Category: Banking and Finance

Mar 26, 2008 (LBO) – Sri Lanka’s Commercial Bank says it is opening branches with extended hours and is also planning automated teller kiosks that will provide internet banking facilities to customers. The bank opened its 165th branch at Ward Place, Colombo on Wednesday which will stay open till 5.00 pm in the evening. Commercial […]

Mar 27, 2008 (LBO) – Sri Lanka’s Janashakthi Insurance said it was on track for a public listing after recording profits of 525 million rupees in 2007, with strong results from general insurance and investment income boosting the bottom line. The firm’s total revenue with investment income rose to 5.2 billion rupees from 4.7 billion […]

Mar 25, 2008 (LBO) – Sri Lanka is wrapping up plans to merge six state-run regional development banks and a draft bill to give legal effect to the merger would be ready by June this year, a finance ministry official said. Ruhunu, Rajarata, Sabaragamuwa, Kandurata, Uva and Wayamba development banks are now run as autonomous […]

Mar 18, 2008 (LBO) – Former Malaysian finance minister and entrepreneur Daim Zainuddin is hunting in Sri Lanka’s banking and energy sectors for opportunities, the business magnate said on a flying visit to Colombo. Daim said he is looking at either opening a bank or buying into an existing one, after coming to Sri Lanka […]

Mar 10, 2008 (LBO) – Sri Lanka’s Central Finance Company group’s December quarter profit went up ten percent to 336.2 million rupees but interest expenses rose 40 percent, interim results showed. . The group’s 2007 December quarter revenue was up 17.4 percent to 1.66 billion from 1.41 billion rupees one year back. Central Finance’s stand […]

Mar 11, 2008 (LBO) – ACCA Sri Lanka, a branch of the UK accounting body says it has tied up with Nations Trust Bank to give an easy payment scheme for students to pay fees through American Express credit cards. ACCA says it is committed to bringing best practices and governance standards into Sri Lanka […]

Mar 08, 2008 (LBO) – State-run Sri Lanka Savings Bank, started to take over operations of defunct Pramuka Bank, will get a 1.5 billion rupee government guarantee to meet minimum regulatory capital, officials said. . “The capital requirement is met out of government funds, we are in a comfortable position to offer capital of 1.5 […]

March 07, 2008 (LBO) – Lanka Orix Leasing Company (LOLC) December quarter profits were boosted 250 percent with unrealized equity gains, while revenues grew 77 percent, its interim accounts and officials said. Group assets were 32 billion rupees, while LOLC’s own gross assets were 26.5 billion rupees. Group net profits grew to 485 million rupees […]

Mar 06, 2008 (LBO) – Fitch Sri Lanka has downgraded the national long term rating of Sinhaputhra to ‘BB- (lka)’ from ‘BB (lka)’ with a negative outlook, as defaults increased amid tough economic conditions. “The downgrade reflects the significantly weakened asset quality and solvency at the regulatory six-month level,” Fitch Ratings said in a statement. […]

Mar 05, 2008 (LBO) – Borrowing for day to day government spending has increased the cost of money for Sri Lankan companies and families struggling to get their first mortgage. A Malaysian economist says experience from his country suggests that the government could start a specialist infrastructure bonds, and create a market among pension funds, […]

Mar 04, 2008 (LBO) – HSBC’s Sri Lanka and Maldives operations would be headed by Nick A Nicolaou, a senior banker who had been with the group from 1977, the bank said in a statement. David J H Griffiths who headed the Sri Lanka-based HSBC unit will be taking over HSBC New Zealand on April […]

March 4, 2008 (LBO) – Sri Lanka’s Commercial Bank group reported net profits of 4.1 billion rupees double that of last year, while revenues grew 44 percent to 35.2 billion rupees in 2007. The bank’s deputy chairman B R L Fernando said last year’s profits were depressed by a one-off pension buy back and ‘normalised’ […]