Category: Banking and Finance

April 23, 2007 (LBO) – The losses caused to a pension fund of two million Sri Lankan workers by the authorities through the use of a barely understood monetary technique reached a peak in 2006, according to the latest official data. “You know richer people, who can get the help of good accountants, good advisors […]

April 23, 2007 (LBO) – Lanka Orix Leasing Company, a listed leasing company, had hired Citibanker Kapila Jayawardena as Group Chief Executive Officer, the company told the Colombo Stock Exchange Monday. He would also be Managing Director/CEO of Lanka Orix Leasing Company. “Well I have been working mainly in the corporate banking arena. This gives […]

April 18, 2007 (LBO) – Fledgling Islamic insurer, Amana Takaful Insurance (ATI), which was listed on the second board of the Colombo bourse last November, has reported a 57 percent growth in premium collections it the audited accounts for 2006. The company’s shares last traded at 31.50 at the close of market in April though […]

April 18, 2007 (LBO) – Merchant Bank of Sri Lanka, a listed subsidiary of the state-owned Bank of Ceylon, has received a AA3 rating for its proposed 600 million-rupee debenture, Lanka Rating Agency (LRA) said Wednesday. LRA says MBSL’s growth is capped by its funding. “The rating of the proposed debt issue is similar to […]

April 18, 2007 (LBO) – A small Sri Lankan finance company to which specializes in funding three-wheeled auto-rickshaws is showing high profitability, Fitch Ratings which assigned the firm a BB+ (lka) rating said Wednesday. About 95 percent of the assets of Trade Finance and Investments (TFI) in the 9-months ending December 2006 was in three-wheeler […]

April 18, 2007 (LBO) – Fitch Ratings Lanka Wednesday confirmed Ceylease Financial Services Ltd’s (CFS) national long-term rating at ‘BBB-(lka)’ with a stable outlook, despite worsening solvency.Fitch says there is implied support from state-owned Bank of Ceylon, rated AA (lka), which owns 50 percent of the company. At the end of the 2006 financial year […]

April 15, 2007 (LBO) – Seylan Bank, whose rating outlook was downgraded to negative by Fitch may need a fresh equity addition to boost solvency, the rating agency has said. Seylan currently has a network of 92 island-wide branches. The bank is raising one billion rupees through a subordinated debenture to which for which a […]

April 04, 2007 (LBO) – Sri Lankan police have completed investigations into the multi-billion rupee value-added tax refund fraud and are ready to prosecute seven suspects, officials said. Audits are conducted after refunds and are mandatory in the case of three consecutive refunds, he added. Deputy finance minister Ranjith Siyambalapitiya said the Criminal Investigations Department […]

March 20, 2007 (LBO) –John Keells Holdings has sold its restaurant business in Sri Lanka to a regional franchise holder for an undisclosed sum, the company said Friday. JKH said Keells Restaurants (Private) Limited and Crescat Restaurants (Private) Limited which held the franchises for Pizza Hut and Delifrance in Sri Lanka were sold to Gamma […]

March 23, 2007 (LBO) – Singer Sri Lanka’s finance company arm has seen rapid growth in 2006 with the firm moving heavily into vehicle financing Fitch Ratings said, confirming its BBB (lka) rating with a stable outlook. “Singer Finance (SF) grew its loan book rapidly from 96.3 million rupees in 2005 to 454 million rupees […]

March 22, 2007 (LBO) – State-owned National Savings Bank has seen a fall in profits in 2006 and slow deposit growth, through revenues climbed with rising interest rates, its latest results showed. At group level the bank had net assets of 13.1 billion (up 3.8 percent) and 12.9 billion as a stand alone entity, made […]

March 21 (LBO) – Kandy based Sinhaputhra Finance Limited (SFL) has earned a BB (lka) rating with a stable outlook, Fitch Ratings Lanka said Wednesday. The present Joint Managing Director Ravana Wijeyeratne owns 52 percent of the company’s equity with the remainder being held by its employees. “SFL’s rating reflects its modest profitability, relatively better […]