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| Sunday, 17 July 2005 |
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Business |  |
| News Business Features Editorial
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PMBL doubles profits, declares 20% dividend PMBL's chairman Priyantha Kariyapperuma has informed shareholders that the bank had doubled its profit before tax (PBT) for the second year in succession. Kariyapperuma's announcement of the Board's proposal to declare a first and final dividend of 20%, was unanimously approved by the shareholders. This dividend equalled the highest ever dividend pay out by PMBL. The year's highlights listed in PMBL's latest annual report 2005 include raising of Rs. 60 million in low cost long term funds through an issue of leased backed debt instruments, opening its third branch in Matugama, after a lapse of six years, disbursing the highest ever number and value of leases/hire purchase facilities and achieving a PBT per employee of Rs. 1 million among other achievements. The Return on Average Shareholder's funds also increased from 11.1% to 16.4% during the year. PMBL's Annual Report 2003/04 was again awarded a 'Certificate of Recognition' at the Awards for Excellence in Annual Reports, conducted by The Chartered Institute of Accountants, Sri Lanka. This is the eighth consecutive year that PMBL's Annual Report has received such an award. During the year under review, performance of the PMBL share appeared to be in line with the ASPI. A material stake of 20% in PMBL's equity was also purchased by DPMC Financial Services (Pvt) Ltd, in July 2004. The PMBL share has performed exceptionally during 2005, peaking at Rs 39.00 per share, during May 2005. Key shareholders of PMBL are People's Bank, DPMC Financial Services (Pvt) Ltd and South Bridge Capital Investments (Sri Lanka) Ltd. |
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