Category: Banking and Finance

Fitch Ratings Lanka on Tuesday re-affirmed the SL AAA (Triple A) national rating assigned for National Savings Banks implied long-term unsecured senior debt.rnrn SLrnAAA long-term rating denotes a very low expectation of credit risk. The ratingrnindicates a very strong capacity for timely payment of financial commitments.rnThis capacity is not significantly vulnerable to foreseeable events.rn NSBsrnrating […]

Sri Lankas top banks emerged stronger in a year of exceptional performance in 2003.Helped by what the Central Bank calls a lquote heroic attempt at fiscal discipline by the Treasury, SrirnLankas banks have rebounded strongly from the economic crises that hit the country in the laternnineties.rn rnPredictably Commercial Bank led the pack on several key […]

Hatton National Bank is coming out with an Employee Share Ownership Plan to reward staff and give them a sense of partnership.HNBs Chairman/CEO Rienzie T Wijetilleke says around five percent of its issued share capital will be allocated for the ESOP scheme.rn rnThe banks Rs. 715 mn issued share capital comprises of Rs. 550 mn […]

Travel exchange specialist Travelex will scale up operation in Sri Lanka to tap into the potential of the peace fueled growth in tourism.Sri Lanka is part of the firms strategy along with entering the Indian market in Nov.2003, to tap into the US$ 1.5bn travel market in South Asia.rn rnTravelex, a company that caters to […]

Standard Chartered will leverage Commercial Banks nationwide branch network to sustain growth in its credit card business. rnrnThe deal will allow Standard Chartered credit card holders to pay into over 117 Commercial Bank branches along with nine of its own branches. rn rnCredit Card holders with Commercial Bank accounts can also use the Comserv internet […]

The Institute of Chartered Accountants of Sri Lanka (ICASL) – the countrys auditing standard setting body – is trying to lift the countrys accounting standards a notch higher by embedding Social Responsibility Reporting (SRR) into annual financial reporting.As it is Sri Lanka has one of the strongest legal infrastructure in place when it comes to […]

Sri Lanka Export Credit Insurance Corporation (SLECIC) is in talks with a Russian bank, to promote financing of Russian importers of local goods. The company has identified importers of goods from Sri Lanka as an opportunity segment and has started off in that direction with a Russian bank to finance importers of Sri Lankan products […]

Hatton National Bank has appointed Rienzie Wijetilleke as new Chairman of the Bank. Wijetilleke will continue as Managing Director.The post fell vacant after former Chairman Chrisantha Cooray passed away recently.rnrn

Sri Lanka has made it to the list of developing countries selected for concessional funds under the US governments Millennium Challenge Corporation (MCC).The US government on Thursday named 50 countries that made it for the first round of assistance due in May.rn rnAt present, the list of countries are up for public comment endash as […]

Union Assurance Ltd said Thursday its net profits have nearly doubled on renewed business sentiment in the overall insurance market.Its consolidate net profits was up Rs. 132.4 mn over Rs. 38.6 mn during the corresponding year 2002.rn rnProfits from Non-Life business was up to Rs. 99.4 mn, while the surplus from the Life business was […]

Sampath Bank chief has rapped authorities for continuing to look at financial instruments as a convenient source of raising revenue.The banking sector currently forks out 15 percent of their earnings as Value Added Tax.rn rnThe charge was brought in last year, fixed at 10 percent computed on total gross emoluments paid to employees and the […]

Recoveries and defaulters turning a new leaf in good economic conditions drove Bank of Ceylons profits up in 2003, though a gap in its pension fund is dragging profits down.As recoveries gathered pace, its Non-Performing Asset (NPA) ratio fell to 13 percent in 2003 from 15 percent, while outstanding gross NPAs fell to Rs.17.1 bn […]