Growing Up

The Seylan Merchant Bank (SMB) Group has reported a net income growth of 28 percent to Rs. 123.5 mn in the first quarter of 2003.
Pre and post tax profit growth however, was a marginal 1.

05 percent from Rs. 570,000 to Rs. 576,000.rn

rnGroup results, meanwhile, show that pre tax profits grew 167.3 per cent to Rs. 5.19 mn from Rs. 1.94 mn while net income was up 23 percent from Rs.

120.4 mn to Rs 148.3 mn.rn

rnThe net interest income of the Bank showed a remarkable growth of 259 percent to Rs 19.2 mn compared to the Rs 5.3 mn reported in 2002, while the Group achieved a net interest income of Rs 28.

8 mn, a growth of 138 percent from Rs.

12 mn in the first quarter of 2002.

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rnThe Banks leasing portfolio grew to Rs 1.307 bn from Rs 938 mn and the Group reported a growth of 41.

35 percent in the same area, from Rs.

1.036 bn in the first quarter of 2002 to Rs 1.

466 bn in the first quarter of 2003.

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rnSMBs Director/General Manager Rohan Senanayake said: "We are pleased with the profitable trend the