Coming Clean

Seylan Merchant Bank Limited (SMB) has reported satisfactory growth in its financial results for the first half of 2003.
In results released this week, SMB reported a consolidated pre-tax profit of Rs 16.7 million, a growth of 148 per cent over the Rs 6.7 million profits reported in the corresponding period of 2002.rn

rnSMB also reported a consolidated Net Income growth of 32 per cent to Rs 335.6 million while Net Interest Income grew 70 per cent to Rs 56.8 million.rn

rnThe Banks pre-tax profit rose to Rs 3.1 million from Rs 826,487, reflecting a growth of 271 per cent compared to the first half of 2002.rn

rnThe Bank has also recorded healthy growth in Net Income, up 35 per cent to Rs 280.9 million. Net Interest Income of the Bank grew 81 per cent to Rs 36.7 million during the period under review.rn

rnSMBs Director/General Manager Rohan Senanayake said the significant factors that influenced growth in this period were the capital gains on treasury bond investments, improvements in IT infrastruc