HDFC Bank of Sri Lanka

Last updated
HDFC Bank of Sri Lanka PLC
Company type Public
CSE:  HDFC.N0000
ISIN LK0339N00008
Industry
Founded1984;40 years ago (1984)
Headquarters
Colombo
,
Sri Lanka
Number of locations
39 branches (5,845 ATMs) (2022)
Key people
  • E. D. P. Soosaipillai (Chairman)
  • Nishaman Karunapala (CEO/General Manager)
RevenueIncrease2.svg LKR8,878 million (2022)
Increase2.svg LKR2,266 million (2022)
Decrease2.svg LKR326 million (2022)
Total assets Decrease2.svg LKR62,882 million (2022)
Total equity Increase2.svg LKR6,716 million (2022)
Owners
  • National Housing Development Authority (49.73%)
  • LOLC Holdings (15.00%)
  • Thurston Investments Ltd. (14.15%)
Number of employees
Decrease2.svg 588 (2022)
Website hdfc.lk
Footnotes /references
[1]

The Housing Development Finance Corporation Bank of Sri Lanka PLC, commonly abbreviated as HDFC Bank of Sri Lanka PLC, is a specialised housing bank in Sri Lanka. The bank commenced operations in 1984 as a building society. Through successive acts in the Parliament of Sri Lanka over the years, the bank transformed into a state-owned enterprise, then a specialised bank and a listed company on the Colombo Stock Exchange in 2005. Since widening its scope of business in 2011, the bank established itself as a supporter of small and medium-sized enterprises. The government of Sri Lanka holds 51% of the bank's stocks, mainly through the National Housing Development Authority. HDFC Bank is one of the LMD 100 companies in Sri Lanka. The bank ranked 78th in the 2020/21 edition. [2] Brand Finance calculated the brand value of HDFC Bank to be LKR763 million in 2022. [3] Due to the effects of the Sri Lankan economic crisis, Fitch Ratings placed the bank along with twelve other Sri Lankan banks on Rating Watch Negative.

Contents

History

The Housing Development Finance Corporation (HDFC) was incorporated in December 1983 as a building society. The HDFC was established under the National Housing Act No. 37 of 1957 and it commenced operations in June 1984. [4] The Housing Development Finance Corporation of Sri Lanka Act No. 7 of 1997 passed in the parliament of Sri Lanka. Under the act, the HDFC was established as a state-owned enterprise. The act was amended in 2003, allowing the HDFC to reestablish itself as a specialised bank. The bank was listed on the Colombo Stock Exchange in 2005. Beginning in 2011, the bank broadened its scope of operations to enter into new market segments of banking. [5]

Due to the bank's success in supporting micro, small and medium-scaled enterprises prompted the bank to establish a separate unit to focus on micro, small and medium-scaled enterprises. [6] The bank signed a mandate for the issuance of listed debentures with the People's Bank in 2013. [7] The debenture issuance was rated by Fitch Ratings as 'BBB(lka)'. [8] In 2014, HDFC Bank's then-chairperson, Siromi Wickramasinghe was named among the 50 Most Powerful Women in Sri Lanka by the business magazine, Echelon. [9]

Operations

The government of Sri Lanka holds a controlling stake of 51% of the bank's stocks. The National Housing Development Authority holds a 49.73% stake. Despite the effects of the COVID-19 pandemic, the bank posted an LKR978 million profit before tax in 2020. The bank offered 21,000 debt moratoriums amounting to LKR17 billion in the same year. [10] Fitch Ratings affirmed its BB+(lka) credit rating of the bank in September 2021. The credit outlook was adjudged as stable. [11] However, Fitch placed the bank along with twelve other banks in Sri Lanka on Rating Watch Negative. The rating agency considered the banks' foreign currency funding and liquidity positions to be volatile amid poor creditor confidence as a result of the Sri Lankan economic crisis. [12] HDFC Bank won the merit award at the 2021 National Business Excellence Awards organised by the National Chamber of Commerce of Sri Lanka. [13]

