Category: Banking and Finance

State-run People’s Bank has met its performance targets for this year, but a promised capital injection is yet to materialise.State-run People’s Bank has met its performance targets for this year, but a promised capital injection is yet to materialise. The technically insolvent bank said Tuesday that its net profits were down 10.6 percent to Rs. […]

State-run National Savings Bank’s net profits slip 13 percent as rising interest rates and stiff competition from private banks puts pressure on its bottomline. State-run National Savings Bank’s net profits slip 13 percent as rising interest rates and stiff competition from private banks puts pressure on its bottomline. Selected Indicators:

Sri Lanka on Tuesday picked up a Rs.80 million (JP¥ 90 million) grant to draw up plans to renovate the Jaffna Teaching Hospital, the finance ministry said. Sri Lanka on Tuesday picked up a Rs. 80 million (JP¥ 90 million) grant to draw up plans to renovate the Jaffna Teaching Hospital, the finance ministry said. […]

Sri Lanka’s Central Bank has approved the merger between Nations Trust Bank and Mercantile Leasing Ltd, a key shareholder of both units said Sunday.Sri Lanka’s Central Bank has approved the merger between Nations Trust Bank and Mercantile Leasing Ltd, a key shareholder of both units said Sunday. Shareholders of both entities approved the transaction where, […]

Management accountant practices could be better used for strategic planning than already done in listed companies according to some academics who studied their use.Management accountant practices could be better used for strategic planning than already done in listed companies according to some academics who studied their use. They presented their findings to the CIMA Sri […]

The bulk of Sri Lanka’s management accountant fraternity is busy crunching numbers or working in unrelated fields rather than doing a job for which they qualified, a recent survey showed.The bulk of Sri Lanka’s management accountant fraternity is busy crunching numbers or working in unrelated fields rather than doing a job for which they qualified, […]

Sri Lanka’s treasury secretary on Thursday vowed to translate president Mahinda Rajapakse’s subsidy-laden manifesto into economic jargon, though analysts warn that it could undo fiscal discipline and scare off investors. Sri Lanka’s treasury secretary on Thursday vowed to translate president Mahinda Rajapakse’s subsidy-laden manifesto into economic jargon, though analysts warn that it could undo fiscal […]

Mercantile Leasing Limited’s shareholders will go into an emergency meeting next week to approve a deal to merge with group peer Nations Trust Bank.Mercantile Leasing Limited’s shareholders will go into an emergency meeting next week to approve a deal to merge with group peer Nations Trust Bank. The emergency meeting set for November 28, follows […]

The Ceylinco group’s Seylan Merchant Leasing Limited will list 10 million ordinary shares by way of an introduction.The Ceylinco group’s Seylan Merchant Leasing Limited will list 10 million ordinary shares by way of an introduction. The Colombo Stock Exchange on Tuesday said it approved the listing of the Rs.10.00 shares on the secondary board. “The […]

The number of men and women moving to richer countries in search of better paying jobs, will increase further over the next 20 years.The number of men and women moving to richer countries in search of better paying jobs, will increase further over the next 20 years. A World Bank report says aging labour markets […]

Treasury Secretary Dr P. B. Jayasundera says he has little faith in Central Bank numbers.Treasury Secretary Dr P. B. Jayasundera says he has little faith in Central Bank numbers. “I was at the Central Bank Public Finance Department and wrote these reports for 20 years.It is the same thing again and again. For us to […]

US based AIG Insurance shed its Rs.8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday.US based AIG Insurance shed its Rs. 8.7 billion life portfolio of its Sri Lankan unit to Sri Lanka Insurance, to focus on general business, officials said Friday. Hayleys […]