Category: Banking and Finance

Aug 17, 2010 (LBO) – Hatton National Bank (HNB) group June quarter profits rose 22 percent to 1.22 billion rupees from high interest margins and higher fee based income, while loan loss provision costs had also come down, a stock exchange filing showed. In June quarter 2010, interest income was down 16 percent to 7.57 […]

Aug 16, 2010 (LBO) – Sri Lanka’s Housing Development Finance Corporation (HDFC) Bank group June 2010 quarter profits fell 96 percent to 5.3 million rupees from a year ago owing to lower revenues and higher finance costs, interim results showed. HDFC group’s gross assets rose 6.7 percent to 15.1 billion rupees. The state-owned HDFC Bank […]

Aug 16, 2010 (LBO) – Fitch Ratings has withdrawn the ratings of six Sri Lankan Regional Development Banks (RDBs) upon their merger and upgraded those of two which it said reflects its views on the rating of the merged bank. The merged entity with an asset base of 42 billion rupees as at end-June 2010 […]

Aug 13, 2010 (LBO) – Sri Lanka’s Environmental Resources Investments (ERI) made a profit of 44 million rupees in the June quarter from higher sales from Ceylon Leather Products Limited (CLPL) and a brokering firm acquisition, its interim results showed. The move followed unusual price swings and heavy trading in certain stocks including ERI warrants. […]

Aug 11, 2010 (LBO) – Sri Lanka’s NDB Investment Bank (NDBIB) said it has raised over eight billion rupees in the capital market for corporate clients during the first half of 2010. The bank’s Corporate Advisory Division has just concluded the Initial Public Offering of PC House Limited, with the issue being oversubscribed by over […]

Aug 05, 2010 (LBO) – Sri Lanka’s Nations Trust Bank’s (NTB) net profit for the June 2010 quarter rose 86 percent to 280 million rupees as interest margins improved, a stock exchange filing said. “The second quarter 2010 represents the fourth consecutive quarter since September 2009 in which NTB has reported continued growth,” chief executive […]

Aug 03, 2010 (LBO) – Fitch Ratings Lanka said it has confirmed National Development Bank’s (NDB) National Long-term rating at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’. “The ratings reflect NDB’s strong financial profile relative to its peers,” a statement said. “The ratings are however constrained by […]

Aug 02, 2010 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) and a micro financier attached to a charity are teaching relatives of foreign migrant workers to set up and run small income generating businesses. “People themselves hand carry or they send through their friends and family members,”Nanayakkara said. “So what happened is the […]

Aug 02, 2010 (LBO) – The number of credit cards issued by Sri Lanka’s banks picked up slightly in May 2010 from the previous month but total credit contracted as banks remained cautious, latest data showed. Total credit given through cards fell to 29.9 billion rupees in May 2010 from 30.2 billion in April 2010 […]

Aug 02, 2010 (LBO) – People’s Leasing Finance Company wants to raise 568 million rupees via a one-to-one rights issue to meet capital adequacy requirements, a stock exchange filing said. The 22.7 million rights issue will be priced at 25 rupees per share, to raise 568 million rupees to boost the firm’s core capital. “The […]

Aug 02, 2010 (LBO) – Fitch Ratings Lanka said it has downgraded Commercial Bank’s National Long-term rating to ‘AA(lka)’ from ‘AA+(lka)’ and its individual rating to ‘D/E’ from ‘D’ with a stable outlook. The agency has also downgraded the rating on the bank’s subordinated debentures to ‘AA-(lka)’ from ‘AA(lka)’ and simultaneously confirmed its Support rating […]

Aug 02, 2010 (LBO) – Sri Lanka’s Commercial Bank net profit for the June 2010 quarter rose 7. 5 percent to 1.2 billion rupees from a year ago with a sharp fall in interest expenses, a stock exchange filing said. Total income was down 10 percent to 9. 9 billion rupees in the quarter, the […]