SDB gathers momentum

Published : 12:34 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  412 views  |  

SANASA Development Bank PLC (SDB) recorded a healthy performance during the first half of 2014, with a profit after tax of Rs. 227 million as against Rs. 210 million in the corresponding period in 2013. Despite lackluster demand for credit amidst relatively low interest rate regime prevailed across the banking industry, performance for the quarter was up by 134% in terms of post-tax profit. Interest income for the first six months of 2014 grew by 7% to reach Rs. 2.33 billion while maintaining the interest expense at the same level as recorded over the corresponding period of the previous year. Consequently, net interest income for the period reached to Rs. 1 billion mark, reflecting an improvement... 


First-ever AIA Real Rewards grand prize goes to Mawanella

Published : 12:33 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  334 views  |  

The very first policyholder to win the grand prize of Rs. 250,000 in the AIA Real Rewards is a young housewife, Disna Malkanthi Silva. She is among the 50 lucky monthly winners in the recently-launched competition designed to reward and recognise loyal customers. The first draw was held in August and the lucky winners were picked out using a specially-developed electronic system. The lucky winners were randomly selected in the presence of a panel of judges that included representatives from the Dept. of Revenue – Western Province and Jayasinghe & Co, Chartered Accountants as well as AIA’s Internal Audit. Grand prize winner Disna Malkanthi Silva and her husband Wasantha Kumara flanked... 


Melsta Regal Finance celebrates two years of success

Published : 12:32 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  227 views  |  

Melsta Regal Finance Ltd. will celebrate its second anniversary on 18 October. Two years ago the company, which is backed by the DCSL group, forayed into the financial services sector with the objective of creating and adding value to the financial landscape of the country. Melsta Regal Finance Ltd. can be credited as the only finance company in the sector which has diversified and differentiated its product range. Traditionally, most finance companies focus predominantly on leasing and hire purchase products. During its short history, the company has infused much vibrancy and colour into the financial services industry. Through its extensive product range, encompassing integrated working capital... 


LRA reaffirms Prime Grameen Micro Finance’s ratings at B/NP

Published : 12:31 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  178 views  |  

Lanka Rating Agency has reaffirmed Prime Grameen Micro Finance Ltd.’s respective long- and short-term financial institution ratings at B and NP. Concurrently, the ratings have been placed on Rating Watch Positive. Meanwhile, the ratings are weighed down by its weak capitalisation levels subsequent to provisions made for its legacy Non-Performing Loans (NPLs). Nevertheless, the ratings are upheld by its average asset quality and improving profitability supported by the performance of its new microfinance portfolio. The Positive Rating Watch is premised on the announcement made by Hatton National Bank Plc on the strategic acquisition of a controlling stake of 51% in Prime Grameen. HNB is the... 


Momentum shifts as 364-day bill hits 6%

Published : 12:31 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  217 views  |  

All bids received for 91-day bill and 182-day bill rejected once again Secondary market bond yields increase for a second consecutive day     By Wealth Trust Securities A shift in momentum was witnessed in secondary bond markets yesterday as the weighted average on the 364-day bill increased by 11 basis points to 6.00% at its weekly Treasury bill auction held yesterday. However, all bids received for the 91-day bill and the 182-day bill were rejected once again. An amount of Rs. 14.7 billion was accepted in total on the 364-day maturity against its initial offered amount of Rs. 5.0 billion, reflecting its highest positive difference (accepted amount/offered amount) in 13 weeks. In... 


Asia stocks stabilise, mood still fragile amid economic gloom

Published : 12:17 am  October 16, 2014  |  Category: International  |  Leave a Comment  |  213 views  |  
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Reuters: Asian stocks regained a semblance of stability on Wednesday following days of steep losses, but sentiment remained fragile as benign Chinese inflation data and gloom in the euro zone economy added to signs of a faltering global economic recovery. In a reflection of the cautious mood, spreadbetters saw a lower open for Europe, forecasting Britain’s FTSE to start as much as 0.2% lower, Germany’s DAX down 0.17% and France’s CAX 0.4% lower. An employee of the Tokyo Stock Exchange (TSE) stretches at the Bourse at the TSE in Tokyo “Against a backdrop of deteriorating economic data it will remain difficult for stocks to rally meaningfully, unless earnings and guidance expectations... 


Hong Kong tycoon calls for protests to end after tension over police beating

Published : 12:15 am  October 16, 2014  |  Category: International  |  Leave a Comment  |  213 views  |  
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(Reuters) – Hong Kong’s most prominent tycoon, Li Ka-shing, on Wednesday urged protesters who have occupied parts of the city since late last month to go home, after police mounted their toughest action against the democracy activists in more than a week. Police arrested about 45 protesters in the early hours of Wednesday, using pepper spray against those who resisted, as they cleared a main road in the Chinese-controlled city that protesters had blocked with concrete slabs. Police react as they are about to disperse pro-democracy protesters off a vehicle tunnel near the government headquarters in Hong Kong   But footage of police beating a protester went viral, sparking outrage... 


Oil falls to $84, near 4-year low, on oversupply

Published : 12:14 am  October 16, 2014  |  Category: International  |  1 Comment  |  224 views  |  
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Reuters: Brent crude fell to a fresh 47-month low on Wednesday before recovering to around $84 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Oil saw its biggest daily fall in more than three years on Tuesday after the West’s energy watchdog slashed its forecasts for world oil demand for this year and 2015. US crude fell $1 a barrel to $80.84 after posting its largest fall in a single session in nearly two years on Tuesday   Core members of the Organization of the Petroleum Exporting Countries appear to be focused on fighting for market share rather than on cutting production to shore up prices. Weak European markets and slowing Chinese inflation... 


Bourse gain for second session; volatility seen ahead

Published : 12:10 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  203 views  |  

Reuters: Stocks gained for a second straight session on Wednesday, recovering from a near four-week closing low hit early this week, as banks rose in thin volume. However, stock brokers expect volatility in the near future amid worries about early presidential polls and a mixed signal on interest rates. President Mahinda Rajapaksa could hold a snap election in January, nearly two years before he has to, a close ally said, amid signs his popularity is fading among people who criticise his party for abusing power. Yields on 364-day T-bills rose 11 basis points to 6%, the first rise since 20 December 2013. Local investors have been buying stocks as they have no other options in a multi-year low... 


Rupee down on importer dollar demand

Published : 12:09 am  October 16, 2014  |  Category: Financial Services  |  Leave a Comment  |  104 views  |  

Reuters: The rupee ended weaker on Wednesday due to dollar demand from importers and downward pressure on the local currency was expected to continue on foreign selling in Government securities, dealers said. The spot currency ended at 130.75/95 per dollar, compared with Tuesday’s close of 130.65/70. “There is pressure to depreciate. Imports have also picked up,” said a currency dealer asking not to be named. “The dollar demand is picking up. Exporters have stopped buying forwards and they are just managing with minimum requirement. We expect a further fall in the rupee because lower interest rates have resulted in a rise in imports and foreign selling of Government securities.” In... 


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