Category: Banking and Finance

Aug 27, 2008 (LBO) – Sri Lanka’s DFFC Bank net profit for the June quarter rose 30 percent to 515 million rupees from 395 million rupees a year ago, helped by capital gains from the sale of shares, the bank’s interim results show. Profit for the June quarter included a one-off gain of 108 million […]

Aug 26, 2008 (LBO) – Sri Lanka’s banks face challenging times with margins being squeezed as interest rates rise, a report by a stock brokerage said. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 “The last two quarterly earnings seasons have shown testing times for […]

Aug 26, 2008 (LBO) – Profits at Sri Lanka’s Hatton National Bank group dipped 17 percent to 567 million rupees in the quarter ended June 2008 as rising interest rates and flat loan growth took its toll, interim accounts released showed.The bank said in a statement that it had contained non-interest income which grew only […]

Aug 25, 2008 (LBO) – Sri Lanka’s state-run People’s Bank group net profits fell 5.7 percent to 1,484 million rupees in the half year to June 2008, with incomes taxes more than doubling in the period, interim accounts showed. At bank level interest margin fell to 4.4 percent from 4.6 percent, return on assets to […]

Aug 25, 2008 (LBO) – Sri Lanka’s DFCC Vardhana bank after-tax profits fell 69.5 percent to 16.3 million rupees in the quarter ended June 2008 as interest expenses took their toll of the bottom line, interim accounts showed. A subsidiary of the DFCC Bank, Vardhana bank’s revenue shot up 52.6 percent to 787.4 million rupees […]

August 21, 2008 (LBO) – Hatton National Bank has staged a steady turnaround under the direction of its chief executive Rajendra Theagarajah. But with a weakening economy of high inflation and volatile interest rates, banks in general are under pressure.HNB is now looking at maintaining asset quality and increasing its exposure abroad as domestic loan […]

Aug 20, 20078 (LBO) – Sri Lanka’s Seylan Bank’s net profits for the quarter ended June 2008 has fallen 32-pct to 309.6 million rupees on tighter margins, interim accounts filed with the Colombo Stock Exchange showed. Total deposits were up 3.85 percent to 117.6 billion rupees. Group assets grew 3.3 percent to 162.4 billion rupees […]

Aug 18, 2008 (LBO) – Sri Lanka’s state-run Peoples’ Bank has started a new service with personal digital assistant (PDA) equipped officers visiting customer premises to offer banking facilities. The ‘palm-top’ banking service allows customers to open an account, make deposits, withdraw cash, apply for loans, make balance inquiries and do reversals, the bank said. […]

Aug 15, 2008 (LBO) – Directors of Sri Lankan banks who reach a term limit of nine years in 2008, would be allowed to be in office for a further three years, the Central Bank which is the financial regulator, said.The direction gives effect to a Supreme Court ruling made in July 2008 against a […]

Aug 14, 2008 (LBO) – Sri Lanka will issue special coins commemorating the runner-up of the last cricket world cup, an official said.Sri Lanka’s central bank will issue a Nickel plated steel coin with a denomination of 5 rupees and depicting a bowler. A brass plated steel coin with a face value of 1,000 rupees […]

Aug 05, 2008 (LBO) – Sri Lanka’s Assetline Leasing, unit of David Pieris Motor Company has raised 100 million rupees by securitizing vehicle leases, NDB Investment Bank which structured the issue said. Assetline provides leasing, hire purchase and dealer financing and has 13 branches and 8 service centres. It was incorporated in 2003 and had […]

August 4, 2008 (LBO) – Sri Lankan savers, faced with the prospect of the value of their savings being eroded by record inflation, are being advised to save early in life and diversify to spread the risks. Top money management professionals say the public must adapt to financial planning while saving a part of the […]