Bigger Steps

The Seylan Merchant Bank (SMB) Group has reported a healthy growth in profits for the nine months ending September 30, 2002, compared to the corresponding period of last year.
rnrnIn results released this week, the SMB group reported a pre-tax profit of Rs 7.1 million, a growth of 116 percent compared to the loss of Rs 43 million in 2001. rn

rnGross income of the group rose 39 percent to Rs 382 million. Seylan Merchant Bank meanwhile reported a pre-tax profit of Rs 1.4 million, a growth of 103 percent from a loss of Rs 47 million at the end of the third quarter of 2001. rn

rnThe Bank’s gross income grew 41 percent to Rs 323 million. Two noteworthy features of this performance were the growth achieved in leasing and net interest income, SMB’s Director/General Manager Rohan Senanayake said. rn

rnThe Group’s leasing portfolio grew 87 percent from Rs 710 million to Rs 1.327 billion while the Bank’s leasing portfolio grew to Rs 1.192 billion, a growth of 86 percent over the first nine months of 2001. rn<