Category: Banking and Finance
‘s banks aggressively raising capital without adequate disclosure?
March 17, 2019 (LBO) – Banking institutions over the last few months seem to be making an aggressive push to raise capital through rights and debenture issues. Almost all banks in Sri Lanka are in the midst of some capital raising exercise. LBO has reported extensively on the subject of rights issues in the following […]
Sri Lanka reserves at USD 6.9Bn at end 2018: Trade deficit declined
Mar 14, 2019 (LBO) – The trade deficit declined significantly in December 2018 (year-on-year) with a notable deceleration in import expenditure, data shows. Exports grew by 1.4 percent while imports fell by 15.3 percent in December 2018 (year-on-year), the Central Bank of Sri Lanka said. Total exports of goods grew by 4.7 per cent in 2018 […]
SL fiscal consolidation plans challenging without policy effectiveness and faster growth
Mar 12, 2019 (LBO) – Achieving Sri Lanka’s deficit and debt targets will be challenging without a significant increase in fiscal policy effectiveness and faster Gross Domestic Product (GDP) growth, a rating agency said in a statement. ‘Sri Lanka’s ambitious fiscal consolidation targets – when the country has not had a fiscal deficit below 5.0 […]
Budget 2019 will empower people and nurture poor: Fin Min
Mar 05, 2019 (LBO) – Sri Lanka’s Budget – 2019 will focuses on Enterprise Sri Lanka empowering the people and nurturing the poor, the Finance Ministry said. Finance Minister Mangala Samaraweera will present the Government’s delayed Budget for 2019, today. The Finance Ministry has outlining its targets said it plans to increase public revenue to 17 […]
‘s Basel III sub debt final A(lka)
Feb 28, 2019 (LBO) – Fitch Ratings has assigned National Development Bank’s proposed Basel III-compliant subordinated debentures a final National Long-Term Rating of ‘A(lka)’. The notes, which total up to 6.5 billion rupees with maturities of five years, include a non-viability clause and qualify as regulatory Tier II capital for the bank. The bank plans to […]
Fitch revises outlook on HNB Assurance, HNB General Insurance to positive
Feb 28, 2019 (LBO) – Fitch Ratings has revised the Outlook on the National Insurer Financial Strength (IFS) Ratings of life insurer HNB Assurance and its fully owned non-life subsidiary, HNB General Insurance, to Positive from Stable and affirmed the ratings at ‘A(lka)’. KEY RATING DRIVERS The Outlook revision reflects better non-life capitalisation and financial performance […]
LOLC Group crosses Rupees Trillion mark with total assets reaching Rs1Tn
Sustaining its unblemished track record in performance, the LOLC Group crossed the Rupees Trillion mark, with total assets reaching Rs 1.008Tn, as at December 2018. This significant achievement is on account of the Group’s consistently resilient financial sector – both local and international, coupled with its strategic investments in non-financials sectors – Leisure, Plantations, Construction, […]
‘s HNB Group profit after tax up 14-pct to Rs.19Bn for 2018
HNB Group recorded a Profit Before Tax of Rs 26.5 Bn and a Profit After Tax of Rs 19.1 Bn, posting a YoY growth of 14.6% and 14.4% respectively for the year ended 2018 in a clear demonstration of the resilience of the Group’s robust business model despite an array of challenges faced by the […]
Fitch affirms ratings of HNB Finance, Siyapatha Finance & Singer Finance
Feb 25, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Ratings of HNB Finance, Siyapatha Finance, and Singer Finance with a stable outlook. Accordingly, Fitch has affirmed the National Long-Term Rating of HNB Finance at A(lka) while affirming the National Long-Term Rating of Siyapatha Finance at A-(lka). Fitch Ratings has also affirmed Singer Finance […]
‘s Comm Bank reports operating profit Rs.31.6Bn for the year ended Dec 2018
Feb 25, 2019 (LBO) – The Commercial Bank of Ceylon PLC has reported an operating profit of 31.6 billion rupees for the year ended 31st December 2018, reflecting a growth of 12.8 percent before taxes on financial services. Profit before income tax improved by 10.4 percent to 25.6 billion rupees, a lower rate of growth attributable […]
Sampath Bank Basel III compliant debenture oversubscribed
Feb 22, 2019 9LBO) – Sampath Bank announced that its third BASEL III compliant Debenture issue, to raise 7 billion rupees, had been oversubscribed within a few hours of its opening on 20th February 2019. Having pioneered Basel III compliant debentures in the Sri Lankan market in 2017, the sum raised by way of the debenture […]
Seylan Bank reports PAT of Rs.3,189Mn for year ended 31st Dec 2018
Feb 21, 2019 (LBO) – In a challenging external environment, Seylan Bank recorded a Profit-after-Tax of Rs. 3,189 Million for the year ended 31st December 2018 after one-off adjustment of Rs. 1,135 Million to resolve the long standing issue of additional gratuity. The Bank’s advances grew by 16.4% while the deposit base grew by 16.4%. […]