Category: Banking and Finance

DFCC Bank on Tuesday reported a 36 percent growth in its group net profits to Rs. 826 mn from Rs. 605 mn for the nine months ending Dec.31, 2002.Revenues during the period slipped 2.5 percent to Rs. 3,030 mn from Rs. 3,107 mn reported in 2001. rn rnThe development financial institutions bottomline was benefited largely […]

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will kick off on endash site investigations of Pramuka Savings & Development Banks accounts later this week, Lanka Business Online learns.Though both Central Bank and SLAASMB have regulatory oversight over accounts of commercial banks, there is no formal mechanism for sharing information or conducting joint […]

A top sub-continental bank is counting on increased trade in the region to drive its operations. Indian Bank says the current Free Trade Agreement between India and Sri Lanka could give a boost to the demand for trade related services.rn rnldblquote We would like to educate our clients on Sri Lanka- that things are improving […]

The government is trying to bring in new laws to empower a new company that will take over dud loans of the State banks.The Memorandum of Articles has already been drafted for the setting up of a limited liability company to manage bad loans.rn rnThe asset management company is awaiting government approval before it is […]

Standard Chartered Bank Thursday launched a new relationship-banking product to serve its mid-level customers.The bank said its lquote SelectBanking product will take relationship banking and personalised services to new levels.rn rnUnder SelectBanking, customers get a dedicated relationship manager and a special counter to fast track banking services.rn rnSpecially branded cheque books and ATM cards ensure […]

Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Deputy Finance Minister Bandula Gunewardene said.rn rnldblquote They will not be questioned about the source of funds or face prosecution for not declaring the assets earlier, dblquote Minister Gunewardene told members of the […]

Business Development Services or BDS are support services offered for SMEs, providing start-up, non-financial assistance. rn rnOver the last 25 years the BDS market expanded rapidly reaching double-digit growth in the 90s, driven largely by the commercial sector.rn rnldblquote The 80s was the decade of the government sector providers, in the 90s it was the […]

Government savings giant NSB is in the final stages of getting a credit rating from Fitch Ratings Lanka.National Savings bank with public deposits of over Rs.130 bn is expected to publicly announce the senior debt rating once it is assigned.rn rnThe Banks General Manager Eastman Narangoda told LBR that the rating audit has already been […]

The Seylan Merchant Bank (SMB) Group has posted a 122 percent growth in profits after reporting a loss in 2001.The Groups pre-tax profits rose to Rs.11.3 mn for the period ending Dec.31, 2002 from a Rs. 51.7 mn loss in 2001. rn rnThe Banks pre-tax profit grew 104 percent to Rs. 2.2 mn from a […]

Life Insurance Corp. of India has secured regulatory approval to start a life insurance unit in Sri Lanka.Teaming up with the Bartleets Group, LIC has invested Rs.100 mn to purely cater to the local life insurance business.rn rnLIC controls 75 percent of The Life Insurance Co (Lanka) Ltd with Bartleets owning the balance.rn rnCEO R […]

Just before the national lottery is slated to move into private hands the lotteries board is unveiling a new code of behaviour. Officials say the board is going to launch a media campaign warning people against dicing with their last penny.rn rnThe National lotteries board will also stop its agents from selling lotteries to minors.rn […]

The Central Bank on Thursday responded to the public debate on Pramuka Savings & Development Banks crisis, by saying it will reveal all as the weeks go on.In a lengthy six-page statement, the monetary authorities gave a brief description of its actions since Pramukas licence was cancelled in December 18, 2002.rn rnDespite several warning letters, […]