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| Sunday, 7 April 2002 |
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People's Merchant Bank profits up by 487% People's Merchant Bank recorded outstanding results during the first nine months of the current financial year with a 487 per cent increase in profit after tax compared to the same period last year. The third quarter results show a 13 per cent increase in gross income. The cost to net income ratio of the Bank has reduced from 75 per cent to 64 per cent. The increase in interest income coupled with the lower cost to income ratio resulted in a 118 per cent increase in operating profit before provisions. The profit before provisions for the nine months ended December 31, 2001 is Rs. 17.5 million against Rs. 8 million for the same period of last year. Commenting on its results, a spokesman for the Bank said that during the year, the Bank focused on recovering its non-performing loans and improving the quality of its lending portfolio. The Bank also embarked on property development and had successfully completed its first project in the Galle district. The Real Estate Development Department commenced marketing its second project in Galle during the third quarter of this year. People's Merchant Bank has an issued ordinary share capital of Rs. 125 million. Preference share capital, share premium and reserve stand at Rs. 44 million. |
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