SEYLAN MERCHANT BANK LIMITED by morgossi7a3

VIEWS: 488 PAGES: 8

									       SEYLAN MERCHANT BANK LIMITED




                            INTERIM REPORT


                     QUARTER ENDED 30TH SEPTEMBER 2006




If undelivered please return to:

Seylan Merchant Bank Limited
Landmark Building,
385, Galle Road,
Colombo 3.
Tel: 011-2573363

                          SEYLAN MERCHANT BANK LIMITED
                                       1
INCOME STATEMENT




                                                                                          BANK


For the Period Ended                             3 Months         3 Months                   9 Months           9 Months
                                                Ended 30th       Ended 30th                 Ended 30th         Ended 30th
                                                 Sept 2006        Sept 2005     Change       Sept 2006          Sept 2005    Change
                                                       Rs.              Rs.         %              Rs.                Rs.        %

Net Income                                     167,661,163       139,189,790      20.5      424,948,674       418,093,471       1.6

Interest Income                                144,630,809       125,336,901       15.4     362,149,751       374,936,110      (3.4)
Less: Interest Expenses                        126,166,279        93,532,820     (34.9)     307,927,471       284,672,068      (8.2)
Net Interest Income                             18,464,530        31,804,081     (41.9)      54,222,280        90,264,042     (39.9)

Other Income                                    23,030,354        13,852,890      66.2       62,798,923        43,157,361       45.5
Gross Income                                    41,494,884        45,656,971      (9.1)     117,021,203       133,421,403     (12.3)

Less: Operating Expenses
Personnel Costs                                 14,366,642        12,130,627     (18.4)      39,231,921         37,461,108     (4.7)
Premises, Equipment & Establishment Exp.         6,690,100        10,327,379       35.2      18,705,103         26,762,459      30.1
Provision for Staff Retirement Benefits             33,740           399,000       91.5         118,090          1,293,000      90.9
Other Overhead Expenses                          9,864,613         9,944,353        0.8      19,270,470         31,995,223      39.8
                                                30,955,095        32,801,359        5.6      77,325,584         97,511,790      20.7

Profit Before Provisions & Taxation             10,539,789        12,855,612     (18.0)      39,695,619         35,909,613     10.5

Less: Loan Loss Provision and Write-off          3,091,878          7,616,954     59.4        9,490,026         24,656,106     61.5

Operating Profit Before Taxation                 7,447,911          5,238,657     42.2       30,205,593         11,253,506    168.4

Less: Tax on Profit on Ordinary Activities         643,730                 -          -       1,643,730                  -         -
    : VAT on Profit                              1,433,131           623,187    (130.0)       3,941,713          1,173,792   (235.8)

Profit After Taxation                            5,371,050          4,615,470     16.4       24,620,150         10,079,714    144.3


Profit for the Period                            5,371,050          4,615,470     16.4       24,620,150         10,079,714    144.3

Basic Earnings per share Rs.
               Voting Rs.10/= Each                    0.48               0.41                       0.74              0.30
               Non Voting Rs.1/= Each                 0.05                  -                       0.07                 -

Diluted Earnings Per Share Rs.
              Voting Rs.10/= Each                     0.47               0.51                       0.72              0.37
               Non Voting Rs.1/= Each                 0.05                  -                       0.07                 -




             R. S. W. Senanayake                    S. M. De Soysa                               P. H. P. Namali
             Deputy Chairman                        Director/ DGM                                Chief Financial Officer




                                          SEYLAN MERCHANT BANK LIMITED
                                                             2
CONSOLIDATED INCOME STATEMENT




                                                                                           GROUP


For the Period Ended                                       3 Months       3 Months              9 Months        9 Months
                                                          Ended 30th     Ended 30th            Ended 30th      Ended 30th
                                                           Sept 2006      Sept 2005 Change      Sept 2006       Sept 2005 Change
                                                                 Rs.            Rs.     %             Rs.             Rs.     %

Net Income                                               267,168,888     203,047,416     32    686,960,902     581,702,164        18

Interest Income                                          220,791,960     170,107,305      30   571,700,949     490,430,413         17
Less: Interest Expenses                                  169,522,549     122,493,438    (38)   419,140,997     343,778,134       (22)
Net Interest Income                                       51,269,411      47,613,867       8   152,559,952     146,652,279          4