The HDFC Bank signed a memorandum of understanding with JAT Holdings, to offer low-interest loans for wood craftsmen and professional painters who are doing business with JAT Holdings. [14]

See also

Related Research Articles

<span class="mw-page-title-main">People's Bank (Sri Lanka)</span> State owned commercial bank in Sri Lanka

People's Bank is a state-owned commercial bank in Sri Lanka. The second largest commercial bank in Sri Lanka. Established on 1 July 1961, it has its head-offices at Sir Chittampalam A. Gardiner Street in Colombo. The bank offer both retail and corporate banking services, with a network of 739 local branches, service centers and has an asset base of LKR 1.873 trillion (2019) with over 14 million customers. People's Bank received a high national long-Term Rating of AA+ by Fitch Rating. People's Bank most awarded state-owned company such as "Green Plus" "Carbon Conscious Award". People's Bank became Sri Lanka's best performing bank. Bank mainly targets small and medium enterprise. India has extended multiple credit lines and currency support to Sri Lanka, aligning with its policy of prioritizing neighboring nations and fostering strong relationships as a friendly neighboring country.

<span class="mw-page-title-main">Ceylinco Insurance</span> Sri Lankan conglomerate holding company

Ceylinco Insurance PLC is the largest private sector insurance company in Sri Lanka. The company is also engaged in the education and renewable energy sectors. The company offers both life insurance and all classes of general insurance. The company was incorporated in 1987 when the government ended its state monopoly over the insurance sector and the company was listed on the Colombo Stock Exchange the following year. Ceylinco Insurance is an LMD 100 company, an annual list of public companies in Sri Lanka by revenue and ranked 23rd in the 2020/21 edition.

<span class="mw-page-title-main">Singer (Sri Lanka)</span> Sri Lankan holding company

Singer PLC is a Sri Lankan holding company engaged in retailing and wholesale marketing home appliances and furniture. The company is also taking part in financial services and manufacturing businesses. The company is listed on the Colombo Stock Exchange since 1981 and in 2017, the Sri Lankan conglomerate, Hayleys acquired the majority of the shares. Singer is ranked 17th in the LMD 100, an annual list of listed companies in Sri Lanka by revenue, in 2020/21 edition. Brand Finance ranked the company 15th most valuable brand in Sri Lanka in its annual list of top 100 brands.

<span class="mw-page-title-main">Central Finance Company</span> Sri Lankan non-banking financial company

Central Finance Company PLC is one of the oldest non-bank financial institutions (NBFIs) in Sri Lanka having founded in 1957. The company is listed on the Colombo Stock Exchange in 1969. Brand Finance ranked the company the 28th most valuable brand in Sri Lanka for the year 2021. Central Finance Company was ranked 44th in the LMD 100 for the fiscal year 2019/20 by LMD.

L B Finance PLC sometimes spelt LB Finance, is a Sri Lankan non-bank financial institution. The company is incorporated in 1971 and initially, the majority of shares were held by Lewis Brown & Company. The company was listed on the Colombo Stock Exchange in 1997. In 2003, Dhammika Perera acquired the company and became a subsidiary of Vallibel One. Currently, the company is one of the components of the S&P Sri Lanka 20 Index. Brand Finance ranked the company 24th in the 100 most valuable brands in Sri Lanka. The company placed 39th in the LMD 100 for the financial year 2019/20.

<span class="mw-page-title-main">People's Leasing & Finance</span> Sri Lankan non-banking financial company

People's Leasing & Finance PLC, sometimes called People's Leasing Company or commonly abbreviated PLC, is a licensed non-banking financial company in Sri Lanka. The company is ranked 30th in LMD 100, an annual list of leading listed companies in Sri Lanka. Brand Finance placed the company 21st amongst the 100 most valuable brands in Sri Lanka. The company was incorporated in 1995 and in 2010 listed on the Colombo Stock Exchange. 75% of the shares of the company is held by the People's Bank, one of the two government-held banks of Sri Lanka.

