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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Interest rate rise drives down Mercantile Investments profits

Interest rate rise drives down Mercantile Investments profits

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CSE.SAS

CSE.SAS
Global Moderator
Mercantile Investments and Finance PLC (MI) concluded the financial year 2012 with yet another year of satisfactory results posting Rs 470 Million Net Profit After Tax. This compares with previous year Net Profit After Tax of Rs. 906 Million, a decrease of Rs. 436 Million, the company announced yesterday.

"The decline in profits mainly arose as a result of the persistent rise in interest rates that contracted margins derived from core business thus bringing down net interest income by Rs 194 Million. The other main cause for the reduction in profits was due to the slow-down in growth experienced in Non fund based Income unlike in the previous year. The continued sluggishness in the stock market affected the share trading profits due to which the company had to provide Rs 137 Million as a fall in value provision to mark to market its dealing share portfolio.

"MI’s total revenue for the F/Y 2012 stood at Rs 2,365 Million, reflecting a moderate rise of Rs 151 Million or 7 % over 2011.Core business revenue rose percent to Rs 1,631 million.

"Improvement in the general business environment and greater economic activity again seen this year assisted the company in boosting its core business volumes in a significant manner thus strengthening

MI’s position in the finance company sector as a leading player. In this period, MI’s lending business soared to a new high reflecting an impressive growth rate of 64%, the highest in recent times. In boosting the lending base, greater focus was placed in broad basing MI’s product range including the promotion of personal loans, business loans and pledge loan services more strongly.

"To compensate for the acceleration in credit business during this period, MI was able to simultaneously maintain a healthy deposit growth rate of 43% inspite of rising competitiveness within the sector. These efforts made it possible for the company to record a deposit base of over Rs 5. 8 Billion for the first time, as at the balance sheet date.

"The notable acceleration in core business enabled the company to grow its total assets to Rs 17. 5 Billion reflecting a 43% growth compared to the previous year.

"Another note-worthy positive factor this period was the company’s ability to reduce its non- performing lending levels sharply. As a result of the on-going recovery drive initiated by the Recovery’s Division, MI’s non-performing lending ratio fell from 6.20% in 2011 to 2.81%.

"Furthermore, MI continued to hold a strong capital position as at 31st March 2012, with Core Capital Ratio standing at 22.40%, while Total Capital Ratio stood at 27.17%, well above the minimum regulatory requirements. The Liquidity ratio was also at a healthy 12.80% well above the statutory requirement," the company said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54261

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