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Combined forces to fuel MBSL's growth

The Quarter ending March 31, 2015 signifies Merchant Bank of Sri Lanka and Finance PLC's (MBSL), first quarter as a consolidated and unified entity, following the amalgamation with MBSL Savings Bank Ltd (MSB) and MCSL Financial Services Limited (MCSL) in January.

With a post-merger Balance Sheet size of Rs. 27.3 billion, the amalgamation and the resultant conversion to a Licensed Finance Company under the Finance Business Act No. 42 of 2011 has enabled the Group to attract relatively low-cost public deposits and diversify its funding sources.

The Group's branch network also extended to 49 and the expansion of our human resource consisting of experienced and talented staff has provided ample opportunity for growth, in previously untapped geographical regions and industry sectors.

Performance was reflective of ground breaking operational changes arising during transition, including systems integration, streamlining of processes, impairment needs and management of human resource issues among others.

The Group's income for the quarter was Rs 1.33 billion reflecting the decline in market interest rates although the Group's loan portfolio remained relatively unchanged over the corresponding period.

However, a sharper decline in interest expenses by 25.17% facilitated the Group to maintain a net interest income at Rs 462.24 million. Impairment provisions for the period increased to Rs 244.82 million from Rs. 187.39 million the previous year.

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