Category: Banking and Finance

March, 21 (LBO) – Lanka Orix Leasing Company (LOLC) has seen high loan growth with new funding but margins are slimming due to competition, Fitch Ratings said Wednesday confirming the firm’s A (lka) rating with a stable outlook. The company has a market share of approximately 8 percent of leasing sector assets, including those of […]

March 20, 2007 (LBO) – Chennai based Indian Bank is looking to expand operations in Sri Lanka after boosting its capital at its branch this year, officials said. The bank had accumulated losses from bad loans after financing films in real estate. “This year we will bring our capital up to the required 25 million […]

March 19, (LBO) – A lease-backed securities issue of Senkadagala Finance had its A (lka) national rating affirmed Monday, but Fitch Ratings said minimum credit enhancement levels have been breached at several points. Monthly prepayments have hovered between 0 and 3.6 percent of the outstanding pool principal, while a 15.9 percent of the initial pool […]

March 18, 2007 (LBO) – From fashion accessory to personal organizer to entertainment provider, mobile phones have become every persons must-have, turning mobile dependant Sri Lankans into a big business for insurers. Mobile phones have the looks for those who want it or increasingly better technology at cheaper prices to suit the most selective customer. […]

March 14 (LBO) – After several false starts, the failed Pramuka Bank would start operations 0n June 01 as the Sri Lanka Savings Bank, the finance ministry said Wednesday. The Pramuka Bank licensed as a specialized bank was closed by the Central Bank in October 2002, with an estimated 80 percent bad loans. Of the […]

March 13 (LBO) – Visa International will give Sri Lanka’s 1.5 million plastic card market a boost, by issuing mini debit cards with Sampath Bank, officials said. Sampath says the card will be issued to all new customers who open accounts with the Bank and will be available to existing account holders. They could also […]

March 12, 2007 (LBO) – Union Assurance net profits fell 41 percent in 2006, with high claims bill taking its toll, but gross premiums grew by 28 percent, the company’s annual accounts showed. The firm’s net profit after tax fell to 155 million rupees from 262 million of 2005. The surplus from life insurance activities […]

March 09, 2007 (LBO) – Lanka Orix Finance Company (LOFIN), a subsidiary of Lanka Orix Leasing has shown a 105 percent growth in loans in 2006 Fitch Ratings said, giving the firm a BBB+ (lka) rating. “The principal factor supporting the rating of LOFIN is the strong implied support assumed to be available from its […]

March, 06 (LBO) – People’s Bank, a state bank has reported consolidated after tax profits of 3,997 billion rupees for, up 28 percent over the previous year, while the bank’s stand alone profits grew 20 percent to 3,350 million rupees, in its 2006 provisional results. The bank’s revenues grew 28.5 percent to 34.95 billion while […]

March 06, 2007 (LBO) – The merchant bank Vanik Incorporation said it had given 51 percent control of its money broking unit to employees, in a bid to retain skilled staff. Vanik had originally told creditors who had an arrangement with the firm, that it would sell 40 percent of Vanik Money Brokers Ltd (VMBL) […]

March 06 (LBO) –International Finance Corporation (IFC) is looking for opportunities to help top Sri Lankan firms venture abroad, and is aiming to more than double its portfolio over two years, officials said. On Tuesday IFC had signed up with Nations Trust Bank to provide trade finance guarantees, following a similar agreement with National Development […]

March 05 (LBO) – DFCC Bank and Hatton National Bank would set up a joint venture investment bank to takeover and run their corporate finance and capital market businesses, the two banks said Monday. “It is envisaged that the new will also be the group holding company for the other related entities of the two […]