Category: Banking and Finance

Jan 25, 2012 (LBO) – Fitch Ratings has confirmed Sri Lanka’s Vallibel Finance’s (VFL) national long-term rating at ‘BB-(lka)’ with a stable outlook. “VFL’s rating factors in its small but growing asset base, healthy profitability and modest asset quality,” the rating agency said in a statement. “The rating is constrained by VFL’s modest capitalisation which […]

Jan 23, 2012 (LBO0 – Sri Lanka’s Senkadagala Finance said net profit rose 106 percent to 146 million rupees in the December 2011 quarter from a year ago. Total assets of the company were 10 billion rupees as at December 31, 2011, up from 6. 9 billion rupees as at March 31, 2011. Since getting […]

Jan 20, 2012 (LBO) – Fitch Ratings Lanka said it has maintained Ceylease Financial Services’ ‘BB+(lka)’ National Long-Term rating on Rating Watch Evolving (RWE). Two state-owned banks control Ceylease with Bank of Ceylon owing a 55 percent stake and a 72 percent stake held by Merchant Bank of Sri Lanka (MBSL). Fitch said in a […]

Jan 20, 2012 (LBO) – Sri Lanka’s cyber security agency has warned bank customers using internet banking services to beware of fake sites that have stolen passwords of several users. The Sri Lanka Computer Emergency Response Team Coordination Centre, the centre for cyber security in the island, said they have got about 10 complaints so […]

Jan 18, 2012 (LBO) – People’s Leasing Co. , Sri Lanka’s largest leasing company, said net profit in the December 2011 quarter rose 46 percent to 832 million rupees from a year ago. December 2011 quarter revenue rose 65 percent to 4. 2 billion rupees from a year ago while earnings per share rose 53 […]

Jan 17, 2012 (LBO) – Sri Lanka’s credit to business from commercial banks rose to a new historic high of 63. 2 billion rupees in November helped by liquidity injections to offset foreign exchange interventions, official data showed. In the 12-months to November 2011, credit to business grew 33.5 percent to 1,945.7 billion rupees against […]

Jan 09, 2012 (LBO) – Sri Lanka’s credit information office is planning to acquire software by US-based Dun & Bradstreet costing 150 million rupees as it expands coverage and services, an official said. “We expect the software to be deployed from March,” Sri Lanka Credit Information Bureau (CRIB) general manager Gamini Karunaratne said. “It may […]

Jan 06, 2012 (LBO) – Fitch Ratings Lanka has upgraded People’s Leasing Company’s (PLC) National Long-Term rating to ‘A+(lka)’ from ‘A(lka)’ and People’s Finance’s (PF) to ‘A-(lka)’ from ‘BBB(lka)’. The outlooks on both ratings are stable, the rating agency said in a statement. PLC’s outstanding 1,155 million rupee senior unsecured redeemable debentures have also been […]

Jan 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the island’s largest lender is looking to sell a 500 million dollar bond in the first half of this year chairman Gamini Wickramasinghe said. “It will be during the next three to four months,” he said. “The bond will be rated.” Bank of Ceylon […]

Jan 02, 2012 (LBO) – Sri Lanka’s Commercial Bank has connected its 500th automated teller machine as it rapidly expands its network, adding 100 terminals in the past five months or at a rate of 20 a month on average. The newest ATM was opened at Maradana Railway Station in Colombo, under a bank project […]

Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]

Dec 28, 2011 (LBO) – Fitch Ratings has confirmed the Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC) National Long-Term rating at ‘BBB+(lka)’ with a stable outlook. At the same time, the agency has confirmed the bank’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’. “The ratings reflect HDFC’s demonstrated ability to contain interest rate […]