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Fitch maintains negative outlook on Sri Lankan banking sector

Says difficult operating conditions place continued pressure on banks' financial profiles



Fitch maintains a negative outlook on the Sri Lankan banking sector as difficult operating conditions persist, placing continued pressure on banks' financial profiles, particularly asset quality and profitability. The operating environment is of high importance to the ratings of Sri Lankan banks.
 

Reproduced below are Fitch's rating action on Seylan Bank, Sampath Bank, Hatton National Bank and Commercial Bank.

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The Finance plunges deeper into the abyss with another Rs.1bn loss

The Finance Company (TFC), once one of Sri Lanka’s largest non-bank financial institutions, reported a loss of Rs1bn for the quarter ended June 30, 2019. This brings total losses since inception of the company to a staggering Rs27bn (US$150mn).

‘Built to be CEO’ by Sabrina Ghouse

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Sri Lankan born Sabrina Ghouse in her newly released, thought-provoking book ‘Built to be CEO, A Woman’s Journey to the Top’ gives a powerful message to women who are undecided as to what they want to be when it comes to their careers...

‘What's the real purpose of insurance? Providing certainty in uncertain times’

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The month of September sees the insurance industry celebrate National Insurance Day and the launch of Insurance Awareness Month. The industry comes together on an annual basis to spread the message of insurance throughout the island in a bid to increas...

Three Sinha Group wins CNCI Silver Award

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Three Sinha Group of Companies, an organization that constantly strives to break new barriers in the roller door industry won the Silver Award of National Level, Large Category at the CNCI Achievers Awards 2019 organized by the Ceylon National Chamber ...

Dulani Guruge among Top 50 successful women, for her business acumen

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Dulani Guruge, owner and managing director of Flameback Eco Lodge Pvt Ltd, won the award for ‘Outstanding Woman Entrepreneur’ - Small Business category at the "Top 50 Professional and Career Women Awards - 2019 held at Shangri La Hotel...

Forward tourist bookings have fully recovered: JKH deputy chair

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Forward bookings in the tourism sector of Sri Lanka’s largest conglomerate, John Keells Holdings (JKH), have fully recovered on a year on year basis according to JKH Deputy Chairman Gihan Gooray. These comments were made to news anchor Sri Jegara...

SAPPTA says it should be consulted on minimum cinnamon export price

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Stakeholders including the Spices & Allied Products Producers’ &Traders’ Association (SAPPTA)- he Spice Council and the Cinnamon Association in the Cinnamon trade should be consulted before any hasty decision is taken to implement a...

Kandy Fresh Fruits' 30-year journey from pavement to export market

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Entrepreneur Ruwan Fernando, chairman, Kandy Fresh Fruits Pvt. Limited recently told the media how he and his wife Roshani Fernando built a multi-million rupee fruit company today, having started in 1990 without even owning a proper shop space.

UK introduces new graduate immigration route

In a major boost for Sri Lankan students, the UK has this week launched a new ‘Graduate Immigration Route’ for international students choosing the UK for their higher education.This new scheme allows students pursuing their higher educati...

Alpha forges global partnership to offer innovative office and security solutions

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Sri Lanka's leading office furniture manufacturer, Alpha Industries has collaborated with Haworth and Gunnebo; global giants in the office and security solutions industry to bring-in modern, turnkey office interior solutions and security storage produ...

 
 
 
 
 
 
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