Category: Banking and Finance

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 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 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 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 […]

May 14, 2007 (LBO) – PABC Bank net profit for the first quarter of 2007 shot up 91% to 45.4 million rupees from 23.7 million rupees in the same period the year before.Interest income in the January 1, 2007 to March 31, 2007 quarter rose to 387 million rupees from 271 million rupees last year, […]

May 13, 2007 (LBO) – State-owned Bank of Ceylon is on a path to increase private sector lending and strengthen its capital to keep pace with a growing loan book, officials said. . The Bank of Ceylon, Sri Lanka’s largest bank has been a principal financier of the government but in the last quarter private […]

May 11, 2007 (LBO) – Union Assurance has reported after-tax profit for the quarter ending March 2007 fell to 21 million rupees from 33 million in the same 2006 period. Life insurance premiums increased by 25% to 468 million rupees in March 2007 from 375 million rupees in March 2006. The company, in which the […]

A part of Sri Lanka’s Hatton National Bank automated teller machine system has encountered a technical problem and is being repaired at the moment, a bank official said.. Our whole network is not down but only 64 machines are down due to a communications problem, he said. The HNB banking network at present has 143 […]

May 09, 2007 (LBO) – The quality of corporate financial analysis in Sri Lanka is poor and the financial media is believed to be corrupt, a top business executive said Tuesday. Jayaratne said that it was a change in values and attitudes that was required, more than mere compliance with rules. Chandra Jayaratne, a former […]

May 7, 2007 (LBO) – A local bank and an international micro-finance specialist have tied up with the world’s largest bank to widen banking access to local micro enterprises, officials said Monday. Citigroup Foundation with the Foundation for Development Co-operation (FDC) and Banking with a Poor Network (BWTP) is helping micro-finance organizations build links with […]

May 08, 2007 (LBO) — Sri Lanka has appointed a special presidential commission to probe finance companies that went bust in the past, after the country’s top whistle-blower found fault with monetary authorities for not recovering large amounts due to the state. Sri Lankan President Mahinda Rajapakse has picked justice Priyantha Perera to head the […]