Category: Banking and Finance

DFCC Bank said Wednesday its net profits grew by 14 percent to Rs. 305 mn during the first quarter of this year.The bank said benefited from low cost deposits and cheaper long-term credit lines, which in turn helped narrow the gap with lower lending rates.rn rnIncome during the period rose marginally to Rs. 975 mn, […]

Standard Chartered Bank said Wednesday that credit demand had picked up marginally, despite an upturn in economic growth this year.The bank said total loans and advances had grown by 20 percent during the first six months of this year.rn rnGrowth largely came from big-ticket deals like a US$ 70 mn loan for Mobitel and working […]

The Sri Lanka Export Credit Insurance Corporations is looking to raise its liability exposure to Rs. 40 bn with the expansion of its product portfolio.Current liability exposure has reached Rs.13 bn, up from around Rs. 4 billion in April this year. rn rnTo support its portfolio expansion, SLECIC Chairman Hemaka de Alwis says a plan […]

The Treasury is to sell off a 47 percent stake it holds in each of the six rural development banks and offer it up to private management.Under the new structure, the Central Bank, which controls around 67 percent of the rural development banks (RDBs), will continue to hold 20 percent. The Central Bank had earlier […]

The government has announced a massive voluntary retirement package to its employees in more than 50 institutions already identified for closure, merger or restructuring.The institutions themselves will have to find the required funding to pay off those that are willing to take up early retirement.rn rnA Treasury circular says that identified government institutions can offer […]

Depositors have asked for the updated financial status of Pramuka Bank to make a detailed restructuring proposal to Central Bank.ldblquote We need to clean up the balance sheet and find the exact situation to deal with it, dblquote says K C Vignarajah who was brought in by the depositors as an independent figurehead to represent […]

Commercial Bank will seek regulatory approval to acquire Credit Agricole Indosuezs (CIA) Bangladesh operations. The acquisition will give Commercial Bank its first overseas outpost and falls in line with plans to expand operations into the South Asian region.rn rnldblquote The Commercial Banks intended acquisition of CAI Bangladesh is part of the banks stated goal of […]

The Central Bank on Monday named financial institutions that are not registered with the bank, but continue to raise funds from the public.The 31 companies named, raise funds not by deposits, but by other means like debentures, commercial paper and promissory notes.rn rnThe notice comes after the Central Bank named 27 companies in January for […]

Central Bank sold Rs. 1 billion of its Treasury Bill in the secondary market on Wednesday to mop up excess liquidity in the banking system.The Central Bank says around Rs.11 billion is in excess of which players say about Rs. 5 billion is permanently in excess.rn rnOf late money market players have parked about the […]

The first in a line up of state sector accounting reviews kicked off Tuesday, with the National Review Committee studying the Ports Authoritys books. Accounts for 2002 from 12 more firms have been lined up for review by mid September including the books of state sector financial institutions.rn rnIn the running for scrutiny is the […]

Hatton National Bank has (HNB) offered a voluntary retirement package to its top management as part of the banks restructuring, that has been going on over the last two years but says the move will not weaken the quality of management. The countries largest private bank says ldblquote the strategic redirection and the regionalisation dblquote […]

Central Bank tightened the regulatory grip with the introduction of minimum levels of capital.Finance companies under a Central Bank directive will have to maintain capital adequate to cover 10 percent of their risk weighted assets.rn rnThe ruling, which takes effect from this month, will have to be complied by all finance companies. The standards are […]