Category: Banking and Finance

Feb 16, 2012 (LBO) – Sri Lanka’s LOLC group which has interest in financial services, plantations, trading and leisure said net profits for the December 2011 quarter fell 6 percent to 673 million rupees. The group reported earnings of 1.42 rupees for the quarter. For the nine months ended December 2011 the group reported earnings […]

Feb 14, 2012 (LBO) – Sri Lanka’s Seylan Bank December 2011 quarter net profit rose 72 percent to 664 million rupees from a year ago, helped by lower loan loss provisioning. Interest income rose 12 percent to 4.2 billion rupees while interest expenses rose at a faster 15 percent resulting in net interest income going […]

Feb 14, 2012 (LBO) – NDB Aviva Wealth Management, a Sri Lankan asset management firm, has chosen Advent Software to provide a wealth management system for portfolio, client relationship and trade order management. NDB Aviva wanted to improve operational efficiency and achieve industry best practices to develop its institutional investor client base and improve service […]

Feb 14, 2012 (LBO) – Fitch Ratings Lanka has confirmed Pan Asia Banking Corporation’s (PABC) proposed subordinated debentures of up to 2.0 billion rupees at ‘BBB-(lka)’. The issue is rated one notch below PABC’s national long-term rating of ‘BBB(lka)’ with a stable outlook reflecting its debt-like features, a statement said. “PABC’s ratings reflect continued improvements […]

Feb 11, 2012 (LBO) – Sri Lanka’s Mercantile Investments Plc, has been downgraded to ‘BBB+’ from ‘A’ and its short term rating from P1 to P2 by Ram Ratings Lanka, on weaker asset quality and exposure to stocks. “The downgrade reflects MIL’s weak asset quality as a result of its high exposure to equity investments […]

Feb 11, 2012 (LBO) – The Finance, Sri Lanka’s pioneer finance company has returned to pre-war premises in the island’s northern Jaffna city, where the economy is going resurging after the end of a 30-year war. “Every time I come to Jaffna I see new developments,” Central Bank governor Nivard Cabraal said at the ceremonial […]

Feb 01, 2012 (LBO) – Fitch Ratings Lanka has maintained Merchant Credit of Sri Lanka’s (MCSL) ‘BBB(lka)’ national long-term rating on rating watch evolving (RWE), a statement said. MCSL was placed on RWE in May 2011 after Merchant Bank of Sri Lanka’s announcement it got Central Bank approval for a specialised banking license to MBSL […]

Jan 30, 2012 (LBO) – Sri Lanka’s Citizens Development Business Finance Plc, a registered leasing firm, said profits fell 25 percent in the December 2011 quarter to 157 million rupees from a year earlier, mainly due to lower non-fund based income. Net assets rose from 1.0 billion rupees to 2.06 billion rupees from March to […]

Jan 28, 2012 (LBO) – Liquid assets in Sri Lankan banks are falling and loan to deposit ratios are deteriorating, with some banks reaching 100 percent, Fitch Ratings Lanka said as authorities continued to defend a dollar peg creating a liquidity crunch. Fitch said in an report on the outlook on Sri Lankan banks that […]

Jan 27, 2012 (LBO) – Sri Lanka commercial bank loans may grow 25 percent in 2012 with more lending to small enterprises and retail customers as banks searched for better margins, Fitch Ratings Lanka said. Fitch said in report on Sri Lankan banks better risk management was needed especially for bank who are lending to […]

Jan 26, 2012 (LBO) – Sri Lanka’s HSBC has launched a credit card for frequent international travellers which can be used to buy discounted air tickets, hotel rooms and use airport lounges, the bank said. Branded ‘HSBC Visa Signature’ the card offers discounts on Cathay Pacific Airways, Jet Airways, Kingfisher Airlines, Malaysia Airline, Qatar Airways, […]

Jan 25, 2012 (LBO) – RAM Ratings Lanka has upgraded the long- and short-term financial institution ratings of Citizens Development Business Finance (CDB) to BBB and P2 from BBB- and P3 with a stable outlook on the long-term rating. The rating agency has also upgraded the long-term rating of CDB’s 250 million rupee unsubordinated unsecured […]