Category: Banking and Finance

August 02, 2007 (LBO) – Sri Lanka’s Commercial Bank reported net profit for the second quarter ended June 2007 shot up 52 percent to 1.1 billion rupees from 753 million in the same 2006 period. Net interest income for the quarter soared 66 percent to almost three billion rupees, according to interim results released to […]

July 31, 2007 (LBO) – The failed Pramuka Bank had been given the nod by the Central Bank to re-open for business from August 01, as the state owned Sri Lanka Savings Bank Ltd, the regulator said. The new bank will settle the liabilities of Pramuka to depositors and creditors according to a scheme to […]

July 30, 2007 (LBO) –The Sri Lanka unit of Rating Agency Malaysia (RAM) said Monday its operations will not be affected by a restructuring of the parent. Lanka Ratings Agency (LRA) said the credit ratings services and consultancy services of RAM had been separated under a regulatory requirement in Malaysia. RAM has been re-named RAM […]

July 30, 2007 (LBO) – Fitch Ratings has downgraded the rating outlook of National Development Bank from ‘positive’ to ‘stable’ after a proposed merger with the Commercial Bank was aborted. NDB has an asset base of 65 billion rupees. National Development Bank, originally a development finance institution, merged with NDB Bank, its commercial banking subsidiary […]

June 29, 2007 (LBO) – Arpico Finance Company Limited has asked for more time to meet the new regulatory capital requirements of the Central Bank, the credit rating agency, Lanka Rating Agency (LRA) said. It said in a statement that it had reaffirmed Arpico Finance’s long- and short-term ratings at BB2 (with a stable outlook) […]

July 28, 2007 (LBO) – People’s Bank is on an aggressive drive to raise deposits this year, with an enhanced target of 30 billion rupees, a top official said. With the re-launch of the bank’s ˜Jayasiri’ low cost mobilisation scheme, People’s Bank is geared to reach the higher target and promote the saving habit in […]

July 27, 2007 (LBO) – Fitch Ratings Lanka which affirmed People’s Merchant Bank’s (PMB) long-term BBB (lka) rating Friday said its assets grew 44 percent in the last financial year. The outlook on the rating is stable. “PMB’s rating takes into account its modest profitability and satisfactory asset quality,” Fitch said. It also considered the […]

July 26, 2007 (LBO) – Sri Lanka has relaxed foreign currency transactions in the country by allowing money changers to sell as well as buy forex and also relaxed rules on operating non-resident foreign currency accounts. The Central Bank, which regulates the industry, said in a public notice that nine money changers out of 62 […]

July 23, 2007 (LBO) – Money laundering investigators say authorities are probing activities of Goldquest in Sri Lanka but details could not be released because there was no legal provision to do so. Officials had claimed earlier in the seminar that money laundering through the financial system could turn away genuine foreign investors. “Goldquest investigations […]

July 24, 2007 (LBO) – Sri Lanka’s bank regulators have shot down an attempt to appoint a common directorate to two state banks which had their origins in election promises, but are now trying to consolidate to conserve capital, officials said. Vimasuma.com Newsdesk The government is planning to amalgamate a state bank created to give […]

July 22, 2007 (LBO) – Sri Lanka should focus on giving insurance to the poor, regional experts in micro insurance say, with rural populations a largely untapped market. At present, insurance penetration in most South Asian countries is less than 10 percent, leaving over 90 percent of the market untapped. Two micro insurance specialists from […]

July 22, 2007 (LBO) – ABC Investments, a new Sri Lankan Islamic investment group, plans to expand their business with branches outside the capital Colombo, especially in areas with large concentrations of Muslim people.The Islamic Takaful insurance concept has a growing customer base in Sri Lanka with Amana Takaful.The firm which provides Barakah Islamic financial […]