The Seylan Merchant Bank (SMB) Group has posted a 122 percent growth in profits after reporting a loss in 2001.
The Groups pre-tax profits rose to Rs. 11.3 mn for the period ending Dec. 31, 2002 from a Rs. 51.7 mn loss in 2001. rn
rnThe Banks pre-tax profit grew 104 percent to Rs. 2.2 mn from a loss of Rs. 55.6 mn in the corresponding period in 2001.rn
rnThe Groups net income rose 44 percent to Rs. 535.7 mn, while the Bank reported a 53.5 percent growth to Rs. 468.8 mn, during the period under review.rn
rnThe Groups net interest income rose to Rs. 85.6 mn, while the banks net interest income grew to Rs. 57.2 mn from a negative income of Rs. 3.9 mn in 2001.rn
rnDirector/General Manager of SMB Rohan Senanayake attributed the turnaround to a revival in macro economic conditions, a drop in lending rates, which helped improve margins in existing leases. rn
rnSMBs subsidiary Seylan Merchant Leasing Limited has also reported a profitable year while SMB Real Estate Limited has begun to show better si