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| Sunday, 9 February 2003 |
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| News Business Features Editorial
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2002 great year for Seylan Merchant Bank The Seylan Merchant Bank (SMB) Group has reported growth in its financial results for the year ended December 31, 2002, turning around the losses of 2001. In results released recently the SMB Group reported a pre-tax profit of Rs. 11.3 million, a growth of 122 per cent from a loss of Rs. 51.7 million in 2001. Meanwhile, the bank reported a pre-tax profit growth of 104 per cent to Rs. 2.2 million from a loss of Rs. 55.6 million in the corresponding period in 2001. Net income of the Group rose by 44 per cent to Rs. 535.7 million while the bank reported a growth of 53.5 per cent to Rs. 468.8 million, during the period under review. The group reported a net interest income growth of 3102.3 per cent to Rs. 85.6 million. The bank's net interest income rose by 1559.9 per cent to a positive income of Rs. 57.2 million from a negative income of Rs. 3.9 million in 2001. Director and General Manager SMB Rohan Senanayake said 2002 has been a good year for SMB because the Group and bank have re-established profitability. "The improvement in the economic conditions and the decrease in lending rates resulted in better margins in existing leases", he explained. "Our Fortune 2002 campaign which was launched to increase our client base by attracting new investments, also contributed significantly to the bottom line." He commented that SMB's expanding branch network had also enabled the Group to broadbase its investor base and mobilise funds from the provinces. "Growth in our leasing portfolio and efforts to develop SMB's human resources also contributed to this performance, Senanayake said. He added that if the conditions remain consistent, the bank is confident that 2003 will be a profitable year too. "We hope to concentrate on better quality recruitment, implementation of different strategies and training programs for the sales force, improving our IT infrastructure and linking all main branches to the head office this year, he said." SMB's subsidiary Seylan Merchant Leasing Limited has also reported a profitable year while SMB Real Estate Limited has begun to show better signs for 2003. |
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