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| Tuesday, 30 March 2004 |
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MBSL profits increase tenfold The Merchant Bank of Sri Lanka (MBSL) has recorded a net profit of Rs. 71 million for the year 2003. This is ten times more than Rs. 7 million recorded for 2002, which incidentally was the first time a profit was recorded since 1996, according to the Bank's Annual Report for 2003. The report's theme is "Quitters never win and Winners never quit" and reflects the restructuring and the 'return to profitability' with new initiatives and techniques. The Group profit is Rs. 81.2 million compared to Rs. 21.8 million the previous year. MBSL Bank Chairman S. N. P. Palihena said, "The Bank of Ceylon which owns 53% of MBSL is gradually beginning to work closer with MBSL and its subsidiaries. This augurs well for the future progress of the Group. In the current competitive environment for merchant banks and finance companies, growth will only come with aggressive marketing strategies, high levels of competence of the staff, and lean and efficient processes assisted by superior information and communication technology. During the course of 2004 we hope to re-visit the current business model and formulate one that would be more suitable to face challenges that will unfold in the future." Managing Director/CEO Sunil G. Wijesinha in his review said that "this is the second year in succession the bank made a profit in recent times. It appears that the bank has withstood the turbulent period and can be considered to be emerging from the woods". Leasing has been the mainstay of the business portfolio of the Bank and MBSL claims that its success in this area is because of the superior service given to customers. MBSL has also implemented a number of initiatives to motivate and develop the human resource. Wijesinha said, "For the first time MBSL conducted an Employee Satisfaction Survey which projected an overall satisfaction level of 62%. It can be considered an above average score. The index is based on several subsidiary indices such as corporate culture, working conditions, recognition and rewards, pay and benefits, team work and co-operation, leadership and planning and company's training." MBSL recently launched a successful debenture issue, which netted in Rs. 165 million which will be used for business expansion. MBSL sources said that there may be future debenture issues as well depending on the growth of the portfolio. MBSL has also reissued its debentures to the Employees' Trust Fund Board, which are due for redemption from January 2006 to December 2008. The Annual General meeting of the Merchant Bank of Sri Lanka Limited (MBSL) will be held on March 31 at the Bank of Ceylon Auditorium. |
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