Category: Banking and Finance

May 27, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed People’s Leasing Co.Ltd. Trust 32’s (PLC32) 119.7 million rupee lease-backed trust certificates (LBTCs) at ‘A-(lka)’ with a stable outlook.A Loss Severity rating of ‘LS-3’ has been assigned, it said in a statement. “The affirmation is based on the uninterrupted payouts made to LBTC […]

May 27, 2009 (LBO) – The Finance Company can be turned around within six months, according to Merchant Bank of Sri Lanka (MBSL) which has been appointed by the banking regulator to manage the troubled finance firm. “The only way to move forward The Finance is engage in day-to-day activities.If not, we can’t meet the […]

May 26, 2009 (LBO) – Profits of HSBC’s Sri Lanka unit grew 40 percent to 628.1 million rupees in the March 2009 quarter on strong foreign exchange income, despite rising interest expenses, its published accounts showed. The bank’s gross assets from December to March had grown by 8.2 percent to 161,544.4 million rupees, while net […]

May 26, 2009 (LBO) – Sri Lanka’s Commercial Bank said group profits fell 12.9 percent to 892 million rupees in the March 2009 quarter, as its loan book shrank and the firm also changed the way it accounted for a troubled oil derivative sale. “In the future provisions will be provided after making an assessment […]

May 23, 2009 (LBO) – The Merchant Bank of Sri Lanka (MBSL) has been appointed as managing agents of the troubled The Finance Company (TFC), taking over from another state-owned entity, Lankaputhra Development Bank (LDB), the Central Bank said. It said in a statement that Lankaputhra Bank had stabilized the situation at TFC and brought […]

May 23, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon’s profits for March 2009 quarter rose 106 percent to 957 million rupees, with foreign exchange gains and interest income from high yielding government securities. Bank of Ceylon’s deposits grew 5.1 percent to 332 million from December 2008 to March 2009. Group gross assets grew […]

May 22, 2009 (LBO) – Sri Lanka’s central bank said it has relaxed the criteria for bids for a one-third stake in the troubled Seylan Bank after a poor response from prospective investors to its original call for proposals.It said in a statement the Monetary Board of the Central Bank has decided to invite fresh […]

May 21, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon had provided deposit and gold related services of more than 500 million rupees as displaced people in camps in northern Sri Lanka sought the safety of the bank, a top official said. Bank of Ceylon (BoC) chairman Gamini Wickramasinghe, said more than 10,000 people […]

May 21, 2009 (LBO) – RAM Ratings Lanka said a rating watch on Arpico Finance Company has been lifted after the company met a Central Bank requirement for minimum capital of 200 million rupees by March 2009. RAM Ratings Lanka said the regulator would assess the company’s core capital after financial were audited, but RAM […]

May 19, 2009 (LBO) – Sri Lanka’s central bank said it was giving a second chance for five qualified investors to buy a 33 percent stake in Seylan Bank because bids it received were not fully compliant with the conditions set by the regulator. The central bank’s governing body, the monetary board, said it would […]

May 13, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said its group net profit for the March quarter fell four percent to 712 million rupees from a year ago. Total assets of the HNB group were 268 billion rupees, up two percent from a year ago. Total group income rose 13 percent to […]

May 12, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the ‘AA+(lka) national long-term rating of Commercial Bank, Sri Lanka’s largest private bank, with a stable outlook. It said in a statement the rating reflects the bank’s sustained strong financial profile amongst local commercial banks. Fitch has also confirmed Commercial Bank’s individual rating […]