Category: Banking and Finance

Central Bank Governor A S Jayawardene says it is a prudential requirement, which increases transparency and accountability.rn rnSo far a handful of local banks have gone public with their credit ratings from Fitch Ratings Lanka Ltd.rn rnOf the few, Citibank NAs local arm and National Savings Bank sports a SL AAA rating from Fitch. Citibank […]

The Asian Development Bank has come forward with a US$ 20 mn loan to uplift the living standards of people in the Eastern Province.The loan, for the North East Coastal Community Development Project, will help conflict-affected coastal communities in the three eastern districts – Trincomalee, Batticaloa, and Ampara – improve livelihoods on a sustainable basis […]

The Association of Chartered Certified Accountants of the UK introduced their environment and social sustainability reporting awards to the country recently.ACCA says both listed and unlisted companies can submit their annual reports for the first awards starting next year.rn rnThe awards system comes on the back of growing pressure from stakeholders for greater disclosure in […]

A four-member team from Sri Lanka Insurance Corp.s technical partner ING, started work this week to give the former state insurance giant a facelift.The team will initially give tech support for re-insurance, product development, actuarial services and IT, SLIC Director Damien Fernando told Lanka Business Online.rn rnldblquote They started work on Monday and will be […]

The Seylan Merchant Bank (SMB) Group has reported a three fold growth in pre-tax profits for the third quarter ending Sept. 2003.Consolidated pre-tax profit at Rs 33 million, was up 363 per cent for the period ended September 30, 2003, from Rs 7 million in the corresponding period last year.rn rnThe Groups Net Income also […]

Ceylinco Life, has achieved record-breaking results in the first nine months of 2003, with a healthy 32 percent growth in premium income.The firm said this week, that premium income had reached Rs.2.24 bn as at September 30, 2003, reflecting a substantial 32 percent growth over the corresponding period last year.rn rnThis was made possible by […]

The Mahapola Trust Fund is matching numbers with US lottery solutions provider, GTECH to spin off its own sweepstakes operation next year.Betting Rs. 400 mn on the operation, the Fund will get full ownership and a minimum Rs.500 mn retutn on investments, its Director General, Shamila Perera told Lanka Business Online. rnrnFor its part, GETCH […]

Attempts through the budget to force leasing companies to pay tax could make leasing unattractive and uncompetitive according to the industry.Government in its budget 2004 announced that leased assets would be taxed at their market value when being transferred to the lessee or the party obtaining the lease.rn rnLeasing industry says taxing transfers will result […]

The UNF administration looks set go ahead with the tax on share trading profits, with the same determination, it is implementing unpopular reforms against less privileged classes in the country.Pampered equity investors who have been protected from taxation for more than two decades howled in protest at the 15 percent tax proposed by Finance K […]

Eagle Insurance says its net profits have soared 55 percent for the first nine months of this year, despite stiff competition in the local arena.Group net profits for the period under review touched Rs. 145 mn, as against Rs. 94 mn reported during the same period 2002.rn rnThe bulls come back to the bourse, prudent […]

All pensioners are in for a New Year bonus, with a ten percent hike in pensions from January 1 2004, the Government announced in its budget on Wednesday.rn ldblquote This is the largest increase granted to pensioners during the past ten years. This increase will cost the Government Rs.2.5 bn dblquote , Finance Minister Choksy […]

Central Bank cut its 2004 GDP growth forecast to six percent from an earlier 6.5 per cent after factoring in current uncertainties in the peace process and the political front.Projections for 2004 however, still remain above the 2003 economic growth target of 5.5 per cent.rn rnThe Central Bank said if the political spat found a […]