Merchant Look

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Nov 04, 2008 (LBO) – The Merchant Bank of Sri Lanka (MBSL) group net profit for the September quarter fell by 26.5 percent to 42.8 million rupees from a year ago as it was affected by sharply higher interest and other costs. Total group income for the September quarter rose 13.9 percent to 409 million rupees from 359 million rupees a year ago, according to results released by the bank.

Group net profit for the nine month period ending September 30, 2008 fell 24.6 percent to 117.2 million rupees from a year ago while income for the period rose 17.8 percent to 1.18 billion rupees.

Group net interest income for the September quarter fell 14.6 percent to 138.3 million rupees from 162 million rupees a year ago

For the nine months, MBSL’s group net interest was down 7.9 percent to 418 million rupees.

Provision for loan losses were 4.5 million rupees for the September quarter compared with 18.8 million rupees a year ago

Loan loss provisioning for the nine months ending September 30, 2008 was 68.8 million rupees compared with 45 million rupees in the same period last year.

At company level, net interest income in the September quarter fell 17.2 percent to 84.9 million rupees from 102.5 million rupee