Kapila Jayawardena appointed to Seylan Bank board

Published : 12:00 am  August 8, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,310 views  |  

Former CEO and Country Head of Citibank and present Group MD of LOLC Kapila Jayawardena has been appointed to the board of Seylan Bank. This announcement was made through a press release to the CSE by the bank. A former Chairman of the Sri Lanka Bank’s Association, Kapila is a top corporate and investment banker in the country with an exceptional track record. His tenure as CEO of Citibank was the golden years for the bank, with rapid growth in assets and profitability. His move to LOLC to head the group saw LOLC rapidly diversifying from a mere leasing company and moving into key growth areas like leisure and insurance. Analysts are of the view that his expertise in investment banking and... 


Ceylinco Insurance – General heads for yet another promising year

Published : 12:00 am  August 8, 2013  |  Category: Financial Services  |  Leave a Comment  |  717 views  |  

Posts impressive 1H results with premium incomesurpassing Rs.5.7 b Laying the firm foundation for yet another successful year, Sri Lanka’s insurance giant, Ceylinco Insurance, declared impressive results for the first half of 2013. “The first half of 2013 saw the company record a total premium income of Rs. 11.2 billion, with the General and Life Divisions contributing a mammoth Rs. 5.8 billion and Rs. 5.4 billion, respectively,” Senior Assistant General Manager – Marketing Senaka Rajapakse stated, announcing the company’s striking results. Living up to its promise of timely settlement to customers, Ceylinco Insurance – General has already paid out Rs. 3.1 billion as claims during... 


Secondary market bond activity dries up as yields hold steady

Published : 12:00 am  August 8, 2013  |  Category: Financial Services  |  Leave a Comment  |  288 views  |  

By Wealth Trust Securities Activity in secondary bond markets dried up yesterday as yields closed the day mostly unchanged following a three-and-a-half-year bond auction. At the auction where an amount of Rs. 1 b was on offer, an amount of Rs. 1.6 b was accepted out of Rs. 2.97 b worth of total bids received at a weighted average (WAvg) of 10.87%. A wait-and-see approach by most market participant ahead of next week’s monitory policy announcement due on 16 August coupled with the shortened week were seen as the reasons behind the lackluster environment in markets. The liquid two five-years (i.e. 1 April 2018 and 15 August 2018) were the actively quoted maturities at levels of 11.28/32 and 11.34/38... 


Commercial Bank steps up efforts to support SMEs

Published : 12:00 am  August 8, 2013  |  Category: Financial Services  |  Leave a Comment  |  678 views  |  

n Dedicated processing centre and automation to expedite disbursement of loans The Commercial Bank of Ceylon, the largest lender to Sri Lanka’s small and medium enterprise (SME) sector in 2012, has announced the establishment of a dedicated centre exclusively for the processing of loan applications from SMEs. The work of the centre, which is in Colombo, will supplement the processing done by the bank’s country-wide branch network, and will be facilitated by an on-going initiative to automate the processing of such applications to expedite disbursement of funding, the bank said. Commercial Bank’s loan portfolio stood at Rs. 390 billion at the end of 1Q 2013. Already accounting for a significant... 


Sinhaputhra Finance records 36% profit increase while industry ROE falls by 50%

Published : 12:00 am  August 8, 2013  |  Category: Financial Services  |  Leave a Comment  |  348 views  |  

Cautioned by 34 years of financial experience, Sinhaputhra grew slower than the industry stock growth of 23.1% vs. 15.27%. While for the industry, it was a fall of 36% from the growth rate of the year before, for Sinhaputhra, it was a relatively lower fall of 21%, reflecting the general fall in stock growth of the industry. An in-house recovery team was deployed 3-5 days of the week in the field with motorcycles and tablet PCs and gave the recovery an edge and marketing a solid new clientele. The profits of Rs. 72 million versus 52 million reported last year were calculated under the new Sri Lanka Financial Reporting Standards (SLFRS) which reflect a more current and futuristic balance sheet,... 


New Indian High Commissioner to Sri Lanka Y.K. Sinha paid a courtesy call on Central Bank Governor Ajith Nivard Cabraal

Published : 12:00 am  August 7, 2013  |  Category: Financial Services  |  Leave a Comment  |  880 views  |  

New Indian High Commissioner to Sri Lanka Y.K. Sinha paid a courtesy call on Central Bank Governor Ajith Nivard Cabraal on 2 August at the Central Bank of Sri Lanka  Read More →


364-day bill WAY up for the first time in 11 weeks

Published : 12:00 am  August 7, 2013  |  Category: Financial Services  |  Leave a Comment  |  501 views  |  

By Wealth Trust Securities The weighted average (WAY) on the 364-day bill increased for the first time in 11 weeks at yesterday’s weekly Treasury bill auction. The increase was 5 basis points to record a weighted average of 10.57%. Once again, the amount accepted was higher than the initial offered amount of Rs. 12 billion by Rs. 5.6 billion, while the 91-day and 182-day bills were not on offer for a second consecutive week. Subsequent to the release of the auction results, selling pressure was witnessed in secondary bond markets with the liquid two five year maturities (i.e. 1.4.2018 and 15.8.2018), hitting intraday highs of 11.31% and 11.36% respectively on the back of thin volumes while... 


People’s Bank rewards 25 Parinatha account holders with pilgrimage to India

Published : 12:00 am  August 7, 2013  |  Category: Financial Services  |  Leave a Comment  |  629 views  |  

People’s Bank draw for the Parinatha account holders was held recently at the People’s Bank head office in Colombo and 25 lucky winners were rewarded a pilgrimage to India. Buddhist pilgrims were offered the opportunity to visit Bodhgaya while Hindu and Catholic pilgrims will be taken to visit Thirupathy and Velankanni respectively. Muslim pilgrims are offered a visit to a preferred place of worship in India while those who are not participating in the pilgrimage will be given a sum of Rs. 75,000. People’s Travels, a subsidiary of People’s Bank, organises these pilgrim tours ensuring luxurious comforts and safety to all passengers. Account holders who maintained an account balance of... 


StanChart profit sags after $ 1 b hit on Korean business

Published : 12:00 am  August 7, 2013  |  Category: Financial Services  |  Leave a Comment  |  487 views  |  

LONDON (Reuters): Asia-focused bank Standard Chartered took a $ 1 billion hit on the value of its Korean business on Tuesday, dragging first-half profit down by 16%. The UK-listed bank, which makes more than 90% of its profit in Asia, Africa and the Middle East, said markets remained challenging and reiterated that it would miss its usual target of 10 revenue growth. Like larger rival HSBC, Standard Chartered is suffering from a slowdown in emerging markets with Singapore and China, excluding Hong Kong, all posting drops in profit and Korea posting a loss. Overall, Standard Chartered reported a pre-tax profit of $ 3.3 billion for the six months to the end of June, down from $ 3.9 billion a year... 


Raghuram Rajan appointed as next RBI Governor

Published : 12:00 am  August 7, 2013  |  Category: Financial Services  |  Leave a Comment  |  503 views  |  

Reuters: The Government has appointed Raghuram Rajan, the Chief Economic Adviser in the Finance Ministry, to be the next Governor of the Reserve Bank of India for a three-year term, a statement by the Finance Minister said on Tuesday. Rajan will replace Duvvuri Subbarao, whose tenure ends on 4 September after five years. Rajan joined the Government last August, having previously been Chief Economist at the International Monetary Fund and a Professor at the University of Chicago.  Read More →


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