Category: Banking and Finance

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 […]

Feb 07 (LBO) – The State Mortgage and Investment Bank (SMIB) plans to change their governing act to get more freedom to lend and change its name as part of a complete make-over, a top official said. SMIB Chairman Chandima Weerakkody said proposed amendments have been submitted to the subject minister Wijedasa Rajapakse, who is […]

Feb 04 (LVP) – Five moneychangers have lost their license after they failed to comply with new capital requirements set by the regulator. Moneychangers operate as a supplement to commercial banks, and can buy foreign exchange from the public in return for domestic currency. Most operate in Colombo’s Fort area. Sri Lanka’s Central Bank, which […]

Feb.03 (LBO) — Sri Lanka Friday announced plans to issue US0 million-worth of sovereign bonds with the first US million tranche going on sale next Monday, officials said.Treasury Secretary P B Jayasundera said the securities dubbed, “Sri Lanka Nation Building Bonds,” give expatriate countrymen a chance to take part in the island’s development activities. “We […]

Feb. 3 (LBO) – Sri Lanka will shortly start selling a billion dollars in government bonds with the help of Citibank, Treasury Secretary P B Jayasundara said Friday.“Citibank has been appointed and we will finalise the process within the next two weeks,” Jayasundara told reporters. Jayasundara said the structure of the billion-dollar issue is being […]

Feb 03 (LBO) – Sri Lanka’s DFCC Bank is in line to pick up over €70million worth of concessionary funding lines this year, as it looks for ways to expand its loan book, a top official said Thursday. Germany’s flagship public development bank Kreditanstalt für Wideraufbau (KfW), is leading the way, with a €5.45 million […]

Feb. 02 (LBO) – Citibank is likely to get the mandate to raise a billion dollars for the Sri Lanka government through sovereign bonds this year, Lanka Business Online learns.The seven year bonds, would carry a six-month floating rate, based on the London Inter Bank Offered Rate (LIBOR). Last December, Citibank raised US$ 100 million […]

Feb.01 (LBO) – Fitch Ratings assigned a ‘BB+ (sri)’ national rating to the Implied Long-term Unsecured Senior Debt of Union Bank of Colombo on Wednesday. The rating points to possible credit risks developing, particularly as a result of adverse economic change over time. Fitch however, said business or financial alternatives may be available to meet […]