Category: Banking and Finance
Ishara Nanayakkara resigns from Seylan Bank Board
September 5, 2018 (LBO) – Controlling shareholder of listed Sri Lankan financial giant LOLC, Ishara Nanayakkara has resigned from the Board of Directors of Seylan Bank. Reasons given for the resignation, coming 3 months before his tenure was to expire, were increased business commitments and responsibilities.Nanayakkara is a material shareholder of the bank through LOLC […]
‘s says Sri Lankan banking system outlook is negative
Sept 05, 2018 (LBO) – Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the risk […]
Former Combank CEO Jegan Durairatnam joins DFCC as an Independent Non-Executive Director
August 31, 2018 (LBO) – Former CEO of Commercial Bank (COMB) Jegan Durairatnam has been appointed to the Board of Directors of DFCC. He joins the board as an independent non-executive Director. Duriaratnam spent 36 years at Commercial Bank rising to the level of CEO. Commercial Bank is the largest private sector bank in Sri […]
Ashok Pathirage buying controversial NDB shares after 1 year hiatus
August 28, 2018 (LBO) – Softlogic Chairman and CEO Ashok Pathirage has started buying NDB shares in the open market according to a Colombo Stock Exchange disclosure. His last purchases of stock in the bank were approximately one year ago at significantly higher prices. These new purchases amount to a few million rupees worth of […]
Financial Intelligence Unit enters into MoU with Insurance Regulatory Commission
Aug 28, 2018 (LBO) – In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) on August 01, 2018 at the Central Bank of Sri […]
Sri Lanka official reserves at USD9.3Bn : Rupee depreciated by 5.0-pct by Aug 2018
Aug 28, 2018 (LBO) – The Central Bank of Sri Lanka said reflecting developments in the domestic and global foreign exchange markets, the Sri Lankan rupee depreciated by 5.0 percent during the year up to 27 August 2018 against the US dollar. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against the euro, […]
Orient Finance (BFN) reports a loss of Rs21mn for the quarter, deposits at Rs11.6bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Orient Finance (BFN) reported a loss of Rs21mn for the quarter ended June 2018.This was against a profit of Rs6mn in the prior year quarter.Revenues were down 6% year over year, while impairment charges were up 36% to Rs140mn. These declining metrics pushed the company into […]
Alliance Finance (ALLI) makes a profit of Rs138mn for the June quarter, deposits at Rs12.9bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Alliance Finance (ALLI) reported a profit of Rs138mn for the quarter ended June 2018. The balance sheet shrank 2% in the 3 month period to Rs31bn as the company consolidated its position after years of rapid growth. Deposits were also down close to 2% in the […]
Swarnamahal Financial Services (SFS) loses Rs40mn in June quarter, Deposits at Rs3bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Swarnamahal Financial Services (SFS) reported a loss of Rs40mn for the quarter ended June 2018. The balance sheet of the company is shrinking, likely in accordance with the CBSL initiatives to restructure the EAP group registered finance companies.Total assets were down 20% in the 3 month […]
The Finance Company (TFC) lost Rs740mn in the June quarter, deposits at Rs30bn
August 16, 2018 (LBO) – Central Bank of Sri Lanka (CBSL) registered finance company The Finance Company (TFC) reported a staggering loss for the quarter ended June 2018. June quarter losses were Rs743mn during the 3 months, a continuation of the trend of losses that has endured over the last several years. The Finance Company […]
‘s HNB Group records PBT of Rs.14.1 Bn in 1H 2018
Aug 16, 2018 (LBO) – HNB Group recorded Rs 14.1 Bn in Profit Before Taxes (PBT) for the first six months of 2018, representing a 30.7% Year-on-Year (YoY) growth over the first half of 2017 while Group Profit After Taxes (PAT) rose 26.9% YoY to Rs 9.6 Bn. At a Bank level, HNB’s PAT improved […]
Commercial Bank continues growth in Q2 to post strong 6-month result
Aug 16, 2018 (LBO) – Commercial Bank of Ceylon PLC has continued its growth momentum into the second quarter of 2018, despite having to pay in excess of Rs 7 billion in taxes and being compelled to make significant provisions for impairment charges for the six months ending 30th June 2018. The Bank has posted profit […]