Seylan Bank made a steady start in 2021 by posting a Profit After Tax (PAT) of LKR 1bn in Q1 2021 amidst macro-economic challenges brought in by the COVID-19 pandemic.
Interest income recorded a decline due to the lower interest rates and moderate book growth but net interest margin showed a marginal increase over the corresponding period in 2020 due to lower financing costs.
Net Fee & Commission Income increased marginally to LKR 1.2bn from LKR 1.0bn, recording a YoY growth of 17.41% due to enhanced trade and guarantee volumes compared to the previous year.
The Total Operating Income growth of 22.25% predominantly driven by net gains reported from de-recognition of financial assets which increased to LKR 185.2mn from LKR 69.6mn in 1Q 2020 and the other operating income increased by LKR 858.8Mn mainly due to increase in exchange income. On the flip side, trading activities reported a loss of LKR 611.4mn mainly due to market to market loss on derivatives which contracted the operat
7 February, 2021
Singer Sri Lanka’s National Long-Term Rating was elevated to AA(lka) following a recalibration by Fitch Ratings of its Sri Lankan National Rating scale.
According to Fitch Ratings this rating affirmation, has been revised to ‘AA(lka)’ from ‘BBB+(lka)’. The outlook for this credit rating is stable.
Singer Sri Lanka has continued to showcase robust financial results and a strong turnaround during the last few quarters, despite challenging pressures due to the effects of the Covid-19 pandemic.
The Group’s strong comeback bears testament to its proactive strategic initiatives adopted to boost sales, and its drive to improve profitability under difficult market conditions mainly caused by the Covid-19 pandemic. Solid results during the last few quarters is also due to the process efficiencies and cost rationalisation implemented in recent months supported by a resilient demand for the Group’s information technology products.
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Singer (Sri Lanka) raised to AA (lka) Daily News (via HT Media Ltd.)
Singer Sri Lanka’s National Long-Term Rating was elevated to AA (lka) following a recalibration by Fitch Ratings of its Sri Lankan National Rating scale.
According to Fitch Ratings this rating affirmation, has been revised to ‘AA (lka)’ from ‘BBB+(lka)’. The outlook for this credit rating is stable. Singer Sri Lanka has continued to showcase robust financial results and a strong turnaround during the last few quarters, despite challenging pressures due to the effects of the Covid pandemic.
The Group’s strong comeback bears testament to its proactive strategic initiatives adopted to boost sales, and its drive to improve profitability under difficult market conditions mainly caused by the Covid-19 pandemic. Solid results during the last few quarters is also due to the process efficiencies and cost rationalisation implemented in recent months supported by a resilient demand for th
January, 25, 2021
Fitch Ratings - Colombo - 25 Jan 2021: Fitch Ratings has revised the National Long-Term Ratings of Sri Lankan financial institutions following the recalibration of the agency s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch s downgrade of the sovereign rating to CCC from B- /Negative on 27 November 2020. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of CCC or below. Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale driven purely by the recalibration of the National Ratings Correspondence Table.
Fitch Ratings has revised the National Long-Term Ratings of Sri Lankan financial institutions following the recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating to ‘CCC’ from ‘B-‘/Negative on 27 November 2020. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale driven purely by the recalibration of the National Ratings Correspondence Table.