Category: Banking and Finance

Mar 06, 2009 (LBO) – Commercial Bank of Ceylon group has reported profits of 4,118.9 million rupees for the year ended December 2008, lower by 0.7 percent, with revenues growing 24.8 percent to 43.9 billion rupees. Group interest income grew 21.9 percent to 37.2 billion rupees, interest expense grew 28.44 percent to 24.3 billion and […]

Mar 05, 2009 (LBO) – An investment banking unit linked to a state bank is examining several troubled finance and real estate firms of Sri Lanka’s Ceylinco group, a media report said. The Daily Mirror newspaper said the Merchant Bank of Sri Lanka, a listed subsidiary of state-run Bank of Ceylon, is planning to re-structure […]

Mar 05, 2009 (LBO) – Sri Lanka’s two biggest banks, state-owned Bank of Ceylon (BOC) and the private listed Commercial Bank, plan to expand in areas of the island’s north and east which have been cleared of Tamil Tiger rebels. Bank of Ceylon’s expansion program is part of the government’s economic revival programs for the […]

LONDON, March 3, 2009 (AFP) – Emerging markets bank Standard Chartered said Tuesday that net profit jumped a fifth to 3.41 billion dollars (2.69 billion euros) in 2008, leaving it well-placed to face the global slowdown. Despite the gain in profits after tax, Standard Chartered was not immune to rising bad debts linked to the […]

March 02, 2009(LBO) – Sri Lanka’s Seylan Bank said it made a loss of 709 million rupees in the December 2008 quarter compared with group net profit of 199 million a year ago with a sharp rise in bad loans and a slowdown in deposits.Total capital adequacy ratio at bank level has slipped to 8.32 […]

Feb 27, 2009 (LBO) – Sri Lanka’s central bank may open a liquidity facility as a last resort, in a bailout package for troubled finance and leasing companies which has a 4.2 billion rupee fiscal component, officials said.In recent times the Reserve Bank of Zimbabwe has used such tactics to finance agricultural sector credit and […]

Feb 26, 2009 (LBO) – Sri Lanka’s cabinet of ministers has approved a bailout package for finance and leasing firms in a move to release assets seized from defaulting borrowers back into productive commercial use. “Equally, people who have bought lorries and lands will be able to once more use these assets for the purpose […]

Feb 26, 2009 (LBO) – Lalith Kotelawala, chairman of Sri Lanka’s Ceylinco group, has been arrested and remanded over an alleged fraud that caused the collapse of group firm Golden Key Credit Card Company. The magistrate court order to remand Kotelawala was given when the case on an alleged fraud at Golden Key was taken […]

Feb 25, 2009 (LBO) – Sri Lanka’s DFCC Bank said group net profit for the December 2008 quarter rose 25 percent to 638 million rupees from a year ago but that earnings growth was slowing because of reduced lending and capital gains.Total group income for the December quarter rose 23 percent to 3.5 billion rupees […]

Feb 23, 2009 (LBO) – Sri Lanka’s existing financial regulation are adequate to take action against unregistered finance firms who defraud customers, a former member of the central bank monetary board said.Deva Rodrigo said the recent collapse of unregistered finance companies had raised fears about the stability of the financial system. This was one of […]

Feb 22, 2009 (LBO) – Sri Lanka’s banking sector is not at risk from the global credit crisis but needs consolidation to be able to improve returns and attract fresh capital, a senior banker said. Clearer regulatory guidelines were needed to cover changes in ownership in the banking sector and to handle the implications of […]

Feb 20, 2009 (LBO) – Sri Lanka’s government is offering four billion rupees in bonds and guarantees to improve liquidity in registered finance and leasing companies facing liquidity problems, central bank governor Nivard Cabraal said.A liquidity ratio of 15 percent required to be maintained against fixed deposits would be cut to 10 percent and a […]