Mechant Bank of Sri Lanka yesterday announced that that the group’s income had grown by 24 percent in 2007 to Rs. 1.4 billion while the company’s revenue had increased to Rs. 873 million.

“ Having posted a satisfactory performance last year we have set out a target for this year to obtain a turnover of Rs. 1.7 billion in this year” said Chairman MBSL Janaka Rathnayake .

Chairman also said that during the year under preview the bank also managed to achieve the highest ever disbursement level of Rs. 1.65 billion in leasing during 2007 it collected an after tax profit of Rs. 238 million. MCSL earned a gross income of Rs. 571 million the highest ever recorded in the past 25 years. . Speaking on banks objectives for the year Mr. Rathnayake said that in 2008 , the bank is hoping to expand its investment banking activities and enhance Merchant Credit of Sri Lanka (MCSL) through a branch network there by expanding its deposits base from Rs. 2 billion to Rs. 3 billion. The company has decided to open a Customer Service Centre in Union Place, Colombo 2 for the convenience of our valued customers.

Director MBSL Dr. Ranjith Bandara speaking on the current situation in the Sri Lankan economy said that current high inflation and other related difficulties are only a short term phenomenon and excpected ease off soon.