Category: Banking and Finance

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’ […]

Mar 03, 2008 (LBO) – Hatton National Bank group net profits went up 40 percent to 3.2 billion rupees in 2007, as revenues increased 37.6 percent, results filed with the Colombo Stock Exchange showed. HNB’s stand alone profits went up to 3.0 billion rupees from 2.2 billion. Chairman Rienzie Wijetilleke told shareholders the profit would […]

Mar 03, 2008 (LBO) – Sri Lanka’s Hatton National Bank is keen to get into Bangladesh though its first attempt to buy into a bank in that country was not completed, an official said. HNB was short listed to buy over Orient Bank which was being re-structured but in the final stage the bank gave […]

Mar 01, 2008 (LBO) – Seylan Merchant Leasing, a unit of Sri Lanka’s Ceylinco group said it has raised 1.3 billion rupees in deposits after it was licensed as a finance company by regulators last year, the company said. It has a service which allows clients to view lease transaction details and payment history on […]

Feb 28, 2008 (LBO) – Sri Lanka’s NDB Bank profits grew 17 percent in the December quarter, and full year 2007 profits were also up, when a one-off capital gain in the previous year was discounted, the company said. Group revenues were up 23 percent to 10 billion rupees in the 12-months to December 2007, […]

Feb 29, 2008 (LBO) – The Central Bank Friday warned that new ‘pyramid schemes’ that have been banned are making an appearance in different parts of the country. Those taking part in such schemes are in danger of losing their money and are also committing an offence under the banking law, it said in a […]

Feb 29, 2008 (LBO) – Sri Lanka’s Seylan Bank group full year profits grew four percent to 911 million but December quarter profits dipped amid lower loan growth, results released to the Colombo Stock Exchange showed. Fourth quarter net profit was down 58 percent to 89 million rupees compared with the same period last year. […]

Feb 28, 2008 (LBO) – Ten Sri Lankan state banks have joined a government public information service with the aim of giving the public better access to finance, officials said. Central Bank governor Nivard Cabraal said Thursday the service is meant to improve the efficiency of government service and make it easier for people to […]