Category: Banking and Finance
IFC ready to finance Sri Lankan private sector projects
Sep 01, 2016 (LBO) – The International Finance Corporation, a part of the World Bank group, is ready to finance Sri Lanka’s private sector projects by providing mid to long term loans through a multiple of financing methods, an official said. “The loan component for potential partners would start from around 3 million US dollars […]
HNB approves USD50 mln share issue to ADB, up to 9.9 pct stake
Sept 01, 2016 (LBO) – The Hatton National Bank PLC board has approved issuing shares for 50 million dollars to the Asian Development Bank by way of a private placement, making the development lender a strategic investor. “The proceeds of the issue of shares by private placement as aforementioned will be utilized for the purpose […]
Sri Lankan rupee steady after cbank chief allays fears of upward pressure
COLOMBO, Aug 31 (Reuters) – The Sri Lankan rupee traded steady on Wednesday, a day after the country’s Central Bank Governor Indrajith Coomaraswamy said the currency was not under upward pressure as capital inflows had not been of sufficient magnitude to exert such pressure. Dealers said the rupee could appreciate if the central bank does […]
Sri Lanka’s Central Bank keeps policy rates steady
Aug 30, 2016 (LBO) – Sri Lanka’s Central Bank has decided to keep its key interest rates steady despite rising inflation and high private sector credit growth. The full text of the statement is reproduced below. Monetary Policy Review – August 2016 Both headline and core inflation, measured on a year-on-year basis, edged down in […]
‘s National Development Bank CEO to resign, Chairman retires
Aug 26, 2016 (LBO) – Chief Executive Officer of National Development Bank, Rajendra Theagarajah will resign with effect from November 30 and Chairman of the bank, N G Wickremeratne will retire on August 31 , a statement said. Ananda W Atukorala, had been appointed as a non-executive director and chairman of the bank subject to […]
Asian Regulatory Reforms to Increase Appetite for Reinsurance: Fitch
Fitch Ratings-Singapore/Hong Kong-22 August 2016: Fitch Ratings believes that various regulatory initiatives in the region could lead indirectly to greater demand for reinsurance, as direct insurers rethink risk-management strategies and appetite. Asian regulators have implemented – or are in the process of implementing – a range of measures that would alter the operating and business […]
Amana Takaful Life Limited shares debut on CSE
(PRESS RELEASE) – Amana Takaful Life Limited (ATLL), a fully-owned subsidiary of Amana Takaful PLC, rang the opening bell to commence trading and celebrate the listing ofits shares on the Diri Savi Board of the Colombo Stock Exchange (CSE) today. The ceremony was attended by Directors of ATLL Dato’ Mohd Fadzli Yusof, Mr. Fazal Ghaffoor, […]
Sri Lanka’s Amana Takaful Life to list on Thursday
Aug 16, 2016 (LBO) – The shares of Amana Takaful Life Limited will be listed on the Colombo Stock Exchange on Thursday, the company said in a stock exchange filing. Accordingly, 50 million shares would be listed on the Diri Savi Board of the CSE and will be classified under Banks, Finance and Insurance sector. […]
Sri Lanka’s LOLC June net up 26-pct amid growing incomes
Aug 16, 2016 (LBO) – Sri Lanka’s LOLC group, which has interests in financial services, insurance, plantations, trading and leisure, said net profit for the June quarter rose 26 percent to 2.3 billion rupees. The group reported basic earnings of 4.92 rupees per share for the quarter up from 3.89 from a year earlier, on […]
Commercial Bank carries solid growth momentum into 2nd quarter of 2016
The Commercial Bank of Ceylon has extended its growth momentum into the second quarter of the year to record robust performance indicators for the six months ending 30th June 2016 amidst increasing costs of funds and shrinking margins. Sri Lanka’s benchmark private bank has reported profit before VAT and NBT of Rs 10.391 billion recording […]
Sri Lanka’s HNB net up 41-pct in June quarter amid income growth
Aug 11, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank surged 41 percent to 3.3 billion rupees in the June 2016 quarter from a year earlier amid strong income growth, interim accounts showed. The group reported basic earnings of 8.56 rupees per share for the quarter, up from 6.19 rupees per share […]
Sri Lanka’s Financial City to build client deposit base 10-pct of GDP
Aug 10, 2016 (LBO) – Sri Lanka’s proposed Financial City aims to attract a client deposit base worth 10 percent of the island’s GDP within a period of 5 years, a cabinet approved proposal said. Cabinet Spokesman Rajitha Senaratne said it has also been decided to commence the initial operations of the Financial City after […]