Category: Banking and Finance

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 […]

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 […]