Growing Up

The Seylan Merchant Bank (SMB) Group has reported a three fold growth in pre-tax profits for the third quarter ending Sept. 2003.
Consolidated pre-tax profit at Rs 33 million, was up 363 per cent for the period ended September 30, 2003, from Rs 7 million in the corresponding period last year.rn

rnThe Groups Net Income also showed healthy growth, with an increase of 33.39 percent to Rs 519 million from Rs 389 million. rn

rnNet Interest Income of the Group rose to Rs 93 million, a growth of 72.16 per cent over the corresponding period last year.rn

rnThe Bank meanwhile, has reported a pre-tax profit of Rs 7.2 million for the nine months, reflecting a growth of 416 per cent. rn

rnNet Income of the Bank grew 29.34 per cent during this period, from Rs 329 million to Rs 426 million, while Net Interest Income increased from Rs 34.85 million to Rs 62 million.rn

rnDirector/General Manager of SMB, Rohan Senanayake said: ldblquote The reduction in interest rates and capital gains from bond markets wer