Category: Banking and Finance

May 24, 2010 (LBO) – Loans to private borrowers from Sri Lanka’s commercial banks grew 23 billion rupees in March, the biggest monthly gain since credit started to grow last September, official data shows. Central bank credit to government, which surged 30 billion in February, fell back to 100 billion rupees in March. Sri Lanka’s […]

May 24, 2010 (LBO) – Fitch Ratings Lanka has upgraded the ratings of two regional development banks (RDBs) and confirmed those of four others as their financial health improved or remained stable, it said in a statement. The rating on Kandurata Development Bank (KDB) was upgraded to ‘BBB+(lka)’ from ‘BBB(lka)’; and outlook revised to stable, […]

May 21, 2010 (LBO) – Inward remittances handled by Sri Lanka’s Bank of Ceylon (BOC) rose 22.7 percent in April 2010 despite other private commercial banks eating into its market share, a senior official said. “We see that our inward remittances are growing because people are sending hard currencies for savings and investments,” Gamini Wickramasinghe, […]

May 20, 2010 (LBO) – Sri Lanka’s HDFC Bank’s profits for the March 2010 quarter soared to 224 million rupees turning around from a loss of 52 million a year earlier, as the firm recovered defaulted loans backed by pension fund balances. HDFC provided 40 million rupees for loan losses in the quarter up from […]

May 18, 2010 (LBO) – Ram Ratings Lanka said it had confirmed the ‘BB’- long term rating and NP short term rating of Sri Lanka’s Multi Finance Company Limited (MFL) and withdrawn it at the firm’s request. “On a related note, MFL’s performance has remained weak, burdened by hefty overheads.” Ram said while a one-off […]

May 18, 2010 (LBO) – Central Finance Company Limited (CFCL) group March quarter profits dipped 11 percent to 298.2 million rupees due to a steep jump in tax costs from a year ago, a stock exchange filing said. For the full year profits had dipped 7.1 percent to 1.0 billion rupees, its accounts showed. In […]

May 17, 2010 (LBO) – Sri Lanka’s Bank of Ceylon March quarter profits fell 13.2 percent to 664.7 million rupees from a year ago on lower foreign exchange income, while interest margins widened from lower interest expenses, its accounts showed. In the March quarter the group made a general provision of 334.4 million rupees, up […]

May 16, 2010 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said group profits grew 24 percent in the March 2010 quarter to 1,107 million rupees from a year earlier as interest margins improved and loan loss provisions fell. Amid low loan growth the group’s government securities held-to-maturity portfolio rose to 106 billion rupees from […]

May 14, 2010 (LBO) – HSBC’s Sri Lankan unit’s March quarter profits rose 103 percent to 1.41 billion rupees from higher foreign exchange and fee-based incomes despite lower net interest margins and higher operating expenses, the accounts showed. Gross assets rose 7.1 to 174 billion rupees, HSBC Sri Lanka’s March accounts showed. HSBC Sri Lanka’s […]

May 14, 2010 (LBO) – Sri Lanka’s NDB Bank’s group net profit for the March 2010 quarter fell 34 percent to 299 million rupees from a year ago with interest income down but non-interest income increasing, latest accounts showed. Total income fell 13 percent to 3.1 billion rupees in the quarter, according to a stock […]

May 13, 2010 (LBO) – Sri Lanka’s Hatton National Bank (HNB) group profit fell nine percent to 650 million rupees in the March 2010 quarter from a year ago as it reduced lending slightly, a stock exchange filing said. Total income fell 11 percent to 8.99 billion rupees, the bank’s accounts showed. Interest income fell […]

Mar 13, 2010 (LBO) – Sri Lanka’s Nations Trust Bank group said profits were up 19 percent to 214 million rupees in the March 2010 quarter from a year earlier and loans have also started to grow amid lower interest rates. “The bank is financially strong with its funding and capital position in excellent shape. […]