<span class="mw-page-title-main">Sunshine Holdings</span> Sri Lankan conglomerate holding company

Sunshine Holdings PLC is a Sri Lankan conglomerate holding company that is engaged in the healthcare, consumer goods and agribusiness sectors. Sunshine Holdings was incorporated on 16 June 1973, and listed on the Colombo Stock Exchange in 1983. Sunshine Holdings ranked 45th in LMD 100, a list of quoted companies in Sri Lanka by revenue in the 2020/21 edition.

<span class="mw-page-title-main">Hela Apparel Holdings</span> Sri Lankan apparel holding company

Hela Apparel Holdings PLC branded as Hela Clothing is a holding company in Sri Lanka that is engaged in the apparel industry. The company supplies to a number of brands such as Tommy Hilfiger, Calvin Klein, and Michael Kors. Hela Apparel Holdings operates four design centres in Sri Lanka, the United States, France and the United Kingdom. The company have eleven manufacturing plants, seven in Sri Lanka, and two each in Ethiopia and Kenya. The company is one constituent of the S&P Sri Lanka 20 Index since June 2022.

<span class="mw-page-title-main">Brown and Company</span> Sri Lankan conglomerate holding company

Brown and Company PLC, sometimes called Browns Group, is a conglomerate holding company in Sri Lanka. The company was founded by James Brown, a 25-year-old engineer and mechanic from London who arrived in Ceylon in 1872. In 1892, the company was incorporated and in 1991 the company became a listed company on the Colombo Stock Exchange. The company was included in S&P Sri Lanka 20 Index in June 2021. Brown and Company is one of the LMD 100 companies, an annual list of Sri Lankan listed companies by revenue, having ranked 42nd in the 2020/21 edition.

<span class="mw-page-title-main">Janashakthi Insurance</span> Insurance company in Sri Lanka

Janashakthi Insurance PLC is an insurance company in Sri Lanka. The company was incorporated in 1992 and its operations were commenced in 1994. Janashakthi Insurance became the first company to specialise in life insurance in Sri Lanka. Janashakthi Insurance became a public company when the company was listed on the Colombo Stock Exchange in 2008. The company was a constituent of the S&P Sri Lanka 20 Index in 2016. Janashakthi Insurance is ranked 85th in LMD 100, an annual list of listed companies by revenue in Sri Lanka. Janashakthi Insurance is known for its long-term patronage of sports, especially cricket.

<span class="mw-page-title-main">Asiri Hospital Holdings</span> Healthcare company in Sri Lanka

Asiri Hospital Holdings PLC, doing business as Asiri Health, is the largest private healthcare provider in Sri Lanka. The company commenced operations in 1986 and was listed on the Colombo Stock Exchange in the same year. Asiri Hospitals operate six hospitals and collectively has over an 800-bed capacity. Softlogic Holdings is the parent company of Asiri Hospitals group. Asiri Hospital Holdings ranked 57th in the LMD 100, an annual list of listed companies by revenue, in the 2020/21 edition.

<span class="mw-page-title-main">ACL Cables</span> Cable manufacturing company in Sri Lanka

ACL Cables PLC is a cable manufacturing company in Sri Lanka. It manufactures and sells power cables, conductors, armoured cables and telephone cables. The company was established in 1962 as Associated Cables, a subsidiary of Associated Motorways. It was publicly quoted in 1976. In 1980, the company moved out of the Associated Motorways Group and was renamed ACL Cables in 1990. ACL Cables is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">LAUGFS Gas</span> Energy company in Sri Lanka

LAUGFS Gas PLC is a liquefied petroleum gas (LPG) company based in Sri Lanka. The company commenced operations in 2001 and in 2010, was listed on the Colombo Stock Exchange following an initial public offering. LAUGFS Gas expanded its operations to Bangladesh and the United Arab Emirates. In 2019, the company opened an LPG terminal at the Hambantota International Port, the largest of its kind in South Asia. LAUGFS Gas is ranked 33rd in LMD 100, an annual list of Sri Lankan listed companies by revenue. The Sri Lankan economic crisis heavily affected the operations of the company. Difficulties in securing foreign exchange have resulted in the disruption of LPG imports, shortages in the market and long queues. The company controls a number of subsidiaries but divested its Bangladesh operations in November 2022.

