The Seylan Merchant Bank (SMB) Groups earnings doubled for the first quarter ending March 31, boosted by its booming leasing portfolio.
In results released this week, SMB Group reported a consolidated post-tax profit of Rs 10.4 million, up 100.30 per cent from the Rs 5.2 million reported in the first quarter of 2003. rn
rnNet Interest Income grew to Rs 32.9 million from Rs 28.8 million, a 14.22 per cent growth over the first quarter of the previous year.rn
rnMeanwhile, the Bank reported a noteworthy 207.20 per cent growth in its post-tax profit, to Rs 1.77 million from Rs 576,232 in the corresponding period last year. rn
rnThe Net Interest Income of the Bank rose to Rs 27.40 million, an increase of 42.87 per cent compared to the Rs 19.18 million reported in the same period in 2003. rn
rnThe Lease Rentals Receivable portfolio of both the Group and Bank too showed healthy growth.
The Groups leasing portfolio grew by 29 per cent to Rs 1.99 Billion from Rs 1.55 Billion, while the Banks leasing po