Other Income                                              46,376,928      32,940,111     41    115,259,953      91,271,751        26
Gross Income                                              97,646,339      80,553,978     21    267,819,905     237,924,031        13

Less: Operating Expenses
Personnel Costs                                           26,233,202      20,892,502    (26)    74,522,478      61,552,108       (21)
Premises, Equipment & Establishment Exp.                  18,495,090      15,374,828    (20)    41,931,138      41,088,163        (2)
Provision for Staff Retirement Benefits                      310,048         657,525      53       854,378       2,117,752         60
Other Overhead Expenses                                   22,382,789      17,393,070    (29)    56,318,115      54,996,216        (2)
                                                          67,421,129      54,317,925    (24)   173,626,109     159,754,240        (9)

Profit Before Associate Company’s Profit, Provisions
& Taxation                                                30,225,210      26,236,053     15     94,193,796       78,169,791       20

Less: Loan Loss Provision and Write-off                   11,410,914      10,565,307     (8)    27,525,904       34,568,430       20

Operating Profit Before Associate Company’s Profit        18,814,296      15,670,746     20     66,667,892       43,601,361       53
& Taxation

Less- Share of Associate Company Loss before Taxation              -        (26,380)     100             -          153,648       100
Less: Tax on Profit on Ordinary Activities                   644,496       1,997,352      68     3,243,488        2,243,781      (45)
    : VAT on Profit                                        1,433,131         641,987   (123)     3,941,713        1,192,592     (231)
Differred Taxation                                          (83,182)               -       -     1,115,975                -         -

Profit After Taxation                                     16,819,851      13,057,787     29     58,366,716       40,011,340       46

Less: Minority Interest                                    1,696,479        622,888    (172)     4,401,162        1,937,851     (127)

Profit for the Period                                     15,123,372      12,434,899     22     53,965,554       38,073,489       42

Basic Earnings Per Share Rs.
               Voting Rs.10/= Each                              1.36            1.12                  1.62               1.14
               Non Voting Rs.1/= Each                           0.14               -                  0.16                  -

Diluted Earnings Per Share Rs.
              Voting Rs.10/= Each                               1.33            1.39                  1.58               1.42
               Non Voting Rs.1/= Each                           0.13               -                  0.16                  -




             R. S. W. Senanayake                        S. M. De Soysa                         P. H. P. Namali
             Deputy Chairman                            Director/ DGM                          Chief Financial Officer




                                        SEYLAN MERCHANT BANK LIMITED
                                                                  3
                                   CONSOLIDATED BALANCE SHEET                                               BANK                                     GROUP

                                                             As At                                    30th Sept          31st December           30th Sept            31st December
                                                                                                           2006                    2005               2006                      2005
                                   ASSETS                                                                   RS.                     RS.                RS.                       RS.
                                   Cash and Short Term Funds                                         24,383,601             122,247,448         26,240,630               122,836,064
                                   Government and Other Securities Held for Dealing Purposes            214,474                 433,801            214,474                   433,801
                                   Placements with and Loans to Other Banks & Finance Companies      18,950,000              46,460,000         24,345,681                44,509,500
                                   Placements with and Loans to Non Financial Institutions          169,952,668             154,844,764        169,952,668               154,844,764
                                   Treasury Bills and Bonds held as Investment                      446,313,522             448,580,763        465,358,822               478,720,224
                                   Other Investment Securities                                       97,217,752             163,180,206         89,783,952               145,521,406
                                   Government Securities Purchased Under Resale Agreement                     -               1,000,000                  -                 1,000,000
                                   Bills of Exchange                                                          -               3,525,000                  -                 3,525,000
                                   Factored Lease Debtors                                                     -                       -             44,637                   146,325
                                   Loans and Advances                                             1,183,706,573           1,169,030,693      1,043,480,854               993,697,770
                                   Lease Rental Receivable                                        1,438,450,296           1,575,605,050      3,241,418,892             2,854,606,822
                                   Less : Provision for Possible Credit Losses                       78,279,114              74,822,940        103,708,961                88,023,390
                                           Interest in Suspense                                     112,911,765             116,287,856        124,313,983               121,742,006
                                   Net Loan, Advances and Leases                                  2,430,965,989           2,553,524,947      4,056,876,802             3,638,539,196
                                   Interest and Fees Receivable                                      40,261,255              40,295,672         58,268,954                43,666,631
                                   Investment in Subsidiary Companies                               225,824,911             154,068,000                  -                         -
                                   Investments in Associate Company                                   1,200,000               1,200,000                  -                         -
                                   Investment Properties                                             23,186,650              11,189,400         23,186,650                11,189,400
                                   Property, Plant and Equipment                                     28,853,816              24,131,711         61,049,416                73,180,341
                                   Other Assets                                                     129,024,522              67,842,298        309,222,165               255,841,822
                                   Total Assets                                                   3,636,349,160           3,792,524,010      5,284,544,851             4,973,954,474




