Category: Banking and Finance

However, the bank quote s net profits picked up 34 percent to Rs. 174.67 mn in 2002, as against Rs. 129.98 mn in the corresponding period, HNB said Wednesday. rnrnSri Lanka quote s largest private bank saw its group revenues fall 7 percent to Rs. 5.66 bn from Rs. 5.94 bn during the period under […]

The Ceylinco group plans to channel an Indian line of credit to the rural sector.

The beleaguered industry is going through a rough patch with illiquid capital markets and volatile interest rates, leaving it with less room to manoeuvre funds. rnrnldblquote Our marketing campaigns are not strong enough, neither to we have the capacity to deploy qualified personnel outside Colombo. So this may be a route which we should look […]

ldblquote We feel excessive restrictions on the investment mix is seriously weakening unit fund quote s performance, dblquote President of the Unit Trust Association, S Jeyavarman told Lanka Business Online. rnrnHowever, the industry is not advocating any amendments to the limit on maximum investment in an individual company. rnrnPresently fund management companies have to put […]

The overall increase hovers around 30 percent, some motorists face higher premiums of up to 75 percent, while third party cover has doubled by 100 percent. rnrnFollowing intense discussion between the Insurance Board of Sri Lanka (IBSL) and the industry, the watchdog agreed to deregulate motor tariffs from January 1. rnrnBut tariffs were not revised, […]

Housing Development Finance Corporation (HDFC) says it will raise more funds from mortgage-backed securities following the runaway success of the first two tranches. rn rnLast week it raised Rs. 250 mn from DFCC, Commercial Bank and Union Assurance.Earlier this year it raised Rs.500 mn from National Savings Bank. rnrnPlacing agent Capital Alliance says the latest […]

Its credit card infrastructure is capable of handling 300,000 cardholders. rnrnOfficials say banks that wish to offer cards to customers can issue cards under their own brand, using HSBC facilities. rnrnldblquote Since we have the infrastructure which can handle a volume three times of the volume we have now we are now looking at anyone […]

State-run housing giant, the Housing Development Finance Corp.(HDFC) is hunting for more cash to meet is Rs.2.0 bn loan disbursement requirement.rn rnChief Executive, C A Sarathchandra says the current economic revival has created a big appetite for low and middle-income houses. rnrnWith the corporation quote s loan disbursements, presently averaging around 1,000 per month, HDFC […]

Treasury officials say that given the exemptions in the revised bill, initial estimates for the first year will have to be marked down. rnrnA slight drop to Rs. 2 bn is expected, Inland Revenue officials said, but any significant effect of the exemptions is likely to be seen once payment flows start at the end […]

Deputy CEO Sarath Piyaratna says the bank is keen to develop their future customer base and this new initiative would be the first step.rn rnThe bank in recent years introduced a number of target market specific banking services to cater to the spectrum of ages. rn rnServices including the E-Saver endash targeting young adults and […]

The Commercial Bank of Ceylon has improved its Internet Banking facility with several enhanced features.

State Insurance giant Sri Lanka Insurance corporation reported a billion rupee profit from on the back of a booming stock market.rn rnThe company suffered a marginal Rs. 2 mn on its core general insurance business. rnrnBut the profits came from a massive write back of provisions for stock market investments. rnrnHigh returns on government debt, […]