Category: Banking and Finance

February 27 (LBO) – Seylan Bank’s group net profits rose 9.25 percent to 849.2 million rupees in 2006, as revenues climbed by 32.3 percent, its annual accounts released Tuesday showed. Group revenue climbed to 15.39 billion rupees while the bank on its own earned revenues of 14.1 billion rupees. High income tax payments and flat […]

February 23, 2007 (LBO) – Sri Lanka Friday announced plans to raise 100 million dollars by selling development bonds to foreign investors, while a drive to sell rupee bonds to overseas buyers has netted in 31.75 million dollars to date, the public debt office said.Bulk of the funds will be used to bridge the country’s […]

February 22 (LBO) – A tax-efficient closed-end fixed income mutual fund launched by National Asset Management (NAMAL) is already attracting commitments from the corporate sector, officials said. But monetary policy has been tightened since December, sending market interest rates shooting up. The NAMAL Flexi Income Fund will invest mostly in better yielding corporate bonds and […]

February, 21 (LBO) – HDFC Bank, Sri Lanka’s largest mortgage lender, is to raise one billion rupees in 10-year funds through a mortgage securitization issue to fund their growing housing loan book, an official said.At the end of September 2006, the bank had 8.5 billion rupees of performing advances and assets of 10.2 billion rupees. […]

February 20 (LBO) – Sri Lanka’s Central Bank on Tuesday revised the requirements on single borrower limits to promote better risk management of banks. The new regulations allow individuals or single entities the ability to borrow up to 30 percent of the capital base of the bank. The single borrower limit goes up to 33 […]

February 20 (LBO) – One of Sri Lanka’s youngest listed insurance firms, HNB Assurance closed up 8 percent Tuesday after declaring a one-for-two bonus issue following a 51 percent surge in profits for 2006. HNB Assurance closed up 2.50 rupees at 33.50 after peaking at 37 after the bonus announcement. A subsidiary of Hatton National […]

February, 19 (LBO) – Hatton National Bank group profits rose 26 percent in 2006, with revenue growing by 27.5 percent and assets reaching 206 billion rupees, the bank said Monday. The latest results had pushed earnings per share to 19.01. Group net profit after tax and minority interest grew to 2.2 billion rupees from 1.7 […]

February 19 (LBO) – Ceylinco Insurance Company said Monday its premium income had grown 19.5 percent to 15.3 billion rupees in 2006. It was promoted by the Ceylinco Group, whose Ceylon Insurance Co. Ltd was the first Sri Lankan company to be registered under the Companies Ordinance of 1938. General Insurance premiums had grown 19 […]

February, 18 (LBO) – Sri Lankan borrowers would be allowed to ask for their own credit reports and request changes if they are not correct, from the country’s central credit information centre, an official said. Before the changes even loans that are repaid in full, were a permanently of a borrwer’s credit report. Sri Lanka […]

February 15 (LBO) – Sri Lanka financial authorities are clamping down on cheque returns with the help of a newly commissioned digital clearing system, officials said. “We have already cut down the proportion of cheques to less than half of what it was,” says Anura de Silva who heads, LankaClear, Sri Lanka’s central cheque clearing […]

February 15 (LBO) – Life Insurance Corporation Lanka is breaking into the untapped pension market in the country offering a long-term product that pays an annuity.“There is a large ageing population in the country,” LIC Lanka General Manager S S Mathiapanan said. “The joint family system in our culture is breaking down, children are in […]

Feb 14, 2007 (LBO) – Sri Lanka has stepped into the murky world of futures and options by hedging part of its future oil payments for March, Ceylon Petroleum Corporation Chairman said Wednesday.The national oil company signed off an option collar for 150,000 barrels of oil at a strike price of 70 dollars with Standard […]