4
                                   FINANCED BY:

                                   LIABILITIES
                                   Borrowings                                                     1,912,355,042              2,078,165,693   3,076,205,010             2,873,909,335
                                   Securities Sold Under Repurchase Agreements                      353,812,312                277,008,437     354,412,312               277,008,436
                                   Group Balances Payable                                           218,000,000                218,000,000     218,000,000               218,000,000
                                   Differred Taxation                                                         -                          -       1,115,975                         -
                                   Other Liabilities                                                271,790,030                295,284,622     380,928,265               375,896,090
                                   Debentures                                                       473,831,558                631,058,030     666,736,458               808,105,430




    SEYLAN MERCHANT BANK LIMITED
                                                                                                  3,229,788,942              3,499,516,782   4,697,398,020             4,552,919,291
                                   SHAREHOLDERS’ FUNDS
                                   Share Capital                                                    545,031,200                445,031,200     545,031,200               445,031,200
                                   Share Premium Reserve                                             21,090,740                 23,257,265      21,090,740                23,257,265
                                   Statutory Reserve Fund                                             1,231,007                          -       2,579,159                         -
                                   Revenue Reserves                                               (160,792,729)              (175,281,237)    (25,213,984)              (63,599,686)
                                   Shareholders’ Funds                                              406,560,218                293,007,228     543,487,115               404,688,779
                                   Minority Interest                                                          -                          -      43,659,716                16,346,404
                                   Total Liabilities and Funds Employed                           3,636,349,160              3,792,524,010   5,284,544,851             4,973,954,474

                                   Net Assets Per Ordinary Shares -Voting Rs. 10/= Each                   7.46                       6.58            9.97                       9.09
                                   Net Assets Per Ordinary Shares -Non Voting Rs. 1/= Each                0.75                          -            1.00                          -
                                   Contingent Liabilities                                           31,808,882                 29,056,413      31,808,882                 29,056,413




                                                                 R. S. W. Senanayake                         S. M. De Soysa                         P. H. P. Namali
                                                                 Deputy Chairman                             Director/ DGM                          Chief Financial Officer
CASH FLOW STATEMENT
                                                                        BANK                                    GROUP


                                                                   2006                2005               2006                2005
For the Period Ended 30th Sept
                                                                    Rs.                 Rs.                Rs.                 Rs.

Cash Flow from Operating Activities

Interest Received                                           371,751,885          342,026,207        578,730,923       456,418,144
Interest Payments                                         (315,399,980)        (279,049,900)      (404,470,704)     (329,669,474)
Fees and Commission Receipts                                  9,954,727           28,561,697          9,012,018        55,205,773
Profits from Other Operating Activities                      22,612,507           10,459,666         64,876,298        34,049,528
Cash Payments to Employees and Suppliers                   (74,269,533)         (93,105,294)      (156,163,669)     (150,761,908)

Net Profit before Changes in Operating Assets               14,649,606             8,892,376        91,984,866           65,242,063


Funds Advanced to Customers                                 124,332,309         176,608,080       (448,064,322)     (483,364,609)
Other Assets                                               (68,641,863)          45,725,971        (65,865,174)       (3,173,177)

Cash Generated from Operations                              70,340,052          231,226,426       (421,944,630)     (421,295,724)

Tax Paid                                                    (3,941,713)          (1,173,792)        (3,941,713)       (3,436,373)
Gratuity Paid                                                 (250,721)            (544,832)          (250,721)         (544,832)
Net Cash used in Operating Activities                        66,147,618         229,507,802       (426,137,064)     (425,276,929)

