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| Sunday, 30 June 2002 |
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Business |  |
| News Business Features Editorial
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100% profit growth at People's Merchant Bank The People's Merchant Bank has recorded a profit of Rs. 10.7 million amidst a volatile economic background in which it had to operate during the year ended March 31, 2002. Chairman of the Bank Lal Nanayakkara described this achievement as significant and laudable. The Bank achieved a 100 per cent increase in profits despite substantial provisions made for bad and doubtful debts. The re-pricing of its short-term borrowings and the tight control over operating expenditure enabled the Bank to reduce its cost to net income ratio from 80 per cent last year to 62 per cent. The productivity of the bank has also increased during the year with the value added per employee increasing by 50 per cent. The Bank's future plans include a further reduction of the mismatch in maturities of its assets and liabilities. It has also invested in information technology to support its leasing activities. People's Merchant Bank CEO Naomal Soysa has stated in his review that the Bank will be specialising in corporate finance and real estate activities in the future. The two divisions will work together, with the Corporate Finance Division structuring the required instruments to mobilise the finances, and the Real Estate Division handling the project management and marketing aspects. |
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