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| Sunday, 18 December 2005 |
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SMB Group reports steady third quarter growth The Seylan Merchant Bank (SMB) Group has reported positive growth in its financial indicators for the third quarter of 2005 on the back of healthy growth in net income, interest income, leasing and fee-based activities. In results released to the Colombo Stock Exchange the Group reported a 24 per cent or Rs. 15.2 million increase in profit before associate company losses, provisions and taxation to Rs. 78.17 million as at September 30, 2005. The interest income of the Group rose to Rs. 490.4 million for the period under review, up 19 per cent over the corresponding period of last year. The net income of the Group grew by a healthy 15 per cent or Rs. 75.85 million to Rs. 581.7 million in the period reviewed. Lease rentals receivable grew to Rs. 2.77 billion from Rs. 2.39 billion, an increase of Rs. 373.31 million or 15.6 per cent. In other results, net loans, advances and leases grew by Rs. 341 million to Rs. 3.56 billion as against Rs. 3.22 billion in the first nine months of 2004. This is an increase of 10.6 per cent Interest and fees receivable increased significantly to Rs. 54 million from Rs. 24 million, an increase of 118.44 per cent. Total assets of the Group increased by 15.94 per cent to Rs. 4.78 billion as at September 30, 2005. |
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