Mercantile Investments posts Rs. 108 mn profit

Mercantile Investments Ltd continued their excellent business performance even in difficult economic conditions to maintain a net profit after tax of Rs. 108 million, a reasonable growth of 10 per cent over 2007 half year results.

The profit before tax also indicated a growth to reach Rs. 129 mn up by 8 per cent compared to previous year.

The sustainability in profits was mainly attributable to the Improvement in Net Interest Income which was Rs. 298 million, an increase of 7 per cent over 2007 and the controlling of overhead cost in spite of growing inflation. The growth in deposits was well above the growth made in 2007 and stood at 31 per cent when annualised.

The growth in deposit base and improved business was supported further by the opening of two additional Branches in 2008 excellently located in towns of Balangoda and most recently in Mahara.

To add to the success, the company was named the winner for the ninth consecutive year of producing the best annual report in the Finance Company category at the recently held awards ceremony by the Institute of Chartered Accountants of Sri Lanka for 2008.