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The Seylan Merchant Bank (SMB) Group has reported healthy growth in net income, interest income and lease rentals receivable for the financial year ended December 31, 2005, consolidating its position in the leasing sector.

In results released to the Colombo Stock Exchange (CSE) the SMB Group reported a 22.35 per cent increase in interest income, from Rs 581.07 million as at December 31, 2004 to Rs 710.91 million for the concluded financial year.

The net income of the Group increased from Rs 699.71 million to Rs 810.82 million at the end of 2005, an increase of 15.87 per cent or Rs 111.10 million. Net interest income also recorded an improvement, rising from Rs 187.88 million to Rs 213.32 million, a percentage increase of 13.54 per cent.

Group lease rental receivables for the period was up from Rs 2.39 billion to Rs 2.85 billion, an increase of Rs 461.12 million or 19.27 per cent, while net loans, advances and leases grew from Rs 3.22 million to Rs 3.64 million, an increase of 13.03 per cent.

Interest and fees receivable of the Group increased sharply from Rs 24.79 million at the end of 2004 to Rs 43.67 million at the end of 2005. This was an increase of Rs 18.88 million or 76.17 per cent.

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