Category: Banking and Finance

Aug 15, 2013 (LBO) – Profits at Sri Lanka’s Sampath Bank fell 48 percent to 651 million rupees amid higher charges for losses on gold-backed loans, interim accounts showed. Core capital adequacy fell to 10.51 percent of risk weighted assets by Jun from 11.87 percent in December and total capital adequacy fell to 12.64 percent […]

Aug 15, 2013 (LBO) – Profits at Sri Lanka’s National Development Bank group rose 297 percent to 797 million rupees in the June 2013 quarter helped by strong interest income and lower bad loan provisions, interim accounts showed. Trading profits rose to 285 million rupees from 211 million rupees and other operating profits were 425 […]

Aug 14, 2013 (LBO) – Defaults in Sri Lanka’s gold-backed loans will grow and keeping defaulters out of a credit information system increases moral hazard by not discouraging default, an international credit rating agency said. Standard & Poor’s said in a report that defaults in gold-backed loans in banks covered by the agency was rising. […]

Aug 14, 2013 (LBO) – Profits at Commercial Bank of Ceylon, Sri Lanka’s largest private lender fell 5.0 percent to 2.3 billion rupees in the June 2013 quarter, amid forex losses on foreign funding, interim accounts showed. The bank’s core capital adequacy rose to 13.85 percent to by June from 12.63 percent in December and […]

Aug 13, 2013 (LBO) – Profits at Sri Lanka’s Hatton National Bank rose 27 percent to 2.1 billion rupees in the June 2013 quarter from a year earlier, helped by higher net interest income and a one-off reversal in employee compensation. The bank’s gross non performing advances ratio stood at 4.55 percent at the end […]

Aug 13, 2013 (LBO) – Profits at Sri Lanka’s DFCC Bank group was flat at 595 million rupees for the June 2013 quarter from a year earlier, while the company also made unrealized gains in 558 million rupees on listed shares. Unrealized gain in listed stocks, mostly in Commercial Bank of Ceylon was 585 million […]

Aug 12, 2013 (LBO) – Sri Lanka’s banks had reasonable capital buffers, higher than Vietnam and India but when adjusted for gold loans and some state exposures, core capital was lower than reported, Fitch Ratings officials said. Sri Lanka has zero risk weight for gold-backed or ‘pawning’ loans, a highly accessible tool that provide over-the-counter […]

SAN FRANCISCO, August 11, 2013 (AFP) – Online financial transactions titan PayPal says it is keen to collaborate with others as it strives for a cash-free future.“We are all about working with developers to let them take advantage of the heavy lifting we’ve done when it comes to moving money around the world,” Hill Ferguson, […]

Aug 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata, the country’s largest mobile operator said it had raised 200 million US dollars from a syndicated loan.The 5-year loan had been arranged by OCBC Bank Malaysia Berhard and Standard Chartered Bank, Dialog said in a statement. The fund will be used for capital expenditure, working capital […]

Aug 09, 2013(LBO) – RAM Rating has confirmed Commercial bank’s rating at AA+ with a stable outlook. Media contact Nilusha Fonseka (9411) 2553089 The ratings are based on the Bank’s strong market position in the island as the largest privately-owned licensed commercial bank and third-largest overall,” the rating agency said in a statement. The ratings […]

Aug 08, 2013 (LBO) – HSBC said it had been named the best internet bank by Gobal Finance, a magazine for the eight year running. HSBC’s Internet banking platform has created a simpler, quicker and more convenient method for banking. James Rebert, head of cards, products and service, HSBC said in a statement. We are […]

Aug 07, 2013 (LBO) – Sri Lanka’ state-run Bank of Ceylon said it had been recognized as one of 35 best brands in Asia by Mumbai-based Chief Marketing Officer Council (CMO Council). BOC has 10 million account holders equal to half the population of Sri Lanka and over a trillion rupees in assets. Other winners […]