|
|
 |
 |
| Sunday, 15 June 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
SMB maintains profitable trend The Seylan Merchant Bank (SMB) Group has reported a profitable first quarter for the year 2003, maintaining the profitable trend it established in 2002. In results announced last week, the bank reported a net income growth of 28 per cent to Rs. 123.5 million in the first quarter of 2003, Pre-and post-tax profit growth however, was a marginal 1.05 per cent from Rs. 570,000 to Rs. 576,000. Group results, meanwhile, show that pre-tax profits grew 167.3 per cent to Rs. 5.19 million from Rs. 1.94 million while net income was up 23 per cent from Rs. 120.4 million to Rs. 148.3 million. The net interest income of the bank showed a remarkable growth of 259 per cent to Rs. 19.2 million compared to the Rs. 5.3 million in 2002, while the Group achieved a net interest income of Rs. 28.8 million, a growth of 138 per cent from Rs. 12 million in the first quarter of 2002. The bank's leasing portfolio grew to Rs. 1,307 billion from Rs. 938 million and the Group reported a growth of 41.35 per cent in the same area, from Rs. 1,036 billion in the first quarter of 2002 to Rs. 1,466 billion in the first quarter of 2003. SMB's Director and General Manager Rohan Senanayake said: "We are pleased with the profitable trend the bank has maintained, although profits grew by only one per cent due to the writing off of some long-term investments. The reduction in interest rates was the main factor in helping SMB achieve profitability in this quarter too." He said SMB has just commenced an upgrade of its IT infrastructure connecting its main branches to the head office. "With this improvement, we would be able to provide a quicker and more efficient service," Senanayake commented. SMB also hopes to add two more branches to its expanding network in 2003. Workshops on human resource development are being conducted to improve employee productivity and to help the bank focus on better quality recruitment. A member of Ceylinco Consolidated, Seylan Merchant Bank Limited was incorporated in September 1992. It is registered by the Central Bank of Sri Lanka as a Registered Finance Leasing Establishment under the Finance Leasing Act NO. 56 of 2000. Its subsidiaries are Seylan Merchant Leasing Ltd., SMB Real Estate Ltd. and SMB Money Brokers (Pvt.) Ltd. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