<span class="mw-page-title-main">Renuka Holdings</span> Conglomerate company in Sri Lanka

Renuka Holdings PLC, also called Renuka Group, is a conglomerate company in Sri Lanka. Ceylonese businessman Alfred Thambiyah laid the foundations of the Renuka Group by acquiring the Crago Boat Dispatch Company in 1936 and establishing Renuka Hotel, named after his youngest daughter Indu Renuka in 1969. Indu Renuka Rajiyah founded Renuka Enterprises in 1975, and Renuka Holdings in 1979 marked the formal beginning of the group. Renuka Holdings went public in 2008 and following the listing on the Colombo Stock Exchange, the company pursued a growth strategy. Renuka Holdings is one of the LMD 100 companies in Sri Lanka and also one of the 20 largest conglomerates in Sri Lanka.

<span class="mw-page-title-main">Kelani Tyres</span> Tyre manufacturing company in Sri Lanka

Kelani Tyres PLC is a tyre manufacturing company in Sri Lanka. Kelani Tyres originates in the privatisation of the government-owned Ceylon Tyre Corporation. Initially, privatisation is met with extreme employee industrial action for several months. Once the employee unrest dwindled, the company entered into an agreement with CEAT to set up a joint venture in 1993. In 1994, Kelani Tyres was listed on the Colombo Stock Exchange. In 2022, CEAT was amongst the 100 most valuable brands in Sri Lanka. The company moved to meet the total domestic demand for bus and truck tyres which would save LKR11 billion in foreign exchange through import substitution.

<span class="mw-page-title-main">Union Assurance</span> Sri Lankan insurance company

Union Assurance PLC is an insurance company in Sri Lanka. Union Assurance was founded in 1987 and was listed on the Colombo Stock Exchange in the following year. In 2009, John Keells Holdings acquired a controlling stake in the company. The company divested its general insurance business to Fairfirst Insurance and focused on life insurance in 2015. The company was a constituent of Forbes Asia's Best Under a Billion list in 2018. Union Assurance is one of the LMD 100 companies in Sri Lanka. The company is also one of the 100 most valuable brands in Sri Lanka.

<span class="mw-page-title-main">Alumex</span> Sri Lankan manufacturing company

Alumex PLC is an aluminium extrusions manufacturing company in Sri Lanka. The company was incorporated as a South Korean-Sri Lankan joint venture in 1986. The company commenced commercial operations two years later. The Sri Lankan partners acquired the South Korean partner's stake partners in 2006. Sri Lankan conglomerate Hayleys acquired Alumex in 2010 and was listed on the Colombo Stock Exchange after an initial public offering in 2014. Alumex is the leading aluminium manufacturer in Sri Lanka, with a market share of 46%. Alumex is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">LOLC Finance</span> Sri Lankan non-banking financial company

LOLC Finance PLC is a non-banking financial company based in Sri Lanka. LOLC Holdings is the ultimate parent company of LOLC Finance. The company was founded as LOLC Finance Company Limited in 2001. In 2003, the company changed its name to Lanka ORIX Finance Company and commenced operations. Lanka ORIX Finance Company became a public company in 2011 with its listing on the Colombo Stock Exchange. The company adopted its current name in 2015. LOLC Finance is one of the LMD 100 companies in Sri Lanka. The company is also one of the 100 most valuable brands in the country. LOLC Finance has been a constituent of the S&P Sri Lanka 20 Index since the end of 2021. LOLC Finance merged with its sister company, Commercial Leasing & Finance PLC in 2022. The merger resulted in LOLC Finance becoming the largest non-banking financial company in the country.