Cash Flow from Investing Activities
Dividend Received                                                 847,524              885,502           901,092          965,180
Investment in Subsidiary Companies                           (82,239,738)          (41,968,000)                 -               -
Purchase of Dealing Securities                              (226,673,850)                     -     (226,673,850)               -
Proceeds from Sale of Dealing Securities                     226,660,550             5,848,107       226,660,550        5,848,107
Purchase of Investment Securities                             (4,426,186)         (187,519,262)       (4,866,590)   (202,249,262)
Proceeds from Sale of Investment Securities                   84,361,369           165,546,291        87,561,369      180,546,291
Net (incr.) / Dec. in Other Non Dealing Investments            18,354,847         (299,601,925)       11,008,665    (305,751,089)
Purchase of Property, Plant & Equipments                     (13,942,989)           (4,579,187)      (31,645,567)    (27,968,308)
Proceeds from Disposal of Property, Plant & Equipments          1,596,000            1,740,759        45,218,791        8,499,862
Net Cash from/(Used in) Investing Activities                  4,537,527         (359,647,715)       108,164,460     (340,109,219)

Cash Flow from Financing Activities
Increase/(Decrease) in Debentures                         (157,226,472)        (168,806,899)      (141,368,972)         (35,279,177)
Increase/(Decrease) in Liabilities                         (89,006,776)          103,001,935        279,699,551          592,214,862
Increase/(Decrease) in Other Borrowings                    (12,248,585)            35,181,954        (6,886,248)           47,109,848
Share Issue Expenses                                        (2,166,525)                     -       (2,166,525)                     -
Issue of Shares                                             100,000,000          121,556,739        100,000,000          121,556,739
Dividend Paid                                               (8,900,635)           (8,344,335)       (8,900,635)           (8,344,335)

Net Cash from / ( used in) Financing Activities.          (169,548,993)          82,589,393        220,377,171          717,257,936

Net Increase or (Decrease) in Cash and Cash Equivalents    (98,863,848)         (47,550,520)       (97,595,434)         (48,128,211)
Cash and Cash Equivalents at the beginning of the year      123,247,449           74,074,763        123,836,064           76,231,934
Cash and Cash Equivalents at the End of the Year             24,383,601           26,524,243         26,240,630           28,103,723

Reconciliation of Cash and Cash Equivalents
Cash and Short Term Funds                                   24,383,601           23,655,688         26,240,630           25,235,167
Government Securities - Under Re-purchase Agreement                  -            2,868,556                  -            2,868,556
                                                            24,383,601           26,524,243         26,240,630           28,103,723




                                          SEYLAN MERCHANT BANK LIMITED
                                                               5
STATEMENT OF CHANGES IN EQUITY

For the 9 Months Ended 30th Sept 2006
GROUP                                             Share            Share           Reserve on         Statutory              Retained            Total
                                                 Capital        Premium            Scrip Issue    Reserve Fund                   Loss           Equity
                                                    Rs.              Rs.                   Rs.              Rs.                   Rs.              Rs.

As At 01.01.2005                             333,773,400       13,243,644            8,316,030                  -     (110,872,922)       244,460,152
Net Profit Attributable to Shareholders                -                -                    -                  -        38,073,489         38,073,489
Final Dividend Paid 2.5%                               -                -                    -                  -       (8,344,335)        (8,344,335)
Right Issue                                  111,257,800       10,298,939                    -                  -                 -       121,556,739
As at 30.09.2005                             445,031,200       23,542,583            8,316,030                  -      (81,143,768)       395,746,045

As At 01.01.2006                             445,031,200       23,257,265            8,316,030                  -      (71,915,715)       404,688,779

Adjustment on Change in Minority Interest              -                   -                  -                 -       (4,100,057)        (4,100,057)

Share Issue Expenses                                   -      (2,166,525)                     -                 -                   -      (2,166,525)

Share Issue                                  100,000,000                   -                  -                 -                   -     100,000,000

Net Profit Attributable Shareholders                   -                   -                  -                 -       53,965,554         53,965,554

Final Dividend Paid 2%                                 -                   -                  -                 -       (8,900,635)        (8,900,635)

Transfer to Statutory Reserve Fund                     -                   -                  -         2,579,159       (2,579,159)                  -

As at 30.09.2006                             545,031,200       21,090,740            8,316,030          2,579,159      (33,530,013)       543,487,115



For the 9 Months Ended 30th Sept 2006
BANK                                             Share             Share           Reserve on         Statutory              Retained            Total
                                                Capital         Premium            Scrip Issue    Reserve Fund                   Loss           Equity
                                                   Rs.               Rs.                   Rs.              Rs.                   Rs.              Rs.

