Category: Banking and Finance

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 […]

Distilleries recent inter-company share transfers are to retire its over Rs. 3 billion debt acquired when buying Sri Lanka Insurance Corp., say stock analysts. For a second day running, Distilleries sold it holdings in Aitken Spence to Sri Lanka Insurance Corp., at a premium of Rs. 15 above the market. rn rnSo far brokers confirm […]

Commercial Bank of Ceylon is in talks with its Unions to ask them to contribute part of their earnings towards a bank pension schemeInitial discussions made some headway, with Unions agreeing not to include employees who join after January 1, 2004, from contributing to the Fund.rn rnThe Pension Fund is presently, non-contributory to employees, while […]

The Seylan Merchant Bank (SMB) Groups earnings rose 344 percent to Rs. 50.29 mn over revenues of Rs. 565 mn for the fiscal year ending Dec.31, 2003.In unaudited results released recently, SMB Groups Net Income rose by 22 percent to Rs 668 million from Rs 546 million in the corresponding period in 2002.rn rnMeanwhile, the […]

Peoples Bank provided a massive Rs. 1.7 bn for its property portfolio to comply in advance with a new Central Bank ruling.Provisions for bad debts by banks are made after deducting the value of the collateral for the loan.rn rnUnder the new mandatory haircuts announced by the regulator, banks will only be allowed to setoff […]

Institute of Charted Accountants is working on two new accounting standards to improve disclosure and measurement of complex financial instruments, at the heart of spectacular bankruptcies in the US.Accountants say these two standards modeled on IAS 32 and 39 will make reporting on derivatives more transparent.rn rnThe complex nature of derivative and other financial instrument […]

State-run Bank of Ceylon ended 2003 on a high note of Rs. 1.642 bn in net profits, even as revenues fell 7.5 percent to Rs. 22.034 bn.rnrnrnrn rn Highlights of financial statements as at endrnDec. 31, 2003rn rn rn rn rn Bank rn Group rn rn rn rn rn Dec. 03 Rs. mn rn Dec. […]

Eagle Insurance Co.s Risk Management Division has secured international recognition for processes developed to execute products and services.Risk management is a Specialised Management technique that identifies an firms exposure to risk, give solutions for controlling it or put in place a mechanism to pay for losses should the risk escalate to a catastrophic incident.rn rnAn […]