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Slow Down

Nov 23, 2007 (LBO) – People's Merchant Bank (PMB) net profit for the September quarter fell 13 percent year-on-year to five million rupees, according to interim results sent to the Colombo bourse. Total income increased 26 percent to 90 million rupees in the same period.

But net interest income was up only 10 percent to 37 million rupees as interest expenses grew faster than interest income.

Provision for bad loans was up only seven percent to just over nine million rupees for the quarter but increased 192 percent to 24.2 million rupees in the first six months of the financial year.

The first half net profit was down 91 percent year-on-year to 1.8 million rupees.

The bank's total assets stood at 1.8 billion rupees as at September 30, 2007 while liabilities were 1.4 billion rupees. .