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Last year was a challenging year for Sri Lanka in terms of a nation as well as a country. The end of the war marked the peaceful condition in the country and economy has also established during the period. The strength of the Government is what the situation has brought this far, Chairman, Merchant Bank of Sri Lanka (MBSL) Janaka Ratnayaka told the Daily News.
Though foreign countries felt the financial crisis hard the Government faced it resiliently as it was strong on fiscal management. There has been a financial crisis of our own, which is the insecurity of the major financial companies. MBSL with the assistance of Central Bank, acquired four of the financially unstable companies related to finance, insurance and banking. This resulted in the control over the negative impact, he said.
The Merchant Bank manages almost Rs. 50 billion liabilities and entities and there are more than 5,000 employees. Among the four financially affected companies, The Finance Company, which is the oldest and biggest finance company, will be brought back to normal by the next 6 to 12 months.
MBSL Group has performed well in 2009 with an increase of profit and performance. The Group recorded a 50 percent increase in profits which amounted to Rs. 300 million compared to 2008.
The Merchant Credit of Sri Lanka, which is a 25-years-old finance company, owned by Merchant Bank and Bank of Ceylon has performed remarkably well. There was an increase of profit of 48 percent compared to the previous year, Ratnayaka said.
“MBSL Savings Bank has recorded over Rs. 45 million net profit although the company faced a financial crisis less than a year before.
The MBSL insurance company whereas targets a revenue of Rs. 1 billion in this year,” he said.
He said that MBSL opened its eighth branch in Trincomalee on January 18 and expects to set up number of branches in Batticaloa, Ampara, Mullaitivu and Jaffna. It will provide many employment opportunities for youth in those areas. The group will soon be involved in the leisure sector of which plans are under way to build hotels or acquire hotels down south.
The head office building will also be completed with Rs. 500 million investments at Union Place. The MBSL group will involve in portfolio management and stock market activities more vibrantly, he said.
He said that good governance, ethics, proper system and procedures will be put in place to cater the widespread network of stakeholders and depositors of MBSL.
The depositor base of the group has increased to 150,000 at present. MBSL protects the interest of depositors by paying their interest and eventually capital, the Chairman said.
source - www.dailynews.lk
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