Home / In Depth/ Mercantile Investments records net profit of Rs. 905 m

Mercantile Investments records net profit of Rs. 905 m


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 30 June 2011 01:09

Facebook

By Gayani Perera

Mercantile Investments (MI), which has now been renamed as Mercantile Investments PLC after registering with the Colombo Stock Exchange, this year successfully completes 47 years of service to the financial industry.

The company so far has seen progressive growth during the past few years, with MI has recording phenomenal growth this year.

MI provides a plethora of financial services to customers which include leasing, hire purchase, personal loans, vehicle loans, fixed deposits and savings. MI recently opened a branch in Kurunegala, which is the seventh branch to be included in its branch network and presently holds the fifth dominant position in the financial sector.

Commenting on the stability of the company Assistant General Manager – Leasing of MI Dhanushka Fonseka said: “Last year our lending increased by Rs. 2.7 billion to Rs. 5.08 billion, which is almost a 100% increase. The total deposit base of the company recorded 18% growth, compared to that of last year.

Our Non Performing Loan ratios are much lower than the prevailing industry rates, which is very encouraging. Our net profits have increased by 176% and amount to Rs. 905 million and net assets have also experienced a growth of 26%. We are very proud of the fact that we have been able to achieve such outstanding results despite the fact that we have a very small branch network when compared to the other larger players in the industry.”

Back by a very young and dynamic team, MI hopes to expand its services by opening branches in the Matara and Batticaloa areas very soon as well as a city office in Colombo.

“Our main area of focus is to provide a superior service to our expanding customer base. We provide a very personalised and speedy service to our customers, which are the secrets behind our success. In the near future we will also be opening a separate section for corporate leasing,” added Fonseka.

The leasing industry experienced a huge boom after the war, which was further heightened with the unregistered vehicle market increasing imports last year due to tax deductions. At present the future of the leasing industry looks bright and geared up with its recent achievements, MI will no doubt be in the forefront of everything positive taking place in the industry.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Tawheed is not a misdeed but dirtied by the extreme

Saturday, 25 May 2019

A singular and specific victim of the whole macabre incident of the 21 April Easter Sunday bombings by terrorists in Sri Lanka from a standpoint of Muslims was the maligning, tarnishing and distorting of a term indispensable, necessitous and fundamen


17 things ‘Avengers: Endgame’ teaches us about the state of our superheroes

Friday, 24 May 2019

Art imitates life. Even movies do. Maybe especially so. In these lean times, there’s nothing like a little laughter to stop the press, stem the blood pressure, ease that stress in life. So here goes. Trust you’ll take these tongue-in-cheek. Or pe


Sri Lanka needs urgent surgery!

Friday, 24 May 2019

Sri Lanka was on the slippery slope of a serious crisis, heading for a great disaster of the State, even before the outbreak of Easter Sunday attacks. Now, in the aftermath of the ruthless Easter Sunday attacks, the country’s crisis has become exac


Mangala, Monks, Mangala Sutta and Marx

Friday, 24 May 2019

In the Buddhist belief system, ‘Mangala’ means a ‘blessing’. In the abstract ‘Mangala’ denotes an ‘auspicious sign’. In the ‘Mangala Sutta’, the Buddha has enumerated 38 of the highest blessings that we must or should be guided b


Columnists More