Merchant Bank of Sri Lanka & Finance PLC demonstrated a turnaround in performance during the quarter ending June 30, 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 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.
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% during the period to Rs 503.01 million. Meanwhile, Group net operating income also recorded robust growth of 24.8% during the quarter to Rs 520.66 million.
www.dailynews.lk
Meanwhile, the MBSL Group 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.
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% during the period to Rs 503.01 million. Meanwhile, Group net operating income also recorded robust growth of 24.8% during the quarter to Rs 520.66 million.
www.dailynews.lk
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