Category: Banking and Finance

June 14, 2010 (LBO) –Indian Bank’s March quarter profits rose 32.4 percent to 296.3 million rupees on lower operating costs and reversals on provisions, while net interest margins shrank from lower interest income and dud loans rose, its accounts showed. In the March 2010 quarter, the Sri Lankan unit of Indian Bank said interest income […]

June 10, 2010 (LBO) – Sri Lanka’s Citizens Development Business Finance says it has maintained profitability and managed non performing loans last year in a tough operating environment and is now looking to expand. The firm has changed its financial year from December to March and posted revenues of 1.9 billion rupees for the 15 […]

June 08, 2010 (LBO) – Sri Lanka’s Nations Trust Bank has opened a branch in the former war zone of northern Jaffna whose economy is reviving with the end of the conflict. The bank said in a statement the branch, its 40th in the island, will provide residents in the north extended banking hours 365 […]

June 07, 2010 (LBO) – Sri Lankan banker Nilam Jayasinghe, a former chief of the Sri Lanka branch of CIMA, a UK accounting body, has been elected to its global council for a three year term. Jayasinghe, who is vice president finance planning and treasury at Sri Lanka’s NDB Bank will represent South Asia in […]

NEW YORK, June 3, 2010 (AFP) – Credit rating agencies came under fire for their role in the global financial crisis Wednesday, as US investigators grilled senior industry figures, including mega-investor Warren Buffett. Answering allegations that rating firms helped propel the sale of risky investments that poisoned the global financial system, senior officials from Moody’s […]

June 02, 2010 (LBO) – A 9.8 percent slice of Sri Lanka’s Commercial Bank of Ceylon was sold by 30 percent shareholder DFCC Bank to a foreign buyer for 5.8 billion rupees, brokers said. The 9.988 percent stake in Commercial Bank falls short of the 10 percent regulatory limit on bank shareholding set by the […]

June 02, 2010 (LBO) – Sri Lanka’s The Finance Company (TFC) cash flows have turned positive after a run on deposits in early 2009 and its real estate business has returned to profitability on higher sales, a senior official “The company has returned to normal and has a positive cash flow now,” Kamal Yatawara, chief […]

May 31, 2010 (LBO) – Sri Lanka’s banks have started to issue new credit cards ending a steady contraction seen during 2009, amid an overall growth in commercial bank loans to private businesses this year, official data show. In March 2010, bank credit to businesses rose 23 billion rupees, the strongest monthly growth since credit […]

May 31, 2010 (LBO) – Sri Lanka’s Commercial Leasing Company will raise 700 million rupees through a senior unsecured debenture which has been rated ‘A-(lka)’ with a ‘stable’ outlook, Fitch Ratings Lanka said. The balance was working capital loans secured by vehicle mortgages (9 percent of advances) and debt factoring (15 percent). Fitch said loan […]

May 28, 2010 (LBO) – Sri Lanka’s People’s Leasing Company, a unit of state-run People’s Bank is planning to raise 500 million rupees from a 4-year debenture which has been rated ‘A-(lka)’ Fitch Ratings Lanka said. “The proceeds from the issue will be utilised to fund the growth of PLC’s lease, hire purchase, and loan […]

May 28, 2010 (LBO) – Sri Lanka’s Deutsche Bank unit’s March 2010 quarter profits were flat at 235.2 million rupees on lower net interest income balanced by higher exchange income, published accounts showed. Deutsche Bank’s Sri Lanka unit’s gross assets grew 13 percent to 27 billion rupees. Deutsche Bank’s March quarter interest income fell 21 […]

May 25, 2010 (LBO) – Six new bank branches are to be opened next month in Sri Lanka’s northern province which is recovering from the effects of war, the Central Bank said. “Six new bank branches will be opened in the Northern Province on June 07 to facilitate economic activities in the area,” it said […]