Category: Industry
Bank Profits
Aug 19, 2010 (LBO) – The Sri Lankan unit of Standard Chartered Bank’s (SCB) June quarter profits shot up 679 percent to 8. 773 billion rupees on a specific loan loss provision reversal on an oil hedging deal, its published accounts showed. SCB’s interest income fell 32 percent to 3. 41 billion rupees, while interest […]
Inside Information
Aug 19, 2010 (LBO) – Sri Lanka’s Central Bank is violating its own good governance code when a pension fund it manages buys stakes in banks and financial institutions which it regulates, an economist and opposition parliamentarian said. Harsha de Silva said he was “appalled” at the statement by the Central Bank that the Employees […]
Bank Trends
Aug 19, 2010 (LBO) – National Development Bank (NDB) June quarter profits fell 17. 9 percent to 434.7 million rupees, due to a fall in fee-based incomes, while personal, premises and operating costs have gone up, a stock exchange filing said. NDB group’s interest income had come down 16. 4 percent to 2.45 billion rupees, […]
Rural Competition
Aug 19, 2010 (LBO) – India’s Mahindra and Mahindra group plans to enter Sri Lanka’s financial sector, especially the rural areas, officials said. There were “imminent opportunities in financial services’, said Ramesh Iyer, managing director of Mahindra & Mahindra Financial Services. “Capital is not a constraint in terms of wanting to grow in Sri Lanka. […]
Derived Rating
Aug 18 (LBO) – Fitch Ratings Lanka said it has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating reflects Standard Chartered Bank’s (SCB) financial strength, of which SCBSL is a branch and part of the same legal entity,” Fitch said in a statement. SCB […]
Equities Foray
Aug 18, 2010 (LBO) – Sri Lanka’s Central Bank said a pension fund it manages would increase exposure to equities as government paper, in which it has invested the bulk of money, become less attractive with falling interest rates. The bank said the Employees’ Provident Fund, the biggest fund in the country, has authority to […]
Laying Tracks
Aug 18, 2010 (LBO) – Sri Lanka has given another deal to an Indian company to rebuild part of the northern rail track destroyed by war using a soft loan from the Indian government, officials said. The Indian government-owned IRCON International signed the contract with the island’s transport ministry, Tuesday, to rebuild the Medawachchiya-Madhu Road […]
Sri Lanka LOLC buys beach resort for Rs310mn
Aug 17, 2010 (LBO) – Sri Lanka’s LOLC group has bought control of a beach resort on the west coast for 310 million rupees and is in talks with international chains to manage the property, a stock exchange filing said. LOLC said it is holding talks with a “few world-renowned hotel chains” that have shown […]
Bank Numbers
Aug 17, 2010 (LBO) – Hatton National Bank (HNB) group June quarter profits rose 22 percent to 1.22 billion rupees from high interest margins and higher fee based income, while loan loss provision costs had also come down, a stock exchange filing showed. In June quarter 2010, interest income was down 16 percent to 7.57 […]
European Link
Aug 17, 2010 (LBO) – Logistics firm DHL has launched a direct Less-than-Container Load (LCL) service from Colombo and Singapore to Koper, Slovenia, improving connectivity with Eastern Europe, a statement said. The direct service, operated by Danmar Lines, DHL Global Forwarding’s in-house carrier, will shorten transit time between Sri Lanka and Singapore with Slovenia. “Small […]
Keel Laying
Aug 17, 2010 (LBO) – Colombo Dockyard has laid the keel for construction of the second vessel of a series of two 130 Ton Bollard Pull Anchor Handling Tug Supply Vessels (AHTSV) Tuesday, a statement said. “The keel laying ceremony signifies the commencement of construction work of the AHTSV, which is one of the biggest […]
Combined Entity
Aug 16, 2010 (LBO) – Fitch Ratings has withdrawn the ratings of six Sri Lankan Regional Development Banks (RDBs) upon their merger and upgraded those of two which it said reflects its views on the rating of the merged bank. The merged entity with an asset base of 42 billion rupees as at end-June 2010 […]