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| Wednesday, 4 June 2003 |
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SMB reports 28% net income growth to Rs. 123.5 million in Q 1 2003 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 this week, the Bank reported a net income growth of 28 percent to Rs 123.5 million in the first quarter of 2003. Pre and post tax profit growth however, was a marginal 1.05 percent 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 percent from Rs 120.4 million to Rs 148.3 million. The net interest income of the Bank showed a remarkable growth of 259 percent to Rs 19.2 million compared to the Rs 5.3 million reported in 2002, while the Group achieved a net interest income of Rs 28.8 million, a growth of 138 percent 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 percent 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/General Manager Rohan Senanayake said: "We are pleased with the profitable trend the Bank has maintained, although the Bank's profits grew by only one percent due to the writing off of some long term investments. The reduction in interest rates was the main factor in helping the SMB achieve profitability in this quarter too." He said the 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 said. SMB also hopes to add two more branches to its expanding branch network in 2003. He said that a number of workshops on Human Resource Development are also 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. |
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