Category: Banking and Finance

Aug 05, 2011 (LBO) – Sri Lanka’s NDB Bank has appointed Hemaka Amarasuriya, former chairman of Singer Sri Lanka, and Softlogic group chief Ashok Pathirage as deputy chairman. The appointments were made on August 04, the bank said in a statement. Amarasuriya was also vice president of Singer Asia and Retail Holdings Limited of USA. […]

Aug 05, 2011 (LBO) – Sri Lanka’s Nations Trust Bank group June 2011 quarter profits rose 29 percent to 360 million rupees helped by a provision reversal and lower taxes, despite a squeeze in margins on its loan book, interim accounts showed. The bank reported earnings of 1.55 rupees for the quarter and 2. 58 […]

Aug 04, 2011 (LBO) – Malaysia’s CIMB financial group has formed a joint venture in Sri Lanka to target investors in East Asia as the island’s growth picks up after a 30-year war and opportunities come up in areas including infrastructure, officials said. CIMB Holding group will hold 51 percent of the Sri Lanka venture […]

Aug 02, 2011 (LBO) – Fitch Ratings Lanka has confirmed Commercial Bank’s (CB) national long-term rating at ‘AA(lka)’ with a stable outlook and also confirmed its subordinated debentures at ‘AA-(lka)’. “CB’s ratings reflect its solid domestic franchise, sound profitability and its strong capital position,” a statement said. Fitch noted that the bank has arrested the […]

Aug 01, 2011 (LBO) – Amana Bank, Sri Lanka’s first licensed commercial bank to operate under Islamic ‘Shariah’ laws has opened its doors in Colombo and fourteen other branches, the firm said. The bank has 14 branches with its main office in Colombo 03 and other branches in Colombo’s Pettah commercial area, Kandy, Kurunegala, Akurana, […]

Aug 01, 2011 (LBO) – Sri Lanka Citizens Development Business Finance’s net profit shot up 132 percent to 80 million rupees in the June 2011 quarter from a year ago, according to a Colombo stock exchange filing. Interim accounts showed sharp increases in interest income and earnings from leasing and hire purchase amid loan growth […]

Aug 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) national long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating is at the highest end of the national rating scale and reflects the financial strength of Standard Chartered Bank PLC (SCB),” a statement said. “The rating is […]

July 29, 2011 (LBO) – India’s central bank has asked regional banks to be careful when dealing with people and entities from Sri Lanka after an international anti money laundering body listed the island as having insufficient compliance, a media report said. India’s Hindu newspaper said the country’s regional rural banks have been advised to […]

July 28, 2011 (LBO) – Sri Lanka’s Sampath Bank group’s net profits in the June 2011 quarter rose 52 percent to 1. 13 billion rupees from a year earlier partly helped by a provision reversal amid strong loan growth, provisional accounts showed. The group reported 7.26 rupees of earnings per share for the quarter. Interest […]

July 28, 2011 (LBO) – Sri Lanka’s Seylan Bank group lost 303. 9 million rupees in the June 2011 quarter against 311 million profits a year earlier hit by a 700 million rupee voluntary retirement charge. The group said it made a loss of 4. 79 rupees per share. Seylan Bank group said interest income […]

July 28, 2011 (LBO) – Sri Lanka’s Pan Asia Bank net profits for the June 2011 quarter rose 152 percent to 210 million rupees driven by strong loan growth including gold backed loans and leases, the bank said. The bank reported earnings of 71 cents per share for the quarter. Interest income for the quarter […]

July 27, 2011 (LBO) – Sri Lanka’s Ceylease Financial Services Ltd’s (CFSL), a unit of the state-run Bank of Ceylon group rated ‘BB+(lka)’ has been placed on ‘rating watch evolving’ by Fitch Ratings Ltd ahead of a possible merger. “Conversely, a decrease in BOC’s effective shareholding through, for example, a divestment of the merged entity […]