Category: Banking and Finance

Oct 27, 2011 (LBO) – Net profits of Sri Lanka’s PABC Bank for the September 2011 quarter rose 62 percent to 208. 7 million rupees from a year earlier, helped by stronger net interest income and a lower tax rate, interim accounts showed. The bank reported earnings of 71 cents for the quarter and 2.08 […]

Oct 26, 2011 (LBO) – Nation Lanka Plc, a listed company said Sri Lanka’s Central Bank has given approval for it to be registered as licensed finance company subject to several conditions. But interest rates are now moving up, amid defence of a dollar peg by the monetary authority. The firm had to put up […]

Oct 26, 2011 (LBO) – Fitch Ratings Lanka has confirmed Pan Asia Banking Corporation’s (PABC) national long-term rating at ‘BBB(lka)’ with a stable outlook. PABC is a licensed commercial bank (LCB), 41% owned by a high net-worth businessman Mr. K.D.D. Perera and related parties. It accounted for 1.1% of LCB sector assets at end-2010 (2009: […]

Oct 25, 2011 (LBO) – Sri Lanka’s Seylan Bank’s profits in the September 2011 quarter rose 26. 8 percent to 396 million rupees from a year earlier, helped by lower loan loss provisions, interim accounts showed. The group reported earnings of 5. 63 rupees for the quarter. Nine month earnings were 1.63 rupees due mainly […]

Oct 25, 2011 (LBO) – HSBC in Sri Lanka, which has channelled about two billion dollars to infrastructure building in the island, sees more potential in the telecom sector, an official said. The mobile telecom sector is moving from the mainly narrow band GSM technology to broadband third generation (3G), Nick A Nicolaou, chief executive […]

Oct 24, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB- and P3 to Softlogic Finance with a stable outlook on the long-term rating. The ratings are premised upon the improvement in its market position while maintaining its asset quality at a level that commensurate with the BBB-rating […]

Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag. “This is useful for utility companies, […]

Oct, 21, 2011 (LBO) – India’s Axis Bank has opened a branch in Sri Lanka’s capital Colombo eying the island’s growing trade and domestic financing business, the lender said. The Colombo branch was opened by Sri Lanka’s central bank governor Nivard Cabraal, the banks said. Axis Bank had 1,456 branches across India in 953 cities […]

Oct 13, 2011 (LBO) – Accelerating post-war growth and surging vehicle imports owing to tax cuts and better incomes will drive Sri Lanka’s leasing and hire purchase market, promoters of People’s Leasing Company’s share issue said. People’s Leasing, Sri Lanka’s largest leasing firm, plans to raise 70 million US dollars in an initial public offer […]

Oct 11, 2011 (LBO) – Sri Lanka’s Central Bank has issued directions to banks on an integrated risk management framework that will be effective in six months’ time. The guidelines are in addition to the risk management principles and rules required in regulatory and supervisory procedures and other market best practices of banks’ risk management, […]

Oct 10, 2011 (LBO) – Banks in countries like Sri Lanka could look at joint ventures with big Western financial institutions seeking to expand in emerging markets, a senior American banker said. Joint ventures between Western and local banks make better sense than big foreign banks trying to compete in emerging markets against local players, […]

Oct 10, 2011 (LBO) – A provision reversal at People’s Leasing Company which is going public next month came due to it following international financial reporting standards (IFRS), which do not permit general provisions, an official said. People’s Leasing is selling 390 million shares at 18 rupees a share. After the IPO the firm will […]