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| Sunday, 30 November 2003 |
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SMB records healthy profits The Seylan Merchant Bank (SMB) Group has reported a significant percentage growth in profits and turnover at the end of the third quarter. Consolidated pre-tax profit at Rs 33 million, was up 363 per cent for the period ended September 30, 2003, from Rs 7 million in the corresponding period last year. The Group's Net Income also showed healthy growth, with an increase of 33.39 per cent to Rs 519 million from Rs 389 million. Net Interest Income of the Group rose to Rs 93 million, a growth of 72.16 per cent over the corresponding period last year. The bank meanwhile, has reported a pre-tax profit of Rs. 7.2 million for the nine months, reflecting a growth of 416 per cent. Net Income of the Bank grew 29.34 per cent during this period, from Rs 329 million to Rs 426 million, while Net Interest Income increased from Rs 34.85 million to Rs 62 million. Director and General Manager SMB, Rohan Senanayake said: "The reduction in interest rates and capital gains from bond markets were important factors which helped SMB to a profitable third quarter, maintaining the profitable trend begun last year." "We have refocused our business strategy, and are looking to improve productivity and efficiency among the work force, concentrating on getting a higher per person contribution to the bank," he said. "We are also focusing on branch connectivity, considering that 80 to 90 per cent of returns come from our branch network." Senanayake said the Bank signed a joint venture agreement recently with OpenArc Systems Management (Pvt) Ltd, through which a new company, OpenArc Global Solutions (Pvt) Ltd would market leasing and finance software solutions locally and regionally. "We believe that diversification is necessary for growth and that this venture would yield many benefits for both parties," he commented. The bank's subsidiaries SMB Real Estate Ltd and Seylan Merchant Leasing Ltd too reported healthy profit growth at the end of the third quarter, he added. |
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