Category: Banking and Finance
CB extends suspension of Pan Asia Bank primary dealer activities by 6 months
Aug 15, 2018 (LBO) – Monetary Board has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation for a period of six months with effect from today, in order to continue the investigations being conducted by the Central Bank. The Central Bank wishes to emphasize that […]
CSE listed CDB reports profit of Rs339mn; Deposits grow to Rs47bn
August 13, 2018 (LBO) – Colombo Stock Exchange listed Citizens Development Business Finance (CDB) reported robust profits for the June 2018 quarter.Profits at the CBSL registered finance company were Rs339mn for the quarter on equity of approximately Rs7.6bn. The firm is operating a full balance sheet with assets of approximately Rs80bn.Deposits grew to a massive […]
Abans Finance (AFSL) reports modest profit, deposits at 6.5bn, balance sheet shrinks sequentially
August 13, 2018 (LBO) – Colombo Stock Exchange listed Abans Finance PLC (AFSL) released quarterly results for the period ended June 2018.The CBSL registered finance company reported a modest profit of Rs18mn for the quarter on an equity base of over Rs1.5bn. Total assets were Rs8.8bn, while total deposits were Rs6.5bn. The balance sheet of […]
Pan Asia Bank PAT tops Rs.800Mn in 1H 2018
Aug 10, 2018 (LBO) – Pan Asia Banking Corporation PLC reported its best ever profit recorded in a first half in 2018 anchored by solid growth in new loans, prudent margin and asset-liability management.For the six months ended in June 30, 2018 (1H’18), the bank reported a profit after tax of Rs.819.6 million, up by a […]
‘s Nations Trust Bank Records PAT of Rs1,875Mn
Aug 07, 2018 (LBO) – The Nations Trust Bank closed the six months period ending June 30, 2018 with a post-tax profit of 1,875 million rupees and a pre-tax profit of 3,882 million rupees, the Bank said in a statement. Net interest income increased by 35 percent mainly attributable to growth in volumes with a […]
Sampath Group pre-tax profit exceeds Rs10Bn for first half of 2018
(PRESS RELEASE) – Sampath Bank’s Group pretax profit for the first half of the year exceeded Rs 10.3 Bn (28.2% growth) while Sampath Bank recorded a pre-tax profit of Rs 9.9 Bn for the same period. This registered a YoY growth of 28.1% in comparison to the first half of 2017. Profit after tax of […]
LOLC Finance, Mobitel to offer Digital Loans to customers via mCash
Reinforcing its market leadership and strengthening its partner base, Mobitel has joined hands with LOLC Finance PLC to offer Digital Loans for the first time ever in Sri Lanka via its mCash platform. This initiative is a break-through method of providing a loan via one’s mobile device. Digital Finance Loans is a ground-breaking product for […]
Sri Lanka keeps rates unchanged
Aug 03, 2018 (LBO) – Sri Lanka has decided to keep policy rates unchanged with the aim of stabilising inflation at mid-single digit levels in the medium term, thereby contributing to a high and sustainable growth trajectory of the island economy. “In arriving at its decision, the Board carefully considered the current and expected domestic […]
Finance Min calls for new regulatory body for Microfinance industry
Aug 03, 2018 (LBO) – Sri Lanka’s Finance Minister said that he is proposing the establishment of a new microfinance regulatory authority together with mandatory registration for the companies and amendments to the Act. “This is a national tragedy. It needs to be addressed in layers,” Mangala Samaraweera, Minister of Finance told reporters in Colombo, Thursday […]
Sri Lanka inflation up 5.4-pct in July
Aug 01, 2018 (LBO) – The year on year inflation as measured by CCPI is 5.4 percent in July 2018 while inflation calculated for June was 4.4 percent, data shows. The CCPI for all items for the month of July 2018 was 125.8 and it records an increase of 0.4 index points that is 0.29 percentage […]
‘s DFCC Bank bottom line
July 30, 2018 (LBO) – Sri Lanka’s DFCC Bank, the banking arm of the DFCC Group reported a drop in profit for the second quarter amidst a challenging business environment. The drop in profit was due to higher impairment provisions, as well as a one-off gain from the disposal of shares of Commercial Bank during […]
‘s affirms ratings of BOC, HNB & Sampath; maintains negative outlook
July 26, 2018 (LBO) – Moody’s Investors Service has affirmed the local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC at B1/NP.The foreign currency issuer rating and deposit ratings of these banks are also affirmed at B1 and B2/NP respectively. Moody’s has also affirmed the Baseline Credit […]