Financial ServicesSanasa Development Bank maintains growth momentum in 2011
SANASA Development Bank Ltd (SDBL) said last week it has registered impressive performance during the year 2011 by making a growth of 21% in Deposits reaching Rs. 15.2 billion from Rs. 12.6 billion recorded during 2010. The advances portfolio indicated a growth of 33% from Rs. 12.4 billion to Rs. 16.5 billion.
HNB Assurance begins 2012 on a positive note
HNB Assurance PLC has made a steady start in the year 2012 by posting 21% growth in turnover and 17% growth in profit after tax in the quarter ending 31 March 2012
TFC records impressive growth
The Finance Company PLC, the pioneer financial giant in the country, has capped a strong period with an impressive performance in its business activities at the end of the financial year 2011/12, the company stated in a press release. This follows the company’s fast-tracked return to a remarkable growth last year, it added.
DFCC Vardhana Bank PAT up by 92.5%
DFCC Vardhana Bank’s profit before tax (PBT) amounted to Rs. 708.5 million during 2011 recording an increase of 31.5% compared with the PBT of Rs. 538.8 million in 2010. The provision for taxation amounted to Rs. 177 million.
AAI Life starts 2012 in top gear
A niche player in the field of insurance for over a decade in Sri Lanka, Asian Alliance Insurance (AAI) continues to forge ahead, keeping up and even surpassing those who’ve previously held strong in the industry. At an interview, AAI General Manager – Marketing & Sales Chula Hettiarachchi revealed the record performance of AAI Life in the 1st Quarter of 2012, the driving force behind their continuing success and plans for the future.
Here are some key excerpts from the interview:
Commercial Bank first Lankan bank to link its ATMs to China UnionPay
Holders of UnionPay credit and debit cards can now withdraw money from more than 500 ATM terminals in Sri Lanka of the Commercial Bank of Ceylon, under a partnership between the Bank and China UnionPay.
This partnership between the country’s largest private bank and one of the world’s largest payment card schemes will facilitate visits to Sri Lanka by tourists and business people from China, the Bank said.
Investors missing from global financial reform process
Investors should be placed at the heart of global financial and accounting standards, say ACCA (the Association of Chartered Certified Accountants) and Grant Thornton in a new report. However, the pair warns that investors’ views on shaping future standards are not being heard.
They also say that the piecemeal, fragmented way in which solutions to global economic uncertainty are proposed and the lack of focus on investors in the reform process prolong global economic fragility.
Rajudin appointed as Arpico Finance MD
Hafeez Rajudin has been appointed as Managing Director of Arpico Finance with effect from 1 June 2012, following S.R. Bandaranayake tendering his resignation as Jt. Manging Director of the company effective 31 May 2012.Rajudin has a Masters Degree in Business Administration awarded by St. Jose State University, California and is a Chartered Marketer – The Chartered Institute of Marketing, UK.
SLASSCOM, ACCA hold executive briefing series on ‘Finance Transformation’
The Sri Lanka Association of Software and Services Companies (SLASSCOM) together with the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants organised an executive briefing series on ‘Finance Transformation’ at the Ivy Room Cinnamon Grand, Colombo recently.
Union Bank welcomes Alex Lovell as new Chairman
Union Bank of Colombo PLC (UBC) announced the appointment of Alexis Indrajit Lovell as the new Chairman and Asoka de Silva as the new Deputy Chairman of UBC with effect from 1 May 2012 consequent to former Chairman Ajita de Zoysa relinquishing his services after serving a period of nine years keeping in line with the requirements of the Corporate Governance Direction of the Central Bank of Sri Lanka.
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