Merchant Bank of Sri Lanka PLC (MBSL) has successfully completed the financial year 2007 recording Rs 238 million profit after tax, which is an increase of 13.8 compared with previous FY followed by a turnover of Rs 873 million.

MBSL Chairman, Janaka Rathnayaka, announcing the 2007 performance, said that the second half of year 2007 was highly competitive due mainly to increased interest rates.

“Despite increased competiveness and high interest rates the profitability of MBSL, asset growth and turnover both at the and bottom line has increased,” he said.

He stated that the board of directors declared a final dividend of one rupee per ordinary share to all share holders and commended the far reaching vision of the Board of Directors and tenacious perseverance or senior management and staff.

Chief Executive Officer, Gamini Karunathilake, said that they provide superlative customer services, to generate and retail profitable customers. The modern approach to business is value creation and creating an essential value for the customers, this is our way to success even in difficult times.

With more challenges, expectations are high with MBSL, for the current year, to reach a net profit of Rs 350 million. The bank plans to expand corporate finance activities by retaining corporate clients during the second and the third quarter of the year. With this the bank expects approximately a total value of Rs 3.5 billion.

Among other plans, obtaining the status of licensed specialised bank is on the cards Rathnayaka said. To start a branch network in the country to have a wider client tale and to enhance specialised banking.