As At 01.01.2005                             333,773,400       13,243,644                     -                 -     (187,706,339)       159,310,705
Net Profit Attributable to Shareholders                -                -                     -                 -        10,079,714        10,079,714
Final Dividend Paid 2.5%                               -                -                     -                 -       (8,344,335)       (8,344,335)
Right Issue                                  111,257,800       10,298,939                     -                 -                 -       121,556,739
As at 30.09.2005                             445,031,200       23,542,583                     -                 -     (185,970,960)       282,602,823

As At 01.01.2006                             445,031,200       23,257,265                     -                 -     (175,281,237)       293,007,228

Share Issue Expenses                                   -      (2,166,525)                     -                 -                   -      (2,166,525)

Net Profit Attributable Shareholders                   -                   -                  -                 -       24,620,150         24,620,150

Transfer to Statutory Reserve Fund                     -                   -                  -                 -       (1,231,007)                  -

Final Dividend Paid 2%                                 -                   -                  -         1,231,007       (8,900,635)        (8,900,635)

Share Issue                                  100,000,000                   -                  -                 -                   -     100,000,000

As at 30.09.2006                             545,031,200       21,090,740                     -         1,231,007     (160,792,730)       406,560,218


EXPLANATORY NOTES

1    The above figures are provisional and subject to audit.
2    General
     There are no changes to the accounting policies and methods of computation since the publication of the
     annual accounts for the year 2005.
3    Market Price of Shares                                   For the Quarter Ended                                 For the Quarter Ended
                                                                   30th Sept 2006                                        30th Sept 2005
                                                    Voting Rs. 10/= each       Nonvoting Rs. 1/= each     Voting Rs. 10/= each      Nonvoting Rs. 1/= each
     Market Value of Share Closing (Rs.)                      8.75                     1.00                          11.50                  -
     Highest Price per Share for the Period (Rs.)             9.75                     1.10                          11.75                  -
     Lowest Price per Share for the Period (Rs.)              6.75                     0.90                          10.00                  -
4    Others
      There are no other material events that have taken place subsequent to the interim accounts, which require disclosure.
      The interim Financial Statements are in compliance with Sri Lanka Accounting Standard 35 - Interim Financial Reporting.

                                            SEYLAN MERCHANT BANK LIMITED
                                                                     6
                                   SEGMENT REPORTING

                                                                                     Banking                             Leasing                           Treasury                                Property                   Elimination/Unallocated                        Consolidated
                                                                                    2006            2005                2006              2005           2006                    2005               2006              2005              2006              2005                2006                 2005
                                                                                     Rs.             Rs.                 Rs.               Rs.             Rs.                    Rs.                Rs.               Rs.               Rs.               Rs.                 Rs.                  Rs.



                                   Revenue                                 103,704,873       72,963,934      381,902,215        341,635,559        35,793,902          21,441,031            9,079,489      22,428,727        (29,385,094)                    -     501,095,385         458,469,251

                                   Interest                                 18,295,256       10,178,475        49,399,967        47,876,556         6,561,120           7,190,161            6,709,741        4,279,553                     -                 -       80,966,084           69,524,744

                                   Exchange                                             -                -                  -                 -                 -                     -                 -                 -                 -                 -                     -                   -

                                   Lease Income/ Brokering                              -                -                  -                 -                 -                     -                 -                 -                 -                 -                     -                   -

                                   Commissions                                5,232,963                  -      6,921,409                     -     8,221,262           4,146,899                       -                 -                 -                 -       20,375,635           4,146,899

                                   Other                                     35,681,520      19,557,268        35,812,150        17,585,438           877,041            6,419,370         11,383,713         5,999,194                     -                 -       83,754,424           49,561,270

