Trade Finance and Investments increases PBT to Rs. 147 m

Published : 12:03 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  801 views  |  

Trade Finance and Investments PLC (TFI) which has been an active medium scale finance company in Sri Lanka has completed yet another solid financial year, successfully launching its operations throughout the financial year while extending their efficient services to the customers. TFI being the trusted, humane, customer friendly and stable finance company has accounted for a sound gross Income of Rs. 295 million, for the financial year ending 31st March 2013, with a boost of 40% compared to the previous year. The company has also managed to increase its interest income from 42% compared to the previous year which comes to Rs 257 million. The interest income from finance leases amounts to 56%... 


Secondary market bond yields edge up marginally ahead of weekly auction

Published : 12:02 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  277 views  |  

By Wealth Trust Securities Secondary market bond yields edged up marginally yesterday in thin trade ahead of this week’s Treasury Bill auction due today. At the auction, the offered amounts were equal to the past four weeks with Rs. 1 b on offer on the 91 day, Rs. 2 b on the 182 day and Rs. 9 b on the 364 day maturities. At last week’s auction weighted averages (WAvg) dipped on the 182 day and 364 day maturities by 10 basis points (bp) and 19 bp respectively to 9.70% and 10.66% while the WAvg on the 91 day maturity remained unchanged at 8.66%. In secondary bond markets, activity once again surrounded the liquid two five year maturities (i.e. 1 April 2018 and 15 August 2018) as its yields... 


Janashakthi opens Colpetty branch to service Life

Published : 12:01 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  707 views  |  

Janashakthi, Sri Lanka’s leading insurer, opened the Colpetty branch to offer Life Insurance services exclusively. Located on Galle Road, Colombo 3, the branch offers convenience to customers in a state-of-the-art environment. Chandra Schaffter, Deputy Chairman of Janashakthi Insurance officially opened the Colpetty branch in the presence of members of Janashakthi’s senior management and special guests. Speaking at the opening ceremony, Chandra Schaffter, Deputy Chairman of Janashakthi Insurance said: “Life Insurance is an integral investment to any individual who desire to lay a solid foundation for their loved ones to inherit a secure future. With the opening of the Colpetty branch, we... 


Fitch assigns NDB ‘B+’/Stable international rating

Published : 12:01 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  416 views  |  

Fitch Ratings has assigned Sri Lanka-based National Development Bank PLC (NDB) long-term foreign- and local-currency Issuer Default Ratings (IDRs) of ‘B+’ with Stable Outlooks. Fitch has also assigned NDB a ‘b+’ Viability Rating (VR), a Support Rating (SR) of ‘4’, and Support Rating Floor (SRF) of ‘B’. A full list of rating actions is provided at the end of this commentary. Key rating drivers NDB’s LT IDR reflects its standalone risk profile and satisfactory track record as a project financing institution with historically stronger capitalisation, asset quality and profitability compared with other major financial institutions in Sri Lanka. However, these strengths are counterbalanced... 


HNB Assurance appoints new Director

Published : 12:01 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  549 views  |  

The Board of Directors of HNB Assurance PLC have appointed Dilshan Rodrigo as a Non-Executive Director with effect from 1st July 2013. Rodrigo is currently the Chief Operating Officer of Hatton National Bank PLC and an appointed Director of Acuity Securities Ltd. He is a senior banker with extensive experience in retail banking, finance, institutional banking and risk management in leading local and foreign commercial banks operating in Sri Lanka. He is a member of the Sri Lanka Institute of Directors, an Alternate Director for the Credit Information Bureau and holds several Directorships in subsidiary companies of the bank.  He was elected Chairman for a two year period of the Asian Banker’s... 


Mahes Amarasekara appointed Deputy MD of Mercantile Investments and Finance

Published : 12:01 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  934 views  |  

Mercantile Investments and Finance PLC announced the appointment of Executive Director Pathiranage Mahes Amarasekara as Deputy Managing Director (DMD) of the company with effect from 28 June 2013. Amarasekara was first appointed to the Board on 1 December 1995 and subsequently held the position of Director – Recoveries prior to his new appointment.  He possesses almost 28 years’ experience in the financial service sector and is also a Director of Security Ceylon Ltd.  Read More →


Jayadiri from Lankaputhra Development Bank for young entrepreneurs

Published : 12:01 am  July 3, 2013  |  Category: Financial Services  |  Leave a Comment  |  519 views  |  

Lankaputhra Development Bank, a fully-fledged Government bank, launched the Jayadiri loan for young entrepreneurs who have started to climb the ladder of success. The loan scheme not only offers financial assistance away from traditional collateral based lending but also provides knowledge and advice on how to start and develop a business successfully. The loan scheme is for youngsters who want to start a business of their own and succeed. As a Government bank Lankaputhra Development Bank carefully planned the loan scheme to cater to the needs of the youth who are business minded but lack financial resources. Recently the first loan under Jayadiri was disbursed to an entrepreneur who plans to... 


ATML launches ASTRUE Money Market Fund

Published : 12:00 am  July 2, 2013  |  Category: Financial Services  |  Leave a Comment  |  672 views  |  

Asset Trust Management Ltd. (ATML), a renowned market intermediary registered with the Securities and Exchange Commission of Sri Lanka (SEC), launched its second mutual fund ASTRUE Money Market Fund on 27 June 2013. Following the successful performance of its first fund, the ASTRUE Gilt-Edged Fund, ATML is now licensed by the SEC to operate the ASTRUE Money Market Fund which will take advantage of short term opportunities in fixed income securities such as Treasury Bills, Bonds, Government backed Securities, corporate debt instruments and fixed deposits. ASTRUE Unit Trusts are managed by a dynamic team of investment management professionals with substantial experience in wealth management. The... 


People’s Bank launches upgraded online, mobile banking

Published : 12:00 am  July 2, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,255 views  |  

People’s Bank which has Sri Lanka’s largest branch network further enhances its customer convenience by enabling both mobile and internet banking to its customer base of over 13 million. The services enable the bank’s customers to have access on the go, to all of the bank facilities without the hassle of having to travel to a bank branch. The improved phone and online banking services include utility payments, fund transfers, cheque transaction details and cheque book ordering to name a few . With no registration or annual fee, People’s Bank customers can now enjoy both security and efficiency in carrying out transactions from wherever they are. Commenting on the facilities available... 


Ceylinco Life opens 246th branch at Aralaganwila

Published : 12:00 am  July 2, 2013  |  Category: Financial Services  |  Leave a Comment  |  571 views  |  

Ceylinco Life recently opened a branch at Aralaganwila in the Polonnaruwa District, increasing its branch network in Sri Lanka to 246. Located at 26/14, New Town, Aralaganwila, the new office will have a staff of 12 to serve the life insurance-related needs of the community, whose principal livelihood is paddy cultivation. Ceylinco Life Managing Director/CEO R. Renganathan who officiated at the formal opening, said towns like Aralaganwila are important to the company’s mission of extending the protection offered by life insurance to the masses of Sri Lanka. “Ceylinco Life has always maintained the largest branch network in Sri Lanka’s insurance sector, because we never lose sight of our... 


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