Category: Banking and Finance

Dec 01, 2008 (LBO) – Sri Lanka’s Standard Chartered Bank unit has reported a net profit increase of 55 percent to 1,803 million rupees in the 9-months ended September 2008, while revenues climbed 29 percent to 7,338 million rupees. The bank had gross assets of 78.9 billion rupees and net assets of 12.7 billion rupees […]

Nov 29, 2008 (LBO) – Sri Lanka’s Standard Chartered Bank unit says it was not directly affected by a court order which halted payments due under a hedge it arranged for a state-run oil distributor and said it welcomed a probe into the deal.Sri Lanka’s Supreme Court Friday ordered the country’s central bank to probe […]

Nov 28, 2008 (LBO) – Sri Lanka’s National Development Bank’s net profits for the September 2008 quarter rose 18 percent to 351 million rupees, interim accounts showed, while revenues climbed 20 percent to 3,169 million rupees. During the 9-months to September, performing loans and advances had growth 15 percent to 57.2 billion rupees. Total deposits […]

Nov 28, 2008 (LBO) – Sri Lanka’s Hatton National Bank group profits were up 6 percent to 807.3 million rupees with revenues up 16 percent to 9,665.3 million rupees in the 9-months to September, accounts filed with the Colombo Stock Exchange showed. Group gross assets were 256.5 billion rupees, up 6 percent from December 2007 […]

Nov 26, 2008 (LBO) – An Aston Martin car, believed to be one of few such vehicles in Sri Lanka has been seized following action filed by HSBC Bank, lawyers said. Sri Lanka’s banking sector has seen a spike in non-performing loans, after interest rates rose. The car had been seized Wednesday under an order […]

Nov 25, 2008 (LBO) – Profits at HSBC Sri Lanka has increased 94 percent to 1,664 million rupees in the first 9-months of 2008 despite large loan write-offs and rising interest expenses, published interim accounts showed. Interest income grew 22 percent to 14.1 billion rupees, interest expenses grew 31 percent to 6,450 million rupees while […]

WASHINGTON, November 24, 2008 (AFP) – The US government late Sunday vowed to protect struggling banking giant Citigroup against “unusually large losses” and give it 20 billion dollars from a financial rescue package approved by Congress. The announcement came after the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation reached an agreement with Citigroup […]

SINGAPORE, November 24, 2008 (AFP) – British-based Standard Chartered bank said Monday it plans to raise 1.78 billion pounds (2.66 billion US dollars) in a rights issue to better position itself during the global financial turmoil. Standard Chartered, which is listed in Hong Kong and London, says more than 90 percent of its operating income […]

Nov 24, 2008 (LBO) – Sri Lanka’s Hatton National Banks (HNB) micro finance default rate is lower than the bank average default rates due to the shame factor and peer pressure for villagers, says managing director Rajendra Theagarajah. He says there’s a myth that if the business is from the bottom of the pyramid, the […]

Nov 24, 2008 (LBO) – Sri Lanka’s Hatton National Banks (HNB) micro finance default rate is lower than the bank average default rates due to the shame factor and peer pressure from villagers, says managing director Rajendra Theagarajah. He says there’s a myth that if the business is from the bottom of the pyramid, the […]

Nov 20, 2008 (LBO) – A senior Sri Lankan central banker says the collapse of the global financial sector has underlined the value of real output and resources but that it could dampen consumption. Central Bank Deputy Governor W A Wijewardena said that the entire financial market is now going through turmoil. He was speaking […]

Nov 17, 2008 (LBO) – Fitch Ratings Lanka has confirmed People’s Leasing Company (PLC) national long-term rating at ‘A-(lka)’ with a stable outlook, but warned its aggressive loan growth was a concern. It also confirmed the ‘BBB+’ rating on PLC’s proposed unsecured subordinated debenture issue of up to a billion rupees, and the ‘F1’ short-term […]