Union Bank supports SME development

Published : 12:01 am  November 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  519 views  |  

Union Bank of Colombo PLC continues to strengthen the Bank’s focus in the SME sector through customised development workshops across the country to help SME’s manage their business operations. During October, free educational workshops were conducted in Ambalangoda, Ambalantota, Horowpathana and Gampaha, reiterating the bank’s commitment to the SMEs. The workshops address areas of entrepreneurship, finance, marketing, information technology, process management, human resource development and interactive education sessions which were also made available to support the varying needs of SMEs. The workshops also provide a platform for entrepreneurs to exchange business information and ideas. Union... 


Seylan Bank ties-up with NEDA

Published : 12:01 am  November 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  394 views  |  

Seylan Bank PLC partnered the National Enterprises Development Authority (NEDA) to enhance skills of SME sector entrepreneurs to transform their businesses to the next level. Through this partnership, Seylan Bank will offer its SME clients a range of benefits which will also include free access to the web portal of NEDA. Seylan Bank has been in the forefront of SME Banking since its inception in 1987 with a wide network of over 150 outlets to support SME entrepreneurs which play a pivotal role in the economic development of the country. SMEs represent 80% of the businesses and provide 35% of total employment. These enterprises, mostly family owned or run by a single person are highly vulnerable... 


HNB Assurance first in industry to top 25,000 FB fans

Published : 12:01 am  November 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  373 views  |  

Innovative insurance solutions provider HNB Assurance PLC recently hit the 25,000 fans mark on its interactive Facebook page, HNB Assurance’s General Manager Marketing & Distribution of HNB Assurance Lalith Fernando stated: “While launching our new corporate campaign ‘Take on Tomorrow’ we also thought of expanding our stakeholder engagement on social media in line with our new campaign to spread the message  of this latest campaign to our stakeholders since we believe that social media is a medium with a great potential of engaging customers in Sri Lanka and we have taken a pioneering role in the competitive Insurance industry in Sri Lanka. We have developed a sustained approach... 


Fitch affirms Central Finance at ‘A+’, rates debenture

Published : 12:01 am  November 17, 2013  |  Category: Financial Services  |  Leave a Comment  |  472 views  |  

Fitch Ratings Lanka has affirmed Central Finance Company PLC’s (CF) National Long-Term Rating at ‘A+(lka)’ and assigned its proposed listed senior secured debenture of up to Rs. 2 billion an expected National Long-term Rating of ‘A+(lka)(EXP)’. The Outlook is Stable. Fitch has also affirmed CF’s senior unsecured debt at ‘A+(lka)’ and subordinated debt at ‘A(lka)’. The proposed issuance is expected to have a tenor of between three and five years, with a fixed-rate coupon. CF expects to use the proceeds to fund lending growth. The final rating on the debenture is subject to the receipt of final documentation conforming to information already received. Key rating drivers CF’s... 


NDB ups nine-month PAT by 229% to Rs. 7.6 b

Published : 12:22 am  November 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  680 views  |  

Amidst an industry climate characterised by stiff competition, National Development Bank PLC (NDB) recorded a profit after tax of Rs.7.6 billion for the nine months ended 30 September 2013, a 229% growth compared to the comparative nine months in 2012. This outcome was a combination of a healthy net interest income and a significant net equity income. The bank was able to achieve Net Interest Income of Rs.5.2 billion, which was a commendable 27% growth, despite the low interest regime. The NII achievement was also challenged by the relative stagnant credit growth prevalent in the industry. The net fee and commission income of Rs.1.1 billion was another positive contributor to the bank’s Profit... 


Union Assurance continues growth momentum in 2013 3Q

Published : 12:22 am  November 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  689 views  |  

Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, maintained its growth momentum in both turnover and profits for the nine months ended 30 September 2013. UA reported a 10% growth in combined gross written premiums and 31% growth in profit after tax compared to the same period of the previous year. The combined Gross Written Premium (GWP) increased by Rs. 697 million to Rs. 7.7 billion in the 3rd quarter 2013 from Rs. 7 billion in the corresponding period. Non-life insurance GWP recorded a growth of 14% from Rs. 3.3 billion in 2012 to Rs. 3.8 billion in 2013, which was above the industry average for the period. Both corporate and retail customer segments and all... 


Stock market sustains gain

Published : 12:21 am  November 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  571 views  |  

Reuters: Stocks rose for a second straight session on Thursday, led by large caps like Nestlé Lanka PLC and foreign inflows, while most investors were on the sidelines due to concerns over poor earnings. The main index closed up 0.22%, or 13.01 points, at 5,829.05. Foreign investors were net buyers of Rs. 36.6 million of shares on Thursday, extending the year-to-date net foreign inflow to Rs. 22.5 billion worth. Shares in Nestlé Lanka rose 1.19% to Rs. 1,973.30 in low volume trading, while conglomerate John Keells Holdings fell 0.10% to Rs. 208.40. Stockbrokers said investors were worried about September-quarter earnings. Many listed firms are expected to release their quarterly earnings this... 


Secondary market bond yields dip for first time in three days

Published : 12:21 am  November 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  532 views  |  

By Wealth Trust Securities Secondary market bond prices which move inversely to yields rallied yesterday for the first time in three days as buying interest returned to markets. Once again activity was witnessed on the maturities of 01.01.17 and the two 2018s (i.e. 01.04.208 and 15.08.2018) as it was seen dipping to intraday lows of 10.87%, 11.14% and 11.24% respectively against their previous day’s closing levels of 10.90/91, 11.18/22 and 11.28/30 before closing the day at 10.85/88, 11.14/16 and 11.23/26. In addition, a limited amount of activity was witnessed on the 15.07.2015 maturity within the range of 10.20% to 10.25%. Meanwhile continued demand for secondary market bills saw May 2014... 


Sampath Bank seventh in Business Today Top 25 2012-13

Published : 12:00 am  November 14, 2013  |  Category: Financial Services  |  Leave a Comment  |  619 views  |  

Sampath Bank has moved up to the seventh position in the Business Today Top 25 2012-13, based on its financial performance during the financial year ending 31 December 2012. In the previous year, Sampath Bank was in the 12th position. With a profit after tax of Rs. 5.1 billion, Sampath Bank recorded an increase of 51.6%. The year 2012 was a year of consolidation with branch expansion and rapid business growth in an environment where the country’s monetary policy was directed at reducing credit expansion and stabilising the banking sector. Loans and advances grew by 23%, while the total assets of the bank grew by 25%.     Supporting regional economic development The growth over the... 


Rupee at near 6-week low on importer demand

Published : 12:00 am  November 14, 2013  |  Category: Financial Services  |  Leave a Comment  |  633 views  |  

REUTERS: The Sri Lankan rupee ended weaker to hit its lowest in nearly six weeks on Wednesday as importers bought dollars to meet the year-end seasonal importer demand, while the banks bought the greenback due to tight rupee liquidity, dealers said. The spot rupee ended at Rs. 131.18/21 per dollar, its lowest close since 4 October and down from Tuesday’s close of Rs. 131.07/13. Dealers expect the currency to be weighed down by continued importer dollar demand ahead of the December festive season. However, the pressure on the rupee should start to ease off on offshore remittances by the middle of next month, they said. The rupee hit a record low of Rs. 135.20 on 28 August, but has managed to... 


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