Category: Banking and Finance

Feb 23, 2010 (LBO) – An affiliate of Sri Lanka’s Sampath Bank in Bangladesh is planning to list its stock brokering firm in the country’s booming stock market, a media report said, though there were fears of a correction. Bangladesh’s stocks have been going through a bull run prompting fears of a bubble. On Monday […]

Feb 23, 2010 (LBO) – Sri Lanka’s The Finance Company said its loss for the December quarter shot up to 626 million rupees from a loss of 86 million rupees a year ago. It experienced a run on deposits when its parent, Ceylinco Group, suffered a crisis of confidence after another group firm, Golden Key […]

Feb 22, 2010 (LBO) – The Sri Lanka unit of HSBC bank said it was launching a personal banking service targeting what it called the ˜mid-market’ customer segment, focusing on convenience to attract clients. HSBC Sri Lanka chief Nick Nicolau said the bank will offer a range of products like currency deposits and unit trust […]

Feb 22, 2010 (LBO) – Sri Lanka’s National Development Bank’s December 2009 quarter profits fell 10 percent to 484 million rupees from a year earlier, but full year profits were up 30 percent to 2.08 billion rupees. NDB Bank expanded its branch network to northern Jaffna and to eastern Batticaloa, Trincomalee and Ampara in the […]

Feb 19, 2010 (LBO) – Sri Lanka’s registered finance companies, which were shaken last year by the collapse of an unregulated firm, may see consolidation especially among weak smaller firms, the Central Bank said. The profitability of the finance company sector declined and some companies made losses last year because of high interest rates and […]

Feb 18, 2010 (LBO) – Sri Lanka’s Seylan Bank group said losses narrowed to 16.5 million rupees in the December quarter from 689 million a year ago and that it ended the year with a profit. The bank said in a stock exchange filing that it made a full year net profit of 569 million […]

Feb 18, 2010 (LBO) – Sri Lanka’s Commercial Bank said dividends not claimed by shareholders after six years are to be considered forfeited from March. Any interim or final dividend declared by Commercial Bank from February 2000 to February 2004 which remains unclaimed will be considered as fortified by the owners and considered as the […]

Feb 16, 2010 (LBO) – Sri Lanka’s DFCC Bank group December quarter profits dipped 11.1 percent to 566.6 million rupees from a year earlier due to higher taxes, while interest rate spreads have grown. In the December quarter interest income fell 10.8 percent to 2.77 billion rupees, while interest expenses dipped 21.6 percent to 1.6 […]

Feb 13, 2010 (LBO) – Sri Lanka’s central bank is planning a 100 million US dollar re-finance fund for the northern Jaffna peninsular which is seeing an economic revival after a highway to the south was opened with the end of a decades long conflict. The Northern Regional Development Fund will channel loans to businesses […]

Feb 13, 2010 (LBO) – Sri Lanka’s central bank said P D J Fernando, a senior official with 33 year’s of experience has been appointed deputy governor. He had been assistant governor for five years, and is a director of Lankaclear, Sri Lanka’s central checque clearing house and state-run Lanka Puthra Development Bank. The Central […]

Feb 12, 2010 JAFFNA (LBO) – A branch of HSBC which opened in Sri Lanka’s northern Jaffna peninsular will strengthen financial ties with the rest of the country and the world as the area recovers from a debilitating war, officials said. A 30-year war with Tamil Tiger separatists Sri Lanka’s north and east ended in […]

Feb 11, 2010 (LBO) – Sri Lanka’s LB Finance said December quarter net profit rose 47 percent to 123 million rupees from a year ago and that it was expanding its branch network. The company said in a stock exchange filing that total income rose three percent to 1.05 billion rupees in the quarter. Interest […]