Category: Banking and Finance
Sampath Bank Introduces Helpline for Business Startup Advisory Services
Sampath Bank announced the launch of a helpline for Business Start-up Advisory Services under its flagship entrepreneurship development programme, ‘Sampath Saviya,’ recently. This new endeavour builds on the Bank’s longstanding efforts to support the nation’s entrepreneurs and nurture a culture of entrepreneurship around the island. Focusing on the critical incubation period during which early-stage businesses […]
NDB posts solid performance in H1 2021 amidst the pandemic
28 July 2021, Colombo, Sri Lanka Pre-tax profits crosses LKR 6 Bn (up by 21%), Post-tax profits of LKR 3.9 Bn (up by 32%) Robust growth in fund and fee income bases Cost to income ratio of 33%, continually in the low 30% range Balance Sheet growth – Total assets of LKR 664 Bn up […]
”s Bank at AA -(lka); Outlook Stable
Fitch Ratings has affirmed the National Long-Term Rating of People’s Bank (Sri Lanka) (PB) at ‘AA-(lka)’. The Outlook is Stable. KEY RATING DRIVERS PB’s National Long-Term Rating is driven by its intrinsic credit strength. It balances a superior franchise and funding profile against weaker asset quality, profitability and capitalisation and higher risk appetite relative to […]
Fitch Affirms Bank of Ceylon at CCC and AA (lka)/Stable
Fitch Ratings has affirmed Bank of Ceylon’s (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘CCC’. The ratings do not carry an Outlook because of the potentially high volatility at this rating level, in line with Fitch’s rating definitions. BOC’s National Long-Term Rating has also been affirmed at ‘AA -(lka)’. The Outlook is […]
‘ Credit Profiles: Fitch Ratings
Sri Lankan banks’ performance in 2020 and 1Q21 exceeded Fitch Ratings’ initial expectations, thanks to stimulus and regulatory relief measures. However, we believe risks to the banks’ performance and operating environment remain, due to pressures stemming from Covid-19 and the sovereign credit profile. Sri Lankan banks’ loan growth in 2020 dipped below historical averages due […]
Large Sri Lankan Banks Most Exposed to Sovereign Risk: Fitch Ratings
Sri Lanka’s largest banks are the most susceptible to heightened sovereign risk due to their higher exposure to foreign-currency denominated government securities and, in some cases, weaker capital positions, says Fitch Ratings in a new report. Domestic banks have significant direct exposure to the sovereign, largely via government-security holdings, as well as to the wider […]
NDB Secures USD75Mn from the United States Development Finance Corporation
NDB Bank disclosed that they have secured a long term funding line of USD75Mn from the Development Finance Corporation of the United States to further the Bank’s support for the Small and Medium businesses and infrastructure funding during these challenging times. The United States is providing a welcome boost to Small and Medium businesses in […]
Pressure on Sri Lankan Corporate Ratings from Finance Subsidiaries’ Growth: Fitch Ratings
Sri Lankan rated corporates with financial-service (FS) subsidiaries face a rise in Fitch-adjusted debt and potential rating pressure due to the subsidiaries’ medium-term asset growth in the current weak operating environment, Fitch Ratings says. Fitch’s corporate rating criteria deconsolidates the FS subsidiary from the parent in calculating the parent’s credit metrics. However, for FS operations […]
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Fitch Ratings has assigned Commercial Bank’s proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR10 billion an expected National Long-Term Rating of ‘A(EXP)(lka)’. The debentures, which have maturities of five and seven years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to further strengthen its […]
Risks for Sri Lankan Banks May Rise on End of Restriction on ISB Investments: Fitch Ratings
The end of the suspension on Sri Lankan banks’ investments in international sovereign bonds (ISBs) issued by the Sri Lanka sovereign (CCC) has the potential to increase banks’ exposure to sovereign and foreign-currency funding and liquidity risks, says Fitch Ratings. Banks’ credit profiles are already significantly exposed to the sovereign, with Fitch-rated Sri Lankan banks […]
Sampath Bank concludes Rs.750Mn structuring & investing in LVL Energy Fund’s unlisted bond
Sampath Bank PLC announced that it had recently concluded the structuring and investment of an unquoted, secured, non-convertible, deep-discounted bond issuance for LVL Energy Fund PLC. The Rs.750 million instrument was tailor-made by Sampath Bank’s Corporate Finance Unit to suit the unique characteristics and financing needs of LVL Energy Fund PLC. Sampath Bank was the […]
INSEE Cement strengthens commitment to restore Nation on world environment day
INSEE Cement, Sri Lanka’s only fully integrated manufacturer of cement, reaffirmed its commitment towards ‘a restored nation’, answering the global call for urgent action to revive damaged ecosystems on World Environment Day 2021. Continuing its mandate to steer Sri Lanka’s construction industry towards ambitious, globally set climate targets, INSEE Cement marked the launch of the […]