Category: Banking and Finance

A growth in fee-based income and faster recoveries helped the Bank of Ceylon double its bottomline for the quarter ending March 31, 2004.The state-run banks net profits jumped 109.6 percent to Rs. 371 mn, over Rs. 177 mn reported during the corresponding period 2003.rn rnBut the banks revenue was flat during the year at Rs. […]

Seylan Bank has secured an A-(sri) national rating for its long-term senior debt from Fitch Ratings Lanka.At the sametime, Fitch has also given Seylans outstanding subordinate debentures a BBB+ (sri) rating.rn rnIn term of priority, deposit holders and senior debt obligations are ranked higher than subordinated debentures. Though debenture holders rank above preference and ordinary […]

The External Resources Dept., is negotiating with Japanese funding agencies for a fresh US$ 85 mn credit line for the small and medium scale industry. If approved the Japan Bank of International Cooperation (JBIC) will replace the US$ 65 ADB credit line now fully utilized by the Sahanya low interest-lending scheme. rn rnThe ADB facility […]

Sri Lanka has been selected to the 34 member Inter-governmental Group of Experts on International Standards of Accounting & Reporting (ISAR) at a recent UN session.ISAR was created by the Economic & Social Council of the United Nations in 1982, and is serviced by UNCTAD.rn rnIt is the only inter-governmental working group devoted to accounting […]

Central Bank on Wednesday issued a fresh warning against unauthorised deposit taking, as the public continued to chase after higher return for their savings. The top financial sector governing body says some firms are operating regardless of the Banks instructions to stop the illegal practice and continued to offer high interest rates to attract unassuming […]

Venture capitalist, Aureos Lanka Advisers, has launched a US$ 10 mn fund to invest in ongoing projects in Sri Lanka and Bangladesh.Formerly known as Ajoyana Fund Management, Aureos plans to invest between US$ 500,000 to US$ 3 mn in a wide array of business activities, the firm said in a statement Tuesday.rn rnThe Fund is […]

The CIMA Division Sri Lanka will host its annual conference next week, showcasing success stories of companies that have leveraged best practices to make a dent in the global marketplace. With global best practices a must-have, the conference follows on from last years theme of lquote Repositioning Sri Lanka Globally, with best practices among the […]

Commercial Bank of Ceylon saw its earnings take a dip during the first quarter of 2004, largely due to losses from its primary dealer subsidiary and higher taxes.Group profits were down 6.9 percent to Rs. 319 mn for the three month period to March 31, from Rs. 343 mn reported during the same period 2003.rn […]

The Insurance Board of Sri Lanka (IBSL) is studying the Sri Lankan industry and international practices to modernize and reform the insurance regulatory framework in the country.IBSL is trying to bring modern regulatory practices to an industry that has seen little regulatory supervision during the last half century.rnWhen the IBSL took over, there were concerns […]

In its strategy to concentrate its resources to grow its core competencies, the John Keells Group is outsourcing its entire insurance portfolio to Delmege Insurance Brokers.The Delmege-AON partnership that won the contract, will be called on to provide, in addition to regular insurance, specialized services including risk management, loss control and business consultancy.rn rnThe Keells […]

Putting its money where the community level work is, the World Bank today doled out Rs. 4 mn to enhance the work of eight non-governmental organisations (NGOs). The small grants programme deviates from the usual funding style of the World Bank, usually associated with mid sized to massive community projects rolled out by State representative […]

Sri Lanka was rated 3.5 on ten by top rating agency Dun & Bradstreet for willingness of its companies to disclose information. Amidst state politics and a tradition of privately held family businesses, South Asia is easily one of the most difficult regions in the world to collect information. rn rnSri Lanka is no exception, […]