Financial Times

Fitch affirms HSBC rating

Fitch Ratings has affirmed HSBC Sri Lanka's National Long-term rating at 'AAA(lka)' reflecting the financial strength of HSBC Ltd, Hong Kong’s largest banking group.

In a press release this week, Fitch stated that the outlook remains stable although HSBC Sri Lanka’s loan book contracted by 7% in H109 after expanding 19.7% in the year 2008, the majority of that increase coming from the corporate customer segment. Fitch stated that HSBC Sri Lanka’s asset quality remains relatively strong in a local context but has come under pressure in the face of the unfavourable macroeconomic environment. Consequently, the gross non performing loan (NPL) ratio increased to 3.9% at H109 from 2.8% in 2008. Fitch said this was mainly on account of higher delinquencies across the consumer/retail customer segment as observed across the banking sector.

 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
Local exporters looking for clarity on GSP+
Loss in tax revenues hurt CMC - Kamil
Rising oil prices slowing economic recovery
Sampath open to buy other finance-related entities
DG of regulatory bodies have full powers-Treasury official
Tourism heads roll, industry concerned
ERI to turnaround ailing firms
COMMENT - Economic challenges this year
Dialog aggressively cuts costs while raising revenue
Plantation workers on ‘non-cooperation-campaign’ to up wages
GK directors faced with jail term if payment plan not finalised
Science and Engineering Fair in December
AG’s department opens Northern region office in Trincomalee
Martensson new MD for Oriflame Sri Lanka
Lankan bourse seen gaining sharply next year
MBSL takes over Asian Finance, Ceylinco Investment
Citibank Colombo transfers oil hedging exposure to New York office
Assessment and development of natural resources in North-East
'e-Swabhimani' awards promote 'creative ICT applications'
HNB looking at more agriculture and economic partnerships
Fitch affirms HSBC rating
CB announces international bond issue of $500 mln
CB says economy showing signs of improvement
Depositors deceived through F&G Property Developers project investments
Tuna fishermen seek modernised craft to improve catch
US TradeCard enters Sri Lanka to tap South Asia’s growing apparel sector
Inflation down to 0.9% in August, relief for government planners
NAMAL Acuity fund gets pension fund interest
Workshop on Enterprise Resource Planning (ERP)
Ceylinco Radiation Treatment Unit offers easy payment schemes
Standard Chartered Bank launches business coalition online
Cathay Pacific to launch new menus
Hemas Power IPO to capitalise on post-war electricity demand
Seylan back on track
Healthcare and telecom sector lead 3M Lanka sales
FCCISL restructures its Secretariat
Asian Shippers Council shifts permanent Secretariat to Sri Lanka
Fitch Affirms Sri Lanka's NSB at 'AAA(lka)
Half year profits surge at Union Bank
Engineers emphasise need to legally recognize making of buildings accessible to all
Richard Pieris Tyre company felicitates dealers
Sri Lanka pharma chamber elects new committee
CIMA launches Islamic Finance Programme in the Maldives

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution