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» Technology~විද්‍යාව ~ Wisdom
UBC Union Bank of Colombo EmptyYesterday at 7:14 am by ruwan326

» ඇයි අප්සට් ද?
UBC Union Bank of Colombo EmptySat Nov 16, 2019 4:57 pm by chutiputha

» ගෝඨාට ඉල්ලන්න බෑලු
UBC Union Bank of Colombo EmptySat Nov 16, 2019 7:18 am by ruwan326

» සෞභාග්‍යතා දර්ශකයේ ඉහළ යාමක්
UBC Union Bank of Colombo EmptyFri Nov 15, 2019 1:54 pm by nihal123

» Puolanka The most pessimistic town
UBC Union Bank of Colombo EmptyFri Nov 15, 2019 1:14 pm by Backstage

» Dividend Announcement
UBC Union Bank of Colombo EmptyThu Nov 14, 2019 10:51 am by nihal123

» SAMP.N0000 (SAMPATH BANK PLC)
UBC Union Bank of Colombo EmptyThu Nov 14, 2019 5:13 am by NIRMALSG

» අනං මනං! #/+?.<>
UBC Union Bank of Colombo EmptyMon Nov 11, 2019 12:38 pm by nihal123

» Thread for News on CSE and SL Economy
UBC Union Bank of Colombo EmptyMon Nov 11, 2019 10:51 am by ruwan326

» ඇඟට නොදැනී ප්‍රතිඋත්තර දෙන හැටි
UBC Union Bank of Colombo EmptySun Nov 10, 2019 7:37 pm by ruwan326

» What's 5G?
UBC Union Bank of Colombo EmptySat Nov 09, 2019 3:14 pm by Afourer

» ACL කේබල්ස් ට රුපියල් මිලියන 789 ක ඒරියල් බන්ඩල් සන්නායක කොන්ත්‍රාත්තුවක්
UBC Union Bank of Colombo EmptySat Nov 09, 2019 7:50 am by කිත්සිරි ද සිල්වා

» ලාෆ් ගෑස් සමාඟමට එරෙහිව විනිමය කොමිසමෙන් නඩු
UBC Union Bank of Colombo EmptySat Nov 09, 2019 3:05 am by Rana

» CFVF - First Capital
UBC Union Bank of Colombo EmptyFri Nov 08, 2019 8:36 pm by hammurabi

» Hayleys MGT
UBC Union Bank of Colombo EmptyWed Nov 06, 2019 10:13 pm by seek

» Thought for the day...
UBC Union Bank of Colombo EmptyWed Nov 06, 2019 10:24 am by ruwan326

» මෑතකාලීන ආර්ථික ප්‍රවණතා: 2019 සුවිශේෂ සිදුවීම් සහ 2020 අපේක්ෂාවන්
UBC Union Bank of Colombo EmptyTue Nov 05, 2019 1:22 pm by nihal123

» DIPD.N0000 (Dipped Products)
UBC Union Bank of Colombo EmptySun Nov 03, 2019 9:13 pm by spw19721

» IMF approves disbursement of USD 164 million for Sri Lanka
UBC Union Bank of Colombo EmptySun Nov 03, 2019 6:50 pm by Backstage

» Recent tax developments on residential condominium properties
UBC Union Bank of Colombo EmptySun Nov 03, 2019 5:56 pm by Backstage

» Local Palm Oil Industry
UBC Union Bank of Colombo EmptySun Nov 03, 2019 4:44 am by serene

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
UBC Union Bank of Colombo EmptySat Nov 02, 2019 10:00 pm by hammurabi

» LPL.N0000
UBC Union Bank of Colombo EmptyFri Nov 01, 2019 8:35 pm by Admin

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
UBC Union Bank of Colombo EmptySun Oct 27, 2019 9:08 pm by PANTOMATH

» දුක බෙදාගත් හැටි
UBC Union Bank of Colombo EmptySun Oct 27, 2019 6:48 pm by serene

» මේ විදියට තව අවුරුදු 5ක් ගියොත් දකුණු ආසියාවේ දුප්පත්ම රට බවට ශ්‍රී ලංකාව පත්වේවි – මහාචාර්ය එච්.ඩී. කරුණාරත්න
UBC Union Bank of Colombo EmptyFri Oct 25, 2019 9:31 pm by ruwan326

» KFP.N0000(Keels Food Products PLC)
UBC Union Bank of Colombo EmptyFri Oct 25, 2019 8:26 am by yellow knife

» CCS.N0000 ( Ceylon Cold Stores)
UBC Union Bank of Colombo EmptyThu Oct 24, 2019 5:57 pm by dhanurrox

» RENUKA AGRI FOODS PLC ( RAL.N0000 )
UBC Union Bank of Colombo EmptyThu Oct 24, 2019 10:13 am by lanka

» Forex Trading කළොත් නඩු
UBC Union Bank of Colombo EmptyWed Oct 23, 2019 11:09 am by nihal123

» East West properties
UBC Union Bank of Colombo EmptyWed Oct 23, 2019 7:00 am by slstock

» Food and Beverages
UBC Union Bank of Colombo EmptyMon Oct 21, 2019 7:54 am by කිත්සිරි ද සිල්වා

» Devolution of power, civil wars, altruism, nepotism in animal world
UBC Union Bank of Colombo EmptyFri Oct 18, 2019 10:15 pm by Backstage

» RCL - Royal Ceramics
UBC Union Bank of Colombo EmptyMon Oct 14, 2019 12:47 pm by seek

» Performance of the Market-Weekly
UBC Union Bank of Colombo EmptySat Oct 12, 2019 4:29 am by ruwan326

» Confidence to boom after election – CBSL Governor
UBC Union Bank of Colombo EmptyFri Oct 11, 2019 4:09 pm by Backstage

» Sri Lanka among top 20 rising stars of world trade
UBC Union Bank of Colombo EmptyFri Oct 11, 2019 4:08 pm by Backstage

» CLND Not to miss
UBC Union Bank of Colombo EmptyThu Oct 10, 2019 9:24 am by ruwan326

» අපි නොදන්න ගීතයක කතාව
UBC Union Bank of Colombo EmptyFri Oct 04, 2019 11:55 am by nuwanmja

» මූඩීස් ප්‍රකාශය පිළිගන්න බැහැ – මහ බැංකුව කියයි
UBC Union Bank of Colombo EmptyWed Oct 02, 2019 6:46 am by nihal123

» ආර්ථික වර්ධනය 2.7% ට බසී
UBC Union Bank of Colombo EmptyTue Oct 01, 2019 1:29 pm by nihal123

» Ranil agrees to give Sajith candidacy - AdaDetana
UBC Union Bank of Colombo EmptyThu Sep 26, 2019 5:05 pm by mymoney

» Cracks in the Real Estate Sector
UBC Union Bank of Colombo EmptyThu Sep 26, 2019 2:44 pm by chutiputha

» Films - To Watch List
UBC Union Bank of Colombo EmptyFri Sep 20, 2019 8:38 am by Topcat

» ෆිනෑන්ස් බලපත්‍රය අවලංගුයි. අද සිට මුදල් ව්‍යාපාර බැහැ
UBC Union Bank of Colombo EmptyFri Sep 20, 2019 7:53 am by serene

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
UBC Union Bank of Colombo EmptyThu Sep 19, 2019 4:33 pm by nuwanmja

» Easter Sunday Attack and Sri Lanka
UBC Union Bank of Colombo EmptyThu Sep 19, 2019 12:49 pm by Ethical Trader

» Trading Journal
UBC Union Bank of Colombo EmptyWed Sep 18, 2019 9:01 am by CK

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UBC Union Bank of Colombo EmptyMon Sep 09, 2019 7:47 pm by nihal123

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UBC Union Bank of Colombo

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UBC Union Bank of Colombo Empty UBC Union Bank of Colombo

Post by The Invisible on Tue Sep 03, 2019 12:09 pm

Union Bank in talks with investors for funding UB Finance



ECONOMYNEXT- Sri Lanka’s Union Bank of Colombo Plc, said that it is in talks with potential investors for ‘strategic options’ for its subsidiary UB Finance Company Limited (UBF).




“We wish to inform you that the bank has engaged itself in discussions with identified investor/s to explore strategic options for its subsidiary,” Union Bank said in a stock exchange filing.




However, Union Bank has yet to receive a definitive offer from potential investors, and would continue to explore other options for UBF.




“The board of directors of the bank has decided to explore other strategic options for UBF, including, but not limited to divestment, merger, restructuring, spin-out.”




Union Bank owns 73.31 percent of the finance firm’s shares.




For the March 2019 quarter, UBF’s net profits were 20 million rupees, down from 71.8 million rupees as higher bad loan provisioning from the IFRS 9 accounting standard ate into earnings, interim financial statements showed.




The firm’s total loans were 9.97 billion rupees in March, down from 10.01 billion rupees a year earlier, while non-performing loans had grown to 1.8 billion rupees from 1.4 billion rupees.


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Just over half of the firm’s loans are in vehicle leases and hire purchases, while a quarter are in asset-backed loans, and 17 percent are factoring and working capital lending.




UBF’s asset base was 11.1 billion rupees in March, down marginally from 11.2 billion rupees a year earlier.




The firm is running with capital below central bank regulations set to manage risks.




As at March 31, UBF’s core capital ratio was 4.09 percent, below the regulatory minimum of 6 percent, and total capital ratio was 6.03 percent, short of the required 10 percent, financial statements showed. (Colombo/Sep03/2019)
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