Category: Banking and Finance

Mar 10, 2011 (LBO) – Sri Lanka’s banking regulator is examining bonuses and compensation packages of bankers to see if they are excessive with the aim of limiting them if necessary, a central bank report said. “Directions on integrated risk management and Pillar II of Basel II which relate to additional prudential requirements following the […]

Mar 10, 2011 (LBO) – Sri Lanka’s Sampath Bank said it plans to set up 40 branches this year, including some in the former north-east war zone, hire more staff and look for mergers as margins get thinner. Sampath Bank chairman I W Senanayake said they opened 40 new branches in 2010 alone, adding to […]

Mar 08, 2011 (LBO) – Sri Lanka’s Fitch Ratings said it had confirmed a ‘BB-(lka)’ rating of Edirisinghe Trust Investment Ltd’s (ETI), a registered finance company, with a ‘stable’ outlook. “ETI’s rating reflects its relatively weak core equity position and large exposure to real estate investments,” the rating agency said. “It also takes into account […]

Mar 07, 2011 (LBO) – South Asian financial sector professionals should share experiences and build networks to provide support in future in handling financial risks, a central bank official told a meeting in Sri Lanka. “Highly competitive global financial markets have created unprecedented levels of volatility which in turn has highlighted importance of proper risk […]

Mar 03, 2011 (LBO) – Sri Lanka’s state-run Bank of Ceylon group said profits for the December 2010 quarter grew 77. 5 percent to 2,107 million rupees and the full year net was up 102 percent to 3,299 million amid high loan growth and wider margins. The group also contained operating costs with non-interest expenses […]

Mar 02, 2011 (LBO) – Sri Lanka’s Seylan Bank now being restructured under regulatory supervision said will raise 4. 6 billion rupees (42.6 million US dollars) from shareholders by the sale of new voting and non-voting shares. The bank will issue 43.33 million voting shares at 75 rupees in the proportion of one new share […]

Mar 01, 2011 (LBO) – Sri Lanka’s Lanka Orix Finance Company outlook has been lowered from ‘stable’ to ‘negative’ on weak capitalization following rapid growth, Fitch Ratings said. It’s national long-term rating has been confirmed at ‘A-(lka). The company’s capitalization, as measured by equity to assets, had decreased to 9.2 percent at year ended March […]

Mar 01, 2011 (LBO) – Sri Lanka’s Senkadagala Finance, a registered finance company, has been given the nod to list on the second board of Colombo Stock Exchange through the ‘introduction’ process the bourse said in a statement. Sri Lanka’s finance companies have been asked to list on the stock exchange by the Central Bank, […]

Mar 01, 2011 (LBO) – Sri Lanka’s Lanka Orix Leasing Company has been downgraded by one notch to ‘A-(lka)’ by Fitch Ratings, with a ‘negative’ outlook on higher debt funded equity investments in group firms. Fitch said it had also downgraded an LOLC’s proposed commercial paper to ‘F2(lka)’ from ‘F(lka)’ and withdrawn the rating. “The […]

Feb 28, 2011 (LBO) – Sri Lanka’s Hatton National Bank said group net profit for the December 2010 quarter was up two percent to 1. 87 billion rupees from a year ago with sharp gains in fee income. A stock exchange filing said HNB’s group net profit for the full financial year ending December 31, […]

Feb 28, 2011 (LBO) – Sri Laka’s Seylan Bank, under regulatory re-structuring reported a 387. 2 million rupee profit for the December quarter from a loss of 30. 4 million a year earlier, helped by foreign exchange profits and cost controls. Full year profits rose 176 percent to 1,207 million rupees. The group reported earnings […]

Feb 28, 2011 (LBO) – RAM Ratings Lanka has assigned a long-term BBB rating to Union Bank with a stable outlook and a short-term rating of P3, a statement said. “The ratings are premised on the bank’s healthy capitalisation as well as adequate funding and liquidity positions,” the rating agency said. “On the other hand, […]