The Merchant Bank of Sri Lanka & Finance PLC (MBSL) recorded an exceptional third quarter financial performance in 2016 with robust growth in revenues and profitability, following its unparalleled three-way merger of 2015.
MBSL finalized one of the most complex amalgamation processes witnessed in the country to date, in 2015, by merging with two of its subsidiaries, MCSL Financial Services and MBSL Savings Bank, to integrate three separate companies into a single consolidated financial services entity.
Commenting on the third quarter results, MBSL Chairman Dr Sujeewa Lokuhewa said the company’s growth strategy has been aligned with national development objectives. “We have aligned ourselves with the economic strategies of the government, which will be the guiding framework for the bank from 2016 onwards,”he said.
To support government economic development plans we are developing new products and services and implementing IT solutions for product and service delivery to reach into the far corners of the country, to cater to rural markets and in particular rural SMEs,” Dr. Lokuhewa said.
MBSL demonstrated an outstanding 1,539% cumulative bottom line growth year-on-year by the end of the third quarter 2016, with a profit after tax (PAT) of Rs 257.3 million, against Rs 15.7 million recorded in 2015. The PAT for the quarter had surged ahead of 2015, to reach Rs 122.3 million, compared to Rs 59.2 million in 2015.
This sustained robust performance by the Company resulted in reversing the negative bottom line of the Group for the third quarter of 2015, moving the MBSL Group out of the red and into profitability. The bottom line of the MBSL Group gained by 696% to reach a PAT of Rs 186.2 million, by end September 2016, from a loss of Rs 31.2 million in 2015. This cumulative growth in profitability was mainly due to the 296% growth in PAT in the third quarter of 2016, to Rs 108.6 million, compared to the Rs 27.4 million achieved in 2015.
Gains in profitability have been accompanied by improvements across most aspects of the financial dashboard with MBSL increasingly consolidating its post-merger market position.
“With the merger we have improved our operational efficiencies and we are currently focusing on providing a better experience for our customers. Overall, the merger has contributed towards growing the market and scope of business, and we are looking into further growth opportunities in new market segments,” MBSL CEO T. Mutugala said.
MBSL finalized one of the most complex amalgamation processes witnessed in the country to date, in 2015, by merging with two of its subsidiaries, MCSL Financial Services and MBSL Savings Bank, to integrate three separate companies into a single consolidated financial services entity.
Commenting on the third quarter results, MBSL Chairman Dr Sujeewa Lokuhewa said the company’s growth strategy has been aligned with national development objectives. “We have aligned ourselves with the economic strategies of the government, which will be the guiding framework for the bank from 2016 onwards,”he said.
To support government economic development plans we are developing new products and services and implementing IT solutions for product and service delivery to reach into the far corners of the country, to cater to rural markets and in particular rural SMEs,” Dr. Lokuhewa said.
MBSL demonstrated an outstanding 1,539% cumulative bottom line growth year-on-year by the end of the third quarter 2016, with a profit after tax (PAT) of Rs 257.3 million, against Rs 15.7 million recorded in 2015. The PAT for the quarter had surged ahead of 2015, to reach Rs 122.3 million, compared to Rs 59.2 million in 2015.
This sustained robust performance by the Company resulted in reversing the negative bottom line of the Group for the third quarter of 2015, moving the MBSL Group out of the red and into profitability. The bottom line of the MBSL Group gained by 696% to reach a PAT of Rs 186.2 million, by end September 2016, from a loss of Rs 31.2 million in 2015. This cumulative growth in profitability was mainly due to the 296% growth in PAT in the third quarter of 2016, to Rs 108.6 million, compared to the Rs 27.4 million achieved in 2015.
Gains in profitability have been accompanied by improvements across most aspects of the financial dashboard with MBSL increasingly consolidating its post-merger market position.
“With the merger we have improved our operational efficiencies and we are currently focusing on providing a better experience for our customers. Overall, the merger has contributed towards growing the market and scope of business, and we are looking into further growth opportunities in new market segments,” MBSL CEO T. Mutugala said.
www.dailynews.lk
No comments:
Post a Comment