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| Sunday, 13 June 2004 |
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| News Business Features Editorial
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Positive growth in SMB's IQ profits The Seylan Merchant Bank (SMB) Group has reported a consolidated post-tax profit of Rs. 10.4 million, up 100.30 per cent from the Rs. 5.2 million reported in the first quarter of 2003. Net Interest Income grew to Rs. 32.9 million from Rs. 28.8 million, a 14.22 per cent growth over the first quarter of the previous year. The Bank reported a noteworthy 207.20 per cent growth in its post-tax profit, to Rs. 1.77 million from Rs. 576,232 in the corresponding period last year. The Net Interest Income of the Bank rose to Rs. 27.40 million, an increase of 42.87 per cent compared to the Rs. 19.18 million reported in the same period in 2003. The Lease Rentals Receivable portfolio of both the Group and Bank also showed healthy growth. The Group's leasing portfolio grew by 29 per cent to Rs. 1.99 Billion from Rs. 1.55 Billion, while the Bank's leasing portfolio grew by 27 per cent to Rs. 1.74 Billion from Rs. 1.37 Billion. "It is encouraging that the Group as well as the Bank have been able to maintain this profitable trend", Rohan Senanayake, Director/General Manager of SMB said. "We are pleased that we have been able to achieve our budgeted targets, and with the introduction of various IT upgrades, linking of branches and focus on improving productivity, we are confident of a continued steady growth in profits", he said. He said that the Bank would also be introducing various promotions in the month of June. In a reintroduction of a previous campaign, customers who obtain a vehicle lease would receive an insurance cover which can be paid in ten monthly instalments. In addition, customers who have invested with the Bank or in Government Treasury Bills or Bonds through the Bank would be able to get a lease for upto twice the value of the investment, without presenting any guarantors. A motor loan facility targeted at professionals, senior managers and executives in the corporate sector, to purchase registered vehicles at low instalments with no payment of VAT on the instalments, is also on the cards. The Director/GM Senanayake noted that the connectivity of the branches had resulted in better productivity, with the number of employees remaining static. The workshops and various productivity programmes conducted by the Bank have begun to show results, with the increase in productivity being one of the main contributory factors towards this healthy growth in profits, he added. Seylan Merchant Bank Limited was incorporated in September 1992 and is registered by the Central Bank of Sri Lanka as a Registered Finance Leasing Establishment under the Finance Leasing Act No. 56 of 2000. Its subsidiaries include Seylan Merchant Leasing Ltd., SMB Real Estate Ltd., and SMB Money Brokers (Pvt) Ltd. |
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