Category: Banking and Finance

Nov 17, 2008 (LBO) – Sri Lanka’s Pan Asia Bank Corporation said net profit for the September quarter grew 14 percent to 46 million rupees, with tax costs shooting up and foreign exchange gains falling. Revenues for the September quarter had increased by 32 percent or 200 million to 816 million rupees. Interest expenses for […]

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 […]

Nov 15, 2008 (LBO) – Fitch Ratings Sri Lanka has confirmed a BB+(lka) long term rating of Trade Finance and Investment Ltd (TFI) with a stable outlook. “TFI’s rating factors its high capitalisation in terms of its size of operations and good profitability,” Fitch Ratings said. “The rating is constrained by TFI’s small asset base, […]

Nov 14, 2008 (LBO) – Fitch Ratings Sri Lanka has confirmed Seylan Merchant Leasing PLC’s (SML) ‘BB+ (lka)’ long term rating with a ‘stable’ outlook. “SML’s rating reflects its modest financial profile, short operating history and small asset base,” Fitch said. “The rating also factors in the implied support assumed to be available from its […]

LONDON, November 3, 2008 (AFP) – Finance minister Alistair Darling announced the creation of a new arms-length body Monday that would manage the British government’s investments in three high street banks bailed out last month. Speaking to a Treasury department committee hearing earlier, the finance minister also made clear he expected all British banks — […]

Nov 04, 2008 (LBO) – The Merchant Bank of Sri Lanka (MBSL) group net profit for the September quarter fell by 26.5 percent to 42.8 million rupees from a year ago as it was affected by sharply higher interest and other costs. Total group income for the September quarter rose 13.9 percent to 409 million […]

Nov 03, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said September quarter net profit fell 15 percent to 136 million rupees from a year ago despite strong growth in net interest income and non-interest income.NTB’s non-interest expenses in the September quarter also rose sharply amid high inflation and rising staff numbers. Personnel costs […]

WASHINGTON, October 30, 2008 (AFP) – A banking industry trade group Thursday voiced concern about government pressure on banks to accept public capital injections “they did not seek and do not need.” The American Bankers Association (ABA), the largest industry group, said its members were growing increasingly concerned about the Treasury’s Capital Purchase Program, which […]

Oct 29, 2008 (LBO) – Sri Lanka’s credit information bureau has got new powers to track utility bills, insurance and pension fund payments, under an amendment to its law passed in parliament. Credit Information Bureau (CRIB) officials said the legal amendments and modernisation of its information system will enable it to collect information on any […]

Oct 29, 2008 (LBO) – Sri Lanka’s Sampath Bank said in a stock exchange filing that it has called off a rights issue after shareholders voted against it at an extraordinary general meeting Wednesday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The one for four rights […]

Oct 28, 2008 (LBO) – Sri Lanka Orix Leasing has linked with Dutch development financier FMO to expand its micro finance with 10 million US dollar loan and equity injection, officials said.LOLC Micro Finance is getting a 2.0 million US dollar equity injection from FMO for a 20 percent stake.FMO will pump in a further […]

Oct 27, 2008 (LBO) – Stopping the flow of funds for terrorist activities is a key part of the effort to fight terrorism, Sri Lankan central bank governor Ajith Nivard Cabraal said Monday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “If we can stop the funding […]