Category: Banking and Finance

July 31, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said June quarter net profit rose 54 percent to 141 million rupees from a year ago, with a sharp increase in specific provisioning for bad loans. Gross income went up 34 percent to nearly 3.3 billion rupees, the bank said in interim results released […]

July 29, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘AAA(lka)’ long term rating of state-run National Savings Bank with a stable outlook but has said low interest rates offered by the bank are shrinking its market share. Though the bank has been making profits in the last few years by keeping deposit rates […]

July 29, 2008 (LBO) – The Cranfield School of Management in the UK has offered a Master of Business Administration scholarship to any member of Sri Lanka’s three leading accountancy bodies.Cranfield MBA alumni from Sri Lanka include Hatton National Bank managing director Rajendra Theagarajah, senior vice president of WNS Arul Sivagananathan and Stretchline group financial […]

July 28, 2008 LBO) – Sri Lanka’s finance ministry plans to bring a proposed new law to amalgamate six regional development banks (RDBs) to parliament early next month, a senior official says. The main stake holders of the banks last week gave the green light to the proposed act which is now being examined by […]

July 25, 2008 (LBO) – Sri Lankans must start making specific plans to save and invest money early enough to help at the time of retirement or in an emergency, financial sector professionals say. Having a structured savings scheme automatically reduces the reliance on debt, Premaratne says. Most young people have not planned their future […]

July 22, 2008 (LBO) – Commercial Bank said it has begun accepting deposits from foreigners and Sri Lankan expatriates after the Central Bank relaxed foreign exchange rules. Special Foreign Investment Deposit Accounts (SFIDA) can be opened in designated foreign currencies and Sri Lankan rupees, it said in a statement. The minimum initial deposit required to […]

July 20, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) has launched priority banking services for premium customers with higher interest rates and benefits, officials said. Dedicated agents will be present in NTB branches to serve Inner Circle members, Fernando says. The priority service is available all year round in NTB branches of Colombo, […]

July 19, 2008 (LBO) – Sri Lankan Central Bank Governor Ajith Nivard Cabraal has said its exchange control department had streamlined approvals for overseas investments by local firms.The government wants to encourage big Sri Lankan companies to grow bigger and invest abroad, as a few have already done, he said. “Now the exchange control department […]

July 18, 2008 (LBO) – Sri Lanka’s state-run People’s Bank has started a new foreign exchange deposit scheme after the island’s central bank relaxed rules allowing domestic banking units to accept deposits from abroad. “The aim here is to open up investment opportunities to non residents interested in investing in Sri Lanka, thereby gaining value […]

July 18, 2008 (LBO) – Fitch Ratings Sri Lanka has downgraded Seylan Bank’s national long term credit rating by one notch to ‘BBB+(lka)’ and its subordinated debentures also by a notch to ‘BBB(lka)’. Both ratings are still in the investment grade category. At the new level, Fitch Ratings said the outlook was ‘Stable’. Fitch gave […]

July 15, 2008 (LBO) – Directors of Sri Lankan banks would get three more years to meet term and age limits imposed by the Central Bank after a court ruling confirmed the rules with extended transitional provisions, the financial regulator said in a statement. Court has directed new rules with the amendments to be issued, […]

July 08, 2008 (LBO) – Fitch Ratings has confirmed the local long-term rating of Sri Lanka’s Nations Trust Bank at ‘A(lka)’ with a stable outlook.The agency also gave an ‘A-(lka)’ rating to NTB’s proposed unsecured debenture issue of up to 1.5 billion rupees. “NTB’s rating reflects its modest profitability and capitalization,” it said in a […]