MBSL profits down 99%February 20, 2013, 8:49 pm
Merchant Bank of Sri Lanka PLC, controlled by state banking giant the Bank of Ceylon, saw profits plummet by 99.7 percent to Rs. 1.1 million for the eleven months ended November 2012, from 392.13 million a year ago, interim financial results showed.
Earnings per share fell to five cents from Rs. 2.6 a year ago.
Interest income rose 27.1 percent to Rs. 3 billion while interest expenses rose 64.5 percent to Rs. 1.8 billion.
Capital gains on quoted investments amounting to Rs. 110.9 million the previous year fell 108.5 percent to a loss of Rs. 9.48 million. Dividend income rose 51.6 percent to Rs. 7.1 million.
During the year, personnel costs increased 24.5 percent to Rs. 621.8 million, professional fees and consultancy charges fell 6.9 percent to Rs. 23.6 million.
Provision for bad loans grew 39.8 percent to Rs. 118.5 million.
Deposits from customers grew 14.2 percent year-on-year to Rs. 7.62 billion as at November 30, 2012. MBSL’s borrowings amounted to Rs. 7.73 billion, up 45.4 percent from a year ago.
Investments in government securities amounted to Rs. 2.1 billion, up 33.9 percent. Its loan book shrank 3.9 percent to Rs. 4.62 billion from a year earlier. Lease and hire purchases grew 26 percent to Rs. 11.8 billion.
The stock exchange said the financials were prepared for the first eleven months of 2012 in view of an upcoming debenture issue.
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