                                   Total Revenue                           162,914,612      102,699,677       474,035,741       407,097,553        51,453,325         39,197,461            27,172,943      32,707,474         (29,385,094)                   -     686,191,528         581,702,164
                                   External Customer

                                   Total Revenue                           162,914,612      102,699,677       474,035,741       407,097,553        51,453,325          39,197,461           27,172,943      32,707,474         (29,385,094)                   -     686,191,528          581,702,164

                                   Segment result                           (12,185,418) (14,263,119)          62,757,244        31,742,246         6,750,705         17,198,938             5,403,648         8,769,648                    -                 -       62,726,179          43,447,713




7
                                   Unallocated Income/Expenses                          -                -                  -                 -                 -                     -                 -                 -                 -                 -                     -                   -

                                   Profit from Operations                   (12,185,418)    (14,263,119)       62,757,244         31,742,246        6,750,705         17,198,938             5,403,648        8,769,648                     -                 -       62,726,179           43,447,713

                                   Income Tax expenses                        1,643,730                  -         848,403         1,697,040               752             246,793           1,866,579        1,492,539                     -                 -        4,359,464            3,436,372


                                   Net Profit for the Year                 (13,829,148)     (14,263,119)       61,908,841         30,045,206        6,749,953         16,952,145             3,537,069        7,277,109        (4,401,162)                    -      53,965,553            40,011,341

                                   OTHER INFORMATION




    SEYLAN MERCHANT BANK LIMITED
                                   Segment Assets                         1,386,486,430     804,251,999 3,292,130,282 3 , 0 8 7 , 0 4 2 , 8 5 1   665,841,819        767,855,210          2 1 5 , 3 0 5 , 8 9 8 211,108,575   275,219,575        94,269,050 5 , 2 8 4 , 5 4 4 , 8 5 3   4,775,989,585

                                   Investment in Subsidiaries              227,024,911      154,068,000                     -      1,032,000        2,879,400                         -                 -                 -   229,904,311       155,100,000                         -                   -

                                                                                                                                                                                                                                                                              -
                                   Total Assets                           1,613,511,341     958,319,999 3,292,130,282 3,088,074,851               668,721,219       767,855,210           215,305,898 211,108,575             505,123,886       249,369,050       5,284,544,853 4 , 7 7 5 , 9 8 9 , 5 8 5

                                   Segment Liabilities                    1,426,007,239 9 8 1 , 6 1 2 , 5 1 0 2,872,462,527 2,758,771,293         481,446,755        592,687,771          130,890,846 126,005,585             276,671,500       94,269,050        4,634,135,867         4,364,808,109

                                   Shareholders fund                       187,504,102      (23,292,511)      510,768,388       329,303,558       187,274,464       175,167,439             84,415,051      85,102,990        229,904,311 1 5 5 , 1 0 0 , 0 0 0     740,057,694          411,181,476


                                   Total Liabilities                      1,613,511,341     958,319,999 3,383,230,915 3,088,074,851               668,721,219       767,855,210           215,305,897 211,108,575             506,575,811 249,369,050 5,374,193,561                     4,775,989,585
                                                                                                                                                                               -
                                   Cash flows from Operating Activities     37,140,994       64,383,379 (462,929,938) (489,814,339)                (1,282,958)       (3,571,390)                937,538       3,725,420                     -                 -   (426,134,365)          (425,276,929)

                                   Cash flows from Investing Activities     82,254,846       (2,838,428)       25,920,213       (12,292,868)         (13,300) ( 3 2 0 , 6 4 0 , 7 7 4 )                 -    (4,337,150)                    -                 -    108,161,759          (340,109,219)

                                   Cash flows from Financing Activities     46,222,599      186,041,504        93,108,001       522,860,046        76,803,875       (15,525,000)             4,242,696      23,881,387                      -                 -    220,377,171           717,257,937

                                   Capital Expenditure                      13,942,989        4,579,187        16,559,578        15,543,971           585,000                  8,000           558,000        7,837,150                     -                 -       31,645,567           27,968,308
CORPORATE INFORMATION


Chairman/ Managing Director                                    Secretaries
Deshamanya Dr. J. L. B. Kotelawala                             International Consultancy & Corporate Services (Pvt) Ltd.
A.M.Ex.A.(Lond), F.B.I.M., F.I.C.M., F.C.I.C.,                 Level 7, East Wing, “Ceylinco House”,
M.I.C.M.(Lond), R.I.M., H.F.I.B.(Sri Lanka)                    No. 69, Janadhipathi Mawatha, Colombo 01.

