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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Banking sector: Where it is heading?

Banking sector: Where it is heading?

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1Banking sector: Where it is heading? Empty Banking sector: Where it is heading? Mon May 19, 2014 8:00 pm

SHARK aka TAH

SHARK aka TAH
Expert
Expert


MONDAY, 19 MAY 2014 01:01 E-mail Print
The performance of Sri Lanka’s banking sector during the past two quarters has given us things to ponder about. The sector, which successfully weathered the global financial crisis in 2009 thanks to its conventional banking practices and not exposing itself to toxic financial instruments, appears to be in distress. Though the situation has not clearly threatened the stability of any bank in the country, it has evidently hindered their growth to some extent.

The latest financial performances released by leading banks in the country showed large piles of cash which were not utilized for lending or investing purposes. This phenomenon seems quite obvious, as almost all the leading banks have recorded negative credit growths or one-digit credit growths. As a result the only investing option the banks were left with was government securities—which give them a low yield.

"Sri Lanka’s economic and political history is plagued with policy inconsistencies"

In its growth-oriented monetary policy maneuvering, the Central Bank has cut policy interest rates to historic lows to induce people and businesses to borrow from banks. Despite the Central Bank targeting a credit growth of 16 per cent in 2014, the actual credit growth in January and February was at four to five per cent. Therefore it is important to find out why the public and businesses are not borrowing despite the lower interest regime prevailing in the country.

Sri Lanka’s economic and political history is plagued with policy inconsistencies. With ad-hoc economic policies and levying of taxes and draconian laws such as the expropriation bill passed in the Parliament a couple of years ago, the present regime has made it worse. In the meantime bureaucratic red tape and the ambiguous treatment have made many businessmen-local and foreign-shy away from making substantial investments.

At the same time, consumer-spending has also declined drastically. The Central Bank data showed that the only consumer item that has picked up was the import of motorcars. The leading consumer-items-manufacturing companies have also found it difficult to explain why there is a dearth in demand for their goods.
This seems to have impacted on the top and bottom lines of the banking sector and rubbing salt to the wound, the Central Bank has initiated a consolidation programme targeting the financial sector. Apparently to rectify the mistake of issuing too many finance licences during the past five years-though the CB won’t admit it. The possible acquisition of some of these finance companies with their liabilities are unlikely to do any good to any of the banks operating in the country. There is no gainsaying that Sri Lanka’s largely over-bloated financial sector should be consolidated. But the important question is whether it should be regulator-driven or market-driven?
http://www.dailymirror.lk/opinion/172-opinion/47228-editorial-banking-sector-where-it-is-heading.html

2Banking sector: Where it is heading? Empty Re: Banking sector: Where it is heading? Thu May 22, 2014 3:40 pm

Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Despite economists pointing at data to show how well off Sri Lankans are, ‘consumer confidence, a key indicator of how households feel, has languished around average or below average levels.’ In that sense, our future is not rosy

lot of banking sector investors always don't agree me as I always convince them to be cautious.....! Our banking sector always used to give us good profits but invest with cautious.

3Banking sector: Where it is heading? Empty Re: Banking sector: Where it is heading? Thu May 22, 2014 3:55 pm

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Total opposite is hapenning against the Boom period after the Cessation of war where the Banks loan book growth is more than that of asset growth.Apart from that have to wait and see what would be the real impact on impending mergers.

4Banking sector: Where it is heading? Empty Re: Banking sector: Where it is heading? Thu May 22, 2014 8:40 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Non political academics were in opinion of regulatory deficiency associated with policy inconsistencies spreading through investment sector is major cause for its sluggishness. Though this issue had been addressed years before, none has drawn the attention to initiate the corrective measures. Today, all economic segments including banking & financing sector are absorbing the impact of low results under difficult circumstances.

5Banking sector: Where it is heading? Empty Re: Banking sector: Where it is heading? Fri May 23, 2014 9:27 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Biggest problem is unnecessary intervention by govt special y central bank

No place for price mechanism and market forces

Stock market is also same

6Banking sector: Where it is heading? Empty Re: Banking sector: Where it is heading? Tue May 27, 2014 1:27 pm

Octopus

Octopus
Expert
Expert
Academics? There is no chance to academics in Sri Lanka? It is the country for thugs and crooks now. Look at the parliament.... Actors, actresses, film directors, cricketers, thugs... Handful of educated people

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