Category: Banking and Finance

Feb 23 (LBO) – The Commercial High Court on Thursday rapped NDB Bank’s top brass over allegations of mismanagement, asking for cause as to why they should not be removed. -LBO Newsdesk: LBOEmail@ The court order asks the Chairman and Board of Directors of National Development Bank (NDB) to show cause as to why they […]

Jan 23 (LBO) – The Asian Development Bank will help take insurance products to poor households in Sri Lanka, through a US$ 600,000 technical assistance grant, the Bank said on Thursday. There are currently no formal insurance schemes serving poor households. They often resort to informal borrowings, savings or sale of assets to cushion against […]

The Sri Lankan government is planning a Rs. 2.2 billion capital injection into the failed Pramuka Bank, in hopes of reviving it as a state-owned bank. Money for the capital injection will come through a long-term government bond issue. Banking Development Minister Wijedasa Rajapakse said the Cabinet of Ministers had approved a draft bill to […]

Feb. 17 (LBO) – Sri Lanka’s Seylan Bank Friday announced plans to boost capital by a billion rupees through a rights issue. The bank plans to issue 83.5 million in non-voting shares each at Rs. 12.50 to both voting and non-voting shareholders, Company Secretary M R S Gunasekara said in a statement to the stock […]

Feb. 16 (LBO) – Sri Lanka’s Ceylinco Insurance Co. Ltd. said Thursday that they retained their market leadership in the insurance sector last year, with consolidated premium income of Rs 12.8 billion and a 32 percent market share in both Life and General insurance segments. Ceylinco Life saw premium income rise 21 percent to Rs. […]

Feb. 16 (LBO) – State owned People’s Bank is hoping for a credit upgrade in the near future, a top official said. General Manager Asoka de Silva says a recent capital injection has strengthened its balance sheet, and profitability remains on track. “We are hoping that our rating would go up by at least one […]

Feb. 15 (LBO) – Deutsche Bank’s Colombo branch has retained the top spot for custodian services among four key foreign banks operating in Sri Lanka, according to a global custodian review of emerging markets -LBO Newsdesk: LBOEmail@ The seventeenth global custodian survey, which covered 61 emerging markets, ranks agent banks based on client responses. Respondents […]

Jan 15 (LBO) – Eagle Insurance notched up a 103 percent growth in net profits to Rs. 515 million for 2005, buoyed by rapid growth in its life and non-life businesses. Consolidated revenue growth for the insurance firm was up 15 percent from Rs. 3,728 million in 2004 to Rs. 4,277 million last year, the […]

Feb 13 (LBO) – Sri Lanka’s NDB Bank Monday said group net profit for the fourth quarter ended Dec. 31, 2005 was Rs. 462.8 million over Rs. 30.7 million the previous year. NDB Bank   4Q – ’05   4Q – ’04 Income 

Feb 10 (LBO) – The Social Services Ministry is targeting self-employed and others currently not covered by pensions, to subscribe to a little known state-run pension scheme, a top official said. Run by the Social Security Board, the pension scheme was set up as an Act of Parliament in 1996. The scheme has around 126,000 […]

Feb 08 (LBO) – The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the Ministry V. Jegarasasingham said that poverty, the war and domestic abuse among other reasons has led over 1523 Sri Lankan men, women and children to take shelter on Colombo’s streets. Not […]

Feb 08 (LBO) – The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the Ministry V. Jegarasasingham said that poverty, the war and domestic abuse among other reasons has led over 1523 Sri Lankan men, women and children to take shelter on Colombo’s streets. Not […]