Category: Banking and Finance
Improving macro stability, lower yields may strengthen equity returns: First Capital
July 05, 2019 (LBO) – Despite the Easter Sunday attacks Sri Lanka’s economic outlook has shown signs of resilience and ability to recover quickly as economic activities were seen returning to normalcy while removal of travel advisories was faster than anticipated, First Capital said in their latest equity strategy. The research firm believes that the […]
CSE and SEC reach out to investor community in Jaffna
Jul 03, 2019 (LBO) – The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently organized a regional investor forum in Jaffna with the aim of creating awareness on stock market investments. The forum drew an encouraging response and attracted over 180 participants, including a number of present and […]
Fitch affirms 5 Sri Lankan finance companies; revises outlook on MIF to negative
July 01, 2019 (LBO) – Fitch Ratings has revised the Outlook on Mercantile Investments and Finance PLC (MIF) to Negative from Stable and has affirmed the ratings. At the same time, Fitch has affirmed the ratings of the following Sri Lankan finance companies:– Central Finance Company PLC (CF)– LB Finance PLC (LB)– Senkadagala Finance PLC […]
Sri Lankan banks face rising NPLs, capital pressure: Fitch Ratings
Jun 28, 2019 (LBO) – Sri Lankan banks face further increases in non-performing loans (NPLs) this year as the macro-economic environment remains difficult, Fitch Ratings said in a new report. Weaker asset quality and earnings will add to pressure on capital, and many small and medium-sized banks still need to raise equity capital to meet […]
ComBank announces ‘Nil Margin’ LCs for vehicle permit holders
The Commercial Bank of Ceylon has launched a scheme for government officers with vehicle permits, offering reduced interest rates on vehicle loans and leases and the opportunity to open Letters of Credit (LCs) without keeping a margin (nil margin). The Bank said permit holders can choose between a loan or lease at the lowest interest […]
People’s Bank will not be privatized: Finance Minister
Jun 26, 2019 (LBO) – Sri Lanka’s Finance Minister says that the recent news report in the media quoting an opposition Parliamentarian to the effect that the People’s Bank is to be privatized is completely false and misleading. Certain political parties and the Trade Union affiliated to those parties had alleged the government is to […]
Comm Bank commences acceptance of LankaPay-JCB cards
Jun 25, 2019 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to have its point-of-sale (POS) network accept LankaPay-JCB (Japan Credit Bureau) co-branded cards issued under the national card scheme programme. This follows the integration of Commercial Bank and the LankaPay Common POS Switch System […]
ICRA Lanka assigns AAA rating with stable outlook to National Savings Bank
Jun 24, 2019 (LBO) – ICRA Lanka Limited has assigned the issuer rating of [SL] AAA with stable outlook to National Savings Bank. Rationale The rating takes note of the 100% Government of Sri Lanka (GoSL) ownership, which provides a strong likelihood of sovereign support and, the 100% explicit guarantee provided by the Government of […]
Expolanka, HNB Assurance, Janashakthi, Melstacorp in new S&P Sri Lanka 20 Index
Jun 21, 2019 (LBO) – Colombo Stock Exchange (CSE) announces changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2019 mid-year index rebalance. Accordingly, Expolanka, HNB Assurance, Janashakthi Insurance, and Melstacorp have been included in the index while CTC, NTB, Richard Pieris and Tokyo Cement have been excluded. […]
Sri Lanka CB launch roadmap for sustainable finance
Jun 20, 2019 (LBO) – The Central Bank launched the roadmap for sustainable finance in Sri Lanka and hosted a high-level seminar for senior officers of financial institutions and stakeholders, recently. This was the national launch of the roadmap for sustainable finance which was unveiled globally in April 2019 at the sustainable banking network global […]
Advocata commends Government’s decision to shut down SaluSala
Jun 19, 2019 (LBO) – Advocata Institute commends President Maithripala Sirisena’s directive to shut down the loss-making, state-owned handloom enterprise Salu Sala. While we commend this decision, we are also anticipating the official gazette enacting this statement. The SaluSala, now a white elephant to society, was once the only state textile trading enterprise in the […]
Govt provides sovereign guarantee to RDB Bank to obtain USD 50mn loan from ADB
Jun 15, 2019 (LBO) – Government has facilitated the Pradeshiya Sanwardana Bank, by providing a sovereign guarantee, to obtain a loan amounting to 50 million US dollars from the ADB which is operating islandwide providing financial and advisory services to Micro, small and medium enterprises. The Finance Ministry said the project will increase employment opportunities […]