Fitch lifts Amana Bank view to positive

Fitch Ratings said it revised the outlook on Amana Bank plc to positive from stable and affirmed its national long-term rating at BB(lka).

The agency also said it affirmed the national long-term rating of Union Bank of Colombo plc with a positive outlook and national long-term ratings of Nations Trust Bank plc, Pan Asia Banking Corp. plc and Sanasa Development Bank plc with a stable outlook.

The actions follow a periodic review of Sri Lanka's small- and mid-sized bank peer group, Fitch said.

The agency also said it maintained the negative outlook on Sri Lanka's banking sector, as it expects challenging operating conditions to persist in the second half of 2018.

The outlook revision on Amana takes into account an expectation that the bank will continue to improve its financial profile on better profitability metrics and enhanced capital position arising from future capital raisings, Fitch explained.

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