Category: Banking and Finance

May 25, 2007 (LBO) – Janashakthi Insurance Co. Ltd, says general insurance premiums grew 37 percent in the first quarter with motor insurance growing 40 percent. The general insurance has grossed 1,028 million rupees, which was up 277 million for the March quarter. Gross written premium of the life side has also grown 27 percent. […]

May 23, 2007 (LBO) – National Development Bank has reported group after-tax profits in the first quarter ending in March 2007 was 299 million rupees, a drop of 77 percent mainly because profit in the same quarter last year had been inflated by a share sale. NDB Bank posted a 1.3 billion rupee profit after […]

May 23, 2007 (LBO) – A presidential commission appointed to probe failed finance companies is calling for members of the public to contact the commission before the end of May. “The Commission after perusal of such representations may invite any individual or organization for further discussion and/or to testify before the Commission,” the commission said […]

May 23, 2007 (LBO) – Sri Lanka’s Central Bank says it has strengthened action against pyramid schemes and not halted or scaled down investigations in the recent past. “The Central Bank wishes to inform the public that it has in fact, contrary to such reports, strengthened its action against pyramid schemes,” the Central Bank said […]

May 22, 2007 (LBO) – Consolidated net profits at HDFC Bank, a mortgage lender, grew 35 percent while revenues grew 40 percent for the quarter ending March 2007. HDFC group net profit after tax rose to 113.8 million rupees from 83.9 million in the first quarter this year while total revenue increased to 521 million […]

May 17, 2007 (LBO) – Sri Lankan unit trusts, which collectively have an investment fund of over five billion rupees, are seeking to popularise their instruments among less sophisticated investors. The island’s regulator, Securities and Exchange Commission, Wednesday pledged 13 million rupees to the Unit Trust Association to initiate public awareness campaigns on investing in […]

May 17, 2007 (LBO) – Goldquest kingpin Vijayeswaran Vijayaratnam has financed the operation of at least two Tamil language television stations, the latest in a series of reports since the arrest of top operatives of the cult-like group said. . The Asian Tribune website said Vijayeswaran owned shares in Deepam TV of UK and another […]

May 17, 2007 (LBO) – Sri Lanka’s Bank of Ceylon, Peoples’ Bank and Ceylon Electricity Board is to get new chairmen, a senior presidential aide told LBO. Gamini Wickremesinghe, the current Chairman of the Securities and Exchange Commission would head the Bank of Ceylon, replacing Udayasri Kariyawasam who would be appointed as chairman of the […]

May 16, 2007 (LBO) – An international anti-pyramiding activist has called on Sri Lanka to be vigilant against multi-level marketing schemes that can invade the country following the arrest of top Goldquest operatives in Indonesia. “Treasure Traders International and, more recently, Canadian Diamond Traders, are similar scams that are recruiting victims worldwide,” Robert Fitzpatrick, head […]

May 16, 2007 (LBO) – Eagle Insurance consolidated revenue rose 24 percent to 1.35 billion for first quarter of March 2007, but a higher claims bill dragged profits down 13 percent to 31 million rupees, the firm’s latest results showed. Gross written premium also increased 26 percent to 1.3 billion rupees. Eagle Insurance Chairman Grant […]

May 16, 2007 (LBO) – Fitch Ratings has upgraded Hatton National Bank’s long term rating by one notch to AA- (lka) and the rating outlook also changed to stable from positive, the rating agency said Wednesday. HNB is listed, with two main shareholders: Stassen’s group and Brown & Co. Ltd group holding 32.5 percent and […]

May 15, 2007 (LBO) – HNB Assurance net profit for the first quarter ended March 31, 2007 rose seven percent to 12.9 million rupees, according to provisional results released to the Colombo Stock Exchange. Total revenue rose 24 percent to 269.7 million rupees while Gross Written Premium rose 24 percent to 324 million rupees and […]