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Sri Lanka Equity Forum » Stock Market News » MBSL reports Rs 92.44 m Net profit in 2Q 2015

MBSL reports Rs 92.44 m Net profit in 2Q 2015

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1 MBSL reports Rs 92.44 m Net profit in 2Q 2015 on Wed Aug 19, 2015 9:13 am

Melissa Pereira

Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
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. Organization-wide efforts to develop a unified operational model, priming the organizational 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% 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. 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% during the quarter, adding a further boost to profitability.
Courtesy: Ceylon Financial Today 18 Augsut 2015


How about MBSL now? Will the next trend start from toward end of this month or from October?

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