Category: Banking and Finance
Sri Lanka needs firm policy to mitigate future refinancing risks: Fin Min
Feb 27, 2018 (LBO) – Sri Lanka faces refinancing risks in the coming years and need a concerted and coordinated policy response to mitigate such risks, Finance Minister Managala Samaraweera said. “It is clear that Sri Lanka, like many developing nations, faces such refinancing risks in the coming years. This warrants a concerted and coordinated […]
DFCC Bank profit after tax up 34-pct in 2017 amid tight margins
DFCC Bank continued to demonstrate positive momentum across businesses in 2017 as a rapidly growing commercial bank completing its second year after the amalgamation. Despite a backdrop of higher taxes, volatile interest rates, tight margins and intensifying competition, the Bank closed the financial year ended 31 December 2017 with a profit before tax of LKR […]
‘s Liability Management Bill presented to Parliament
Feb 20, 2018 (LBO) – The new Active Liability Management Bill, to improve public debt management, was presented to Parliament for the first reading, Monday. Through this new bill Sri Lanka’s public debt sustainability is to be managed at a national level. To avoid any possible risk, appropriate reform methods are to be followed. Following […]
Seylan Group’s PAT tops Rs.5Bn
(PRESS RELEASE) – Seylan group reported a resilient performance by recording a Profit after tax of Rs.5,004 Million for the year ended 31st December 2017, which is the highest profit reported in its history. Seylan Bank also continued its growth momentum by achieving a profit after tax of Rs. 4,430 Million during the period under review. […]
‘s CBC Myanmar Microfinance gets license to operate in Myanmar
Feb 20, 2018 (LBO) – Sri Lanka’s Commercial Bank subsidiary CBC Myanmar Microfinance Co., Ltd, has obtained the operation license from the Myanmar Micro-finance Supervisory Enterprise to operate in the Republic of the Union of Myanmar.“This would be as a non-saving deposit organisation,” The Bank said in a stock exchange filling. Commercial Bank has had […]
Sampath Bank reports PAT of Rs12Bn
(PRESS RELEASE) – Sampath Bank posted a Profit After Tax (PAT) of Rs 12.1 Bn for the year ended 31st December 2017, an impressive 32.7% YoY growth compared to Rs 9.1 Bn recorded int he previous year. Similarly, Profit Before Tax (PBT) too grew by 31.8% YoY to reach Rs 16.6 Bn for the period under […]
‘s Bank of Ceylon appoints new GM/CEO
Feb 20, 2018 (LBO) – Sri Lankan state bank, Bank of Ceylon has appointed K. B. Senarath Bandara as its new General Manager and CEO with effect from 22 February. The appointment comes following the retirement of GM/CEO D. M. Gunasekara. Bandara is a senior banker and at present operates as the Deputy General Manager […]
‘s small businesses
Feb 16, 2018 (LBO) – Sri Lanka has decided to obtain an additional financing through a loan of US 75 million dollars from the Asian Development Bank to scale up the ongoing Small and Medium Enterprise (SME) line of credit project, the Finance Ministry said. The Government had earlier obtained ADB financial assistance of US […]
CB extends suspension of Pan Asia Bank primary dealer activities for 6 months
Feb 15, 2018 (LBO) – Monetary Board of the Central Bank has decided to extend the suspension from carrying on primary dealer activities by Pan Asia Bank for a period of six months. Central Bank said the extension which will be effective from today will help them to continue with the investigations being conducted. Central […]
‘s Basel III Sub Debt AA-(lka)(EXP)
Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (CB, AA(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to LKR10 billion an expected National Long-Term Rating of ‘AA-(lka)(EXP)’. The debentures will have maturities of five and 10 years and carry fixed coupons. The debentures will qualify as Basel III-compliant regulatory Tier 2 capital for […]
Sampath Bank becomes first bank to accept Alipay payments in Sri Lanka
Sampath Bank, one of Sri Lanka’s most innovative banks, has become the first bank in the country to partner with Alipay, the world’s largest online and offline payment platform operated by Ant Financial Services Group.This latest partnership will allow Sampath Bank’s local merchant partners to tap in to the multitude of incoming tourists from China […]
Sri Lanka Central Bank issues clarification on media reports over Government debt
Feb 09, 2018 (LBO) – The Central Bank of Sri Lanka (CBSL) in reply to media reports on debt says it compiles and publishes central Government debt based on its database on issuance of domestic debt and international commercial borrowings on behalf of the Government and also the information it received from ministries. “Attention of […]