<span class="mw-page-title-main">Vallibel Finance</span> Sri Lankan non-banking financial company

Vallibel Finance PLC is a non-banking financial company in Sri Lanka. Vallibel Finance was incorporated in 1974 as The Rupee Finance Company. Dhammika Perera acquired the company in 2005 and was renamed Vallibel Finance. After an initial public offering, the company was listed on the Colombo Stock Exchange in 2010. Vallibel Finance joined the LankaPay electronic fund transfer network in 2014. In 2020, the company signed an agreement with the Board of Investment of Sri Lanka to build a 16-storey office complex in Kollupitiya. Vallibel Finance is one of the LMD 100 companies in Sri Lanka. Vallibel Finance is also ranked amongst the 100 most valuable brands in Sri Lanka in 2022.

<span class="mw-page-title-main">Sierra Cables</span> Sri Lankan cable manufacturer

Sierra Cables PLC is a cable manufacturing company in Sri Lanka. Sierra Cables was incorporated in 1999 as a part of Sierra Construction. The company became a public company with an LKR600 million initial public offering in 2005. Sierra Cables moved to build a manufacturing plant in Kenya in 2015. The following year, the company planned to establish its second foreign operations in Fiji. In 2018, the company was transferred to the Watch List by the Colombo Stock Exchange due to going concerns over two of its subsidiaries including, its East African operations.

References

  1. ↑ "Annual Report 2022" (PDF). cse.lk. HDFC Bank of Sri Lanka PLC. Retrieved 15 June 2023.
  2. ↑ "LMD 100". LMD. Media Services Pvt Ltd. 2021. p. 76. Retrieved 15 August 2022.
  3. ↑ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 16. Retrieved 15 August 2022.
  4. ↑ "Central Bank of Sri Lanka Annual Report 1984" (PDF). cbsl.gov.lk. Colombo: Central Bank of Sri Lanka. 1984. p. 41. Retrieved 15 August 2022.
  5. ↑ Meewakkala, R. H. (28 March 2019). "HDFC Bank – supporting house-building to build the nation". Daily FT . Wijeya Newspapers . Retrieved 15 August 2022.
  6. ↑ "Role of the HDFC bank towards development banking". Daily Mirror . Wijeya Newspapers. 16 Mar 2017. Retrieved 15 August 2022.
  7. ↑ "HDFC Bank signs mandate for first ever listed debenture issue with People's Bank". Daily FT. Wijeya Newspapers. 31 July 2013. Retrieved 15 August 2022.
  8. ↑ "Sri Lanka HDFC Bank's senior debentures rated 'BBB(lka)'". Economy Next. Echelon Media. 12 October 2015. Retrieved 15 August 2022.
  9. ↑ "The 50 Most Powerful Women". Echelon Magazine. Echelon Media. 2014. Retrieved 15 August 2022.
  10. ↑ "HDFC Bank posts strong financial performance in challenging times". Daily FT. Wijeya Newspapers. 3 March 2021. Retrieved 15 August 2022.
  11. ↑ "Fitch Affirms Sri Lanka's HDFC Bank at 'BB+(lka)'; Outlook Stable". fitchratings.com. Fitch Ratings. 29 September 2021. Retrieved 15 August 2022.
  12. ↑ "Fitch Places 13 Sri Lankan Banks on Rating Watch Negative". fitchratings.com. Fitch Ratings. 12 April 2022. Retrieved 15 August 2022.
  13. ↑ "HDFC Bank wins prestigious award for business excellence". The Island . Upali Newspapers. 28 April 2022. Retrieved 15 August 2022.
  14. ↑ "JAT Holdings, HDFC Bank to empower wood craftsmen, painters". Sunday Observer . Associated Newspapers of Ceylon Limited. 3 July 2022. Retrieved 15 August 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.