MBSL posts aggressive growth in 2013

Monday, 24 March 2014 00:02 - - {{hitsCtrl.values.hits}}

The Merchant Bank of Sri Lanka PLC (MBSL) posted revenues of Rs. 608 million for the fourth quarter of the financial year as against Rs. 482 million during the corresponding quarter of last year. The revenue of the company for the Year 2013 of over Rs. 2.3 billion reflects a 25.97% growth over the corresponding period in the previous year. MBSL Chairman M.R. Shah said that the growth was mainly due to our aggressive expansion drive launched in the year 2012, and the

commitment and dedication of our staff members. The interest income recorded a growth of 24.82% from Rs. 1.8 billion to Rs. 2.3 billion in the 12 months period mainly from lease and hire purchase, term loans, microfinance and personal loans. Interest expenses too increased to Rs. 1.37 billion compared to Rs. 1 billion for the same period. This increase mainly reflected by increase of money market interest on commercial papers and promissory notes and interest on debentures. Net fee and commission income of the MBSL increased to Rs. 48 million recording a growth of 12.72% during the year of 2013. The growth in fee income was seen mainly from corporate advisory services during the period. The total assets of MBSL reached Rs. 13.3 billion as at 31st December 2013 compared to Rs. 11.9 billion as at 31 December 2012 reflecting a growth of 11.5%. The growth in the company’s asset base is mainly represented by lease and hire purchase receivables and loans and advances to customers.