (LBO) – National Development Bank (NDB) June quarter profits fell 17. 9 percent to 434.7 million rupees, due to a fall in fee-based incomes, while personal, premises and operating costs have gone up, a stock exchange filing said. NDB group’s interest income had come down 16. 4 percent to 2.45 billion rupees, […]

Aug 19, 2010 (LBO) – India’s Mahindra and Mahindra group plans to enter Sri Lanka’s financial sector, especially the rural areas, officials said. There were “imminent opportunities in financial services’, said Ramesh Iyer, managing director of Mahindra & Mahindra Financial Services. “Capital is not a constraint in terms of wanting to grow in Sri Lanka. […]

Aug 18 (LBO) – Fitch Ratings Lanka said it has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating reflects Standard Chartered Bank’s (SCB) financial strength, of which SCBSL is a branch and part of the same legal entity,” Fitch said in a statement. SCB […]

Aug 18, 2010 (LBO) – Sri Lanka’s Central Bank said a pension fund it manages would increase exposure to equities as government paper, in which it has invested the bulk of money, become less attractive with falling interest rates. The bank said the Employees’ Provident Fund, the biggest fund in the country, has authority to […]

Aug 17, 2010 (LBO) – Hatton National Bank (HNB) group June quarter profits rose 22 percent to 1.22 billion rupees from high interest margins and higher fee based income, while loan loss provision costs had also come down, a stock exchange filing showed. In June quarter 2010, interest income was down 16 percent to 7.57 […]

Aug 16, 2010 (LBO) – Sri Lanka’s Housing Development Finance Corporation (HDFC) Bank group June 2010 quarter profits fell 96 percent to 5.3 million rupees from a year ago owing to lower revenues and higher finance costs, interim results showed. HDFC group’s gross assets rose 6.7 percent to 15.1 billion rupees. The state-owned HDFC Bank […]

Aug 16, 2010 (LBO) – Fitch Ratings has withdrawn the ratings of six Sri Lankan Regional Development Banks (RDBs) upon their merger and upgraded those of two which it said reflects its views on the rating of the merged bank. The merged entity with an asset base of 42 billion rupees as at end-June 2010 […]

Aug 13, 2010 (LBO) – Sri Lanka’s Environmental Resources Investments (ERI) made a profit of 44 million rupees in the June quarter from higher sales from Ceylon Leather Products Limited (CLPL) and a brokering firm acquisition, its interim results showed. The move followed unusual price swings and heavy trading in certain stocks including ERI warrants. […]

Aug 11, 2010 (LBO) – Sri Lanka’s NDB Investment Bank (NDBIB) said it has raised over eight billion rupees in the capital market for corporate clients during the first half of 2010. The bank’s Corporate Advisory Division has just concluded the Initial Public Offering of PC House Limited, with the issue being oversubscribed by over […]

Aug 05, 2010 (LBO) – Sri Lanka’s Nations Trust Bank’s (NTB) net profit for the June 2010 quarter rose 86 percent to 280 million rupees as interest margins improved, a stock exchange filing said. “The second quarter 2010 represents the fourth consecutive quarter since September 2009 in which NTB has reported continued growth,” chief executive […]

Aug 03, 2010 (LBO) – Fitch Ratings Lanka said it has confirmed National Development Bank’s (NDB) National Long-term rating at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’. “The ratings reflect NDB’s strong financial profile relative to its peers,” a statement said. “The ratings are however constrained by […]

Aug 02, 2010 (LBO) – People’s Leasing Finance Company wants to raise 568 million rupees via a one-to-one rights issue to meet capital adequacy requirements, a stock exchange filing said. The 22.7 million rights issue will be priced at 25 rupees per share, to raise 568 million rupees to boost the firm’s core capital. “The […]