PMBL records highest profit for second year running

People's Merchant Bank Limited (PMBL) has achieved the highest ever Profit before tax and Profit after tax recorded Rs. 58.75 million and Rs. 36.47 million for the year ended March 31, 2006.

This is the highest ever profit record for the second year running. The Asset base of the company has grown by 32% to Rs. 1.1 Billion during 2005/2006.

PMBL's Board of Directors have proposed a first and final dividend of 20% to be approved at the 23rd AGM of the company scheduled for June 30. This, if approved, will equal the highest dividend rate of the bank set last year.

A notable achievement during the year was the opening of two branches in Gampaha and Avissawella. The Bank's Leasing division has made new inceptions exceeding half a billion for the first time and the Leasing and Hire Purchase portfolio has grown by over 50% with the banks at Kurunegala, Matara and Mathugama posting very good results.

The Trade Finance division produced very high Return on assets, whilst the Real Estate division gave a boost to the bank's profits.

In the Annual Report, PMBL Chairman Kuvera de Zoyza has congratulated the bank's MD/CEO Guy de Silva, for the great progress and achievements of the bank during the period of his stewardship since May 2003, the employees for their efforts in earning the Profit before tax of over Rs. 1.2 million per employee, and has referred in particular to the ten- year summary of the Bank's results, which clearly sets out the progress of the Bank.