Category: Banking and Finance
‘s Bank
June 07, 2017 (LBO) – Sri Lanka’s cabinet has approved a proposal to infuse 5 billion rupees to state-owned People’s Bank in order to comply with new capital adequacy requirements. Basel III, a new set of reforms expected to strengthen regulation, supervision and risk of the banking sector, is expected to be rolled out by […]
Saudi Fund for Development to provide credit for Sri Lankan importers
Jun 07, 2017 (LBO) – The Saudi Fund for Development is looking to provide credit facilities for Sri Lankan firms to import raw materials from Saudi Arabia. Lankan Importers importing fertilizer, plastic raw materials, cables and electrical wires from Saudi Arabia will be eligible to obtain credit, which would be given under the ‘Foreign Buyer […]
LOLC records historic profit before tax of Rs24bn
Sustaining its unblemished track record, LOLC Group concluded an excellent year sealed by its strongest financial performance to date. For the year ended 31st March 2017, the Group recorded PBT of 24.4Bn and PAT of Rs. 20.9Bn, an increase of 106% and 124% respectively, compared to the previous year. The consolidated gross income grew by […]
New entrants to apartment development industry will face difficulties: Developer
May 29, 2017 (LBO) – Sri Lanka’s newer entrants into the apartment development industry will find it difficult to compete with established players as a result of revisions to Government policy over the past year, including the removal of tax concessions for real-estate development, a South Asian property developer said. Iconic Developments (Pvt.) Ltd, stated […]
DFCC sells stake in Commercial Bank to subscribe for rights issue
May 25, 2017 (LBO) – Sri Lanka’s DFCC Bank Wednesday sold 1.18 percent of the issued voting shares in Commercial Bank, the bank said in a stock exchange filing. Accordingly, 10 million shares were sold at 138 rupees per share, and the bank has recognized a net capital gain of 915 million rupees. Commercial Bank’s […]
”s Bank buys PMF land in Colombo
May 24, 2017 (LBO)- People`s Merchant Finance (PMF) had sold its 108-perch property in Colombo 02 to People’s Bank for 1.04 billion rupees in order to help settle debt. “The funds will be used to strengthen the finance company’s core capital in order to meet minimum capital requirements under the finance companies directive no. 01 […]
‘s Commercial Bank offers e-FDs for foreign currency accounts
May 24, 2017 (LBO) – Sri Lanka’s Commercial Bank’s Online Banking platform has been further enhanced with the introduction of electronic fixed deposits (e-FDs) in both local and foreign currencies. The Bank has announced that e-FDs can now be opened from the Bank’s online portal at www.combank.lk “We are aware that there is a lot […]
Sri Lanka vehicle registrations rebound to 39,173 units in March: JB Securities
May 02, 2017 (LBO) – Total vehicle registrations in Sri Lanka recorded 39,173 units in March, significantly up from 30,036 the previous month, with a rebound in two-wheeler registrations, JB Securities said in a research note. On most categories, there was a rebound due to higher number of working days and pre-holiday season push from […]
Sri Lanka’s HNB to strengthen balance sheet with rights issue
Apr 28, 2017 (LBO) – Sri Lanka’s Hatton National Bank is to issue up to 70,082,228 new ordinary shares by way of a rights issue, the company said in a stock exchange filing. Subject to exchange and shareholder approval, the bank is to issue 55,995,792 ordinary voting shares at 220 rupees each in the ratio […]
Next IMF tranche by June, reserves comfortable by year end: Ravi
Apr 27, 2017 (LBO) – Sri Lanka’s Finance Minister said he was optimistic about talks on reaching a staff level agreement with the International Monetary Fund for the next phase, and that the next tranche would be released by June. “I think the tranche that was due April will come by June, there were some technical difficulties like […]
Higher growth for Sri Lanka will depend on addressing structural issues: CB
Apr 27, 2017 (LBO) – Sri Lanka’s economic performance in 2016 reconfirmed the necessity of addressing deep rooted structural issues, in order to enable the country to progress towards a higher growth trajectory, the Central Bank said. “Along with strengthening macroeconomic fundamentals through improved fiscal performance and the conduct of monetary policy in a forward […]
Petroleum union negotiations successful, strike called off
Apr 25, 2017 (LBO) – The Ceylon Petroleum Corporation (CPC) unions called off their strike late on Monday following successful discussions with Sri Lanka’s Prime Minister and Petroleum Minister Chandima Weerakkody. Employees of the Ceylon Petroleum Cooperation launched a strike from midnight Sunday opposing an agreement to be signed with India regarding developing the Trincomalee […]