Fri, 29 Mar 2024 Today's Paper

MBSL records Rs.92 mn turnaround 2Q net profit

By

17 August 2015 07:35 pm - 0     - {{hitsCtrl.values.hits}}

A A A

Merchant Bank of Sri Lanka & Finance PLC (“MBSL” or the “Company”) demonstrated a remarkable turnaround in performance during the quarter ending 30th June 2015 to record a net profit of Rs.92.44 million, compared to a loss of Rs. 30.26 million in the corresponding quarter of last year. 

Meanwhile the MBSL Group (comprising of MBSL and its subsidiaries) also posted strong recovery to achieve a net profit of Rs. 95.07 million, compared to a loss of Rs. 46.01 million the previous year.  

The robust growth in performance is an attestation to the inherent soundness of the Group’s growth strategy. Organisation-wide efforts to develop a unified operational model, priming the organisational objectives to meet the ever changing market needs and requirements synergized the whole process to create win-win options. Clear directions given by a professional board paved the way for the achievement.

During the quarter, MBSL focused on consolidating and optimising the branch network with the objective of generating positives arising from multiple business lines. Accordingly, three branches were relocated during the quarter whilst two city branches were merged. The period under review also saw the Group further widening the product portfolio, with the launch of a special leasing scheme for hybrid vehicles. 

The Group generated a total income of Rs. 1.32 billion during the quarter, enabling an expansion in net interest income, which grew 7.6 percent during the period to Rs. 503.01 million. Meanwhile, Group net operating income also recorded robust growth of 24.8 percent during the quarter to Rs. 520.66 million. During the period concerted efforts were made to strengthen recovery efforts and improve credit risk management measures, resulting in the Group’s impairment losses dropping substantially to Rs. 88.62 million, from Rs.208.41 million the previous year corresponding period. 
Increased efficiencies and emphasis on cost rationalisation enabled MBSL to reduce its total overhead costs by 7.0 percent during the quarter, adding a further boost to profitability.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H