Sri Lanka’s Bank of Ceylon profits up 25.3-pct in Dec-2022

State-run Bank of Ceylon (BoC), the largest lender in Sri Lanka has recorded a net profit of 13.1 billion rupees for the December quarter, up 25.3 percent a year ago mainly supported by the tax reversals. Total income for the quarter grew 80 percent to 146.3 billion rupees.The bank’s bonds are listed on the Colombo […]

Sri Lanka private credit contracts in August, SOE credit down

Sri Lanka’s private credit contracted 58.9 billion rupees in August 2022, falling for the third straight month, while credit to state enterprises also fell, central bank data showed as efforts are made to end a balance of payments crisis triggered by mis-targeted interest rates. Credit to private sector grew 12 percent to 7,612 billion rupees […]

Sri Lanka’s Bank of Ceylon downgraded to RD

Fitch Ratings has downgraded the rating of Sri Lanka’s Bank of Ceylon after the country defaulted on most of its external debt.

Foreign banks refuse to confirm Sri Lanka state bank letters of credit: Minister

Foreign banks are refusing to confirm letters of credit issued by Sri Lanka state banks, and oil suppliers are also rejecting them.