Deputy Chairman                                                Registered Office
R.S.W. Senanayake                                              No. 69, Janadhipathi Mawatha, Colombo 01.
A.C.M.A.
                                                               Head Office
Directors                                                      Landmark Building, No. 385, Galle Road, Colombo 03.
(Mrs) S.P.C. Kotelawala
                                                               Auditors
Deputy General Manager                                         M/s. KPMG Ford, Rhodes, Thornton & Co.
S.M. De Soysa                                                  Chartered Accountants, Colombo.
B.Sc.(U.S.A.), M.I.M.(T-Bird, U.S.A.)
                                                               Lawyers
                                                               M/s. De Livera Associates
K.A.S. Jayatissa                                               Attorneys-at-Law,
F.C.A., BSc.(Mgt)Sp Hons, ACIS, FCMA,                          Solicitors & Notaries Public, Colombo.
Dip. in Acct.
                                                               Ms.M. Sabaratnam
R. Renganathan                                                 Attorney-at-Law & Notary Public,
F.C.A                                                          Ceylinco Consultancy & Allied Services (Pvt) Ltd., Colombo.

A.D. Jegasothy                                                 M/s Julius & Creasy
Attorney-at-Law & Notary Public,                               Attorneys-at-Law & Notaries Public, Colombo.
F.I.C.M., F.C.I.C., M.I.C.M.(Lond)
                                                               Bankers
E.T.L. Ranasighe
Dip. In Mkt (UK). MBA
                                                               Seylan Bank
                                                               Bank of Ceylon
P.A. Jayawardena                                               Sampath Bank Ltd.
FCMA, FSCMA, FMAAT                                             People’s Bank

(Dr) P. R. Anthonis                                            Subsidiary Companies
D.Sc., F.R.C.S.(Eng), F.I.C.S., F.S.C.S                        SMB Money Brokers (Pvt) Ltd.
                                                               SMB Real Estate Ltd.
                                                               Seylan Merchant Leasing Ltd.

                                                               Associate Company
                                                               OpenArc Global Solutions(Pvt) Ltd.

BRANCHES


Ambalangoda Branch          Mahiyanganaya Branch                 Ratnapura Branch                       Nugegoda Branch
24/2,Galle Road,            24, Kandy Road,                      144, Bandaranayake Mawatha,            132/2/1, High Level Road,
Ambalangoda.                Mahiyanganaya.                       Ratnapura.                             Nugegoda.
Tel: 091-5458221            Tel: 055-2258108                     Tel: 045-2232486                       Tel: 011-5558551/2

Kandy Branch                Gampaha Branch                       City Branch                            Mt.Lavinia Branch
25, Hill Street,            111, Bauddhaloka Mawatha,            Landmark Building,                     331, Galle Road,
Kandy.                      Gampaha.                             385, Galle Road, Colombo 03.           Mt. Lavinia.
Tel: 081-2202813            Tel: 033-2231404                     Tel: 011-2573363                       Tel: 011-5554210/1

Matugama Branch             Kurunegala Branch                    Matara Branch                          Metropolitan Branch
33,Neboda Road,             30, Weeratunga Building,             49, Anagarika Dharmapala Mawatha,      Landmark Building,
Matugama.                   Bauddhaloka Mawatha, Kurunegala.     Matara.                                385, Galle Road, Colombo 03.
Tel:034-2249274             Tel: 037-2224291/2                   Tel: 041-2227810/1                     Tel: 011-2573363

Panadura Branch             Negombo Branch                       Galle Branch                           Malabe Branch &
293 A, Galle Road,          2nd Floor, Ceylinco Building,        No.60, Ceylinco Building, Kaluwella,   Vehicle Sales Centre
Panadura.                   115A, Green Road, Negombo.           Galle                                  505, Walivita Road,
Tel: 038-5597258            Tel: 031-2236453                     Tel: 091-2245740                       Malabe.
                                                                                                        Tel: 011-2413415




                                          SEYLAN MERCHANT BANK LIMITED
                                                                 8

								
To top