Category: Banking and Finance

Apr 03, 2009 (LBO) – Sri Lanka’s People’s Bank group has reported net profits of 3,427 million rupees in 2008, 2.2 percent lower, while interest income grew 23.4 percent to 64.3 billion rupees, according to the annual report. At stand alone bank level net profits were up 13.9 percent to 2,704 million rupees, with group […]

April 02, 2009 (LBO) – Sri Lanka’s private sector credit is shrinking with credit card users also falling for two straight months as an economic slowdown begins to bite, the latest official data show. Credit from central bank to the government rose to 244.5 billion rupees in January 2009, from 217.4 billion rupees a month […]

April 02, 2009 (LBO) – Non-performing assets at Citibank’s Sri Lanka branch have rocketed after state-run Ceylon Petroleum Corporation (CPC) refused to pay up on controversial oil derivatives which went against the utility.Citi, Standard Chartered, Deutsche Bank and locally incorporated People’s Bank and Commercial Bank sold oil derivatives to CPC. Commercial Bank took a 692 […]

April 01, 2009 (LBO) – A one-third stake in Sri Lanka’s Seylan Bank being offered to new investors by the regulators will be in new shares with the cash going into boost the capital of the bank. Ceylinco group currently owns a 24 percent stake of Seylan bank’s voting stock while its board manages several […]

April 01, 2009 (LBO) – The Commercial Bank of Ceylon has been adjudged Sri Lanka’s ˜Best Bank’ for the 11th successive year by the financial publication Global Finance (USA), a company statement said. The ranking comes in a year when some of the best banks of previous years have lost their places to competitors due […]

April 01, 2009 (LBO) – Sri Lanka’s central bank said it has promoted four Assistant Governors, Rose Cooray, K G D D Dheerasinghe, Uthum Herat and D S Wijesinghe to the post of Deputy Governor.Cooray’s promotion was with effect from March 13 while the others will be promoted in May and July 2009. “These promotions […]

Mar 30, 2009 (LBO) – Fitch Ratings has downgraded the long-term rating of Singer Finance (Lanka) Limited (SFL) to BBB-(lka) from ‘BBB(lka)’.The outlook is ‘stable’. “SFL’s rating is linked to Singer Sri Lanka PLC’s (Singer), of which it is a fully-owned subsidiary, and takes into account the implied support assumed to be available from Singer, […]

Mar 30, 2009 (LBO) – Sri Lanka’s Nations Trust Bank (NTB), a unit of John Keells Holdings, is growing its personal banking small business segments to maintain above industry average growth rates during the next four years, an official said. Last year, the bank went through a behind-the-scenes transformation introducing a number of products as […]

March 27, 2009 (LBO) – Sri Lanka’s Commercial Bank has said it plans to expand its business in Bangladesh and is still considering setting up branches in other Asian countries despite obstacles.“Although it was the bank’s intention to establish a presence in the Far East, we have put these plans on hold in view of […]

March 27, 2009 (LBO) – Sri Lanka’s central bank has called for proposals from investors to invest 5.7 billion rupees (about 50 million US dollars) to take a 33 percent stake in Seylan Bank, part of the troubled Ceylinco group. Expressions of interest (EOI) have been invited from local or foreign parties interested in becoming […]

Mar 26, 2009 (LBO) – Sri Lanka’s The Finance Company, a member of the island’s troubled Ceylinco group, is suspending withdrawals of deposits for three months, while the firm is restructured under new management, officials said. State-run Lankaputhra Development Bank which has been appointed as the firm’s ‘managing agent’ by the Central Bank said interest […]

Mar 26, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon profits have increased 19.2 percent to 3.87 billion rupees in 2008, helped by strong fee income despite interest expenses rising. The bank said its foreign branches in London, Maldives and Indian had performed well in 2008. “Our London branch has come into profits after […]