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The Seylan Merchant Bank (SMB) Groups earnings rose 344 percent to Rs. 50.29 mn over revenues of Rs. 565 mn for the fiscal year ending Dec. 31, 2003.
In unaudited results released recently, SMB Groups Net Income rose by 22 percent to Rs 668 million from Rs 546 million in the corresponding period in 2002. rn

rnMeanwhile, the Banks post tax profit increased from Rs 2.2 million to Rs 9.9 million, a growth of 339 per cent. rn

rnThe Bank reported Net Income growth of 18 per cent to Rs 565 million for the year ended 31st December 2003, compared to the Rs 478 million achieved in 2002.rn

rnGroup Net Interest Income was up 20 per cent to Rs 111 million, while the Banks Net Interest Income grew 44 per cent to Rs 91 million, during the period under review.rn

rnImprovements in capital gains from bonds as well as in net interest margins contributed significantly to the profits achieved, the bank said.rn

rnSMB Group subsidiaries Seylan Merchant Leasing Limited (SMLL) and SMB Real Estate Limited also report