Financial News

Mercantile Investments deposit base surpasses Rs. 13 bn in 2014/15

23 Jul 2015 - {{hitsCtrl.values.hits}}

Having made significant progress, especially in the past financial year 2014/15 , Mercantile Investments & Finance Plc, has made a name for itself as a leading financial services institution.

Despite being in a highly competitive sector, the company was able to raise business volumes substantially.

Mercantile Investments reached a deposit base of over Rs.13 billion with a 20 percent growth during the period under review.

Through efficient streamlining of credit processes and measures taken to improve quality, the loan book has grown up to Rs.19.8 billion. The company recorded a profit before tax of Rs.931million and Rs.631 million profit after tax.

The total lending portfolio grew by 20 percent while the net interest income grew by 33 percent. The non-performing lending ratio of MI therefore stood at a low figure of 4.1 percent.

“Our objective is to deliver a unprecedented service to our customers and to be a leading financial institution by continuously delivering service excellence in our sphere of activities with a deep sense of social responsibility. We treasure the aspirations of our valued customers and will always endeavour to fulfil their requirements by harnessing our talent, expertise and resources, “said Dhanushka Fonseka, Director(non- board) – Credit & Marketing.

“The vision of Managing Director Gerard Ondaatjie, is to make our services available in the most lucrative locations. Hence we have opened the 26th branch in Rathnapura last month and hope to open 7 more branches during the year. Three more branches will be opened during the next 3 months namely, Moratuwa, Kuliyapitiya and Akuressa.

With the expansion of its services MI recently initiated the ‘Micro Financial division’. Through this unit, the company targets to support the low income entrepreneurial women engaged in small scale business operations by offering them the necessary funds with the prime view of boosting their trade and making their dreams a reality under the theme ‘ Diviyata Diriyak’ . Hence through the main objective of strengthening and circulating the micro finance sector, MI aims at extending a helping hand for the improvement of the family economy of the women who shoulder the whole burden of the family and continuously work towards a successful family life. The company strives to be the strength of these hardworking families and offer them the requisite financial aid and guidance in respect of their businesses to stand by them as their hopes and dreams gradually come true. This is how MI truly lives up to their tag line of “Service that extends beyond”.

MI has dedicated itself to being the most versatile and trusted financial service provider in the country. Expertise, knowledge, experience, dedication and quality of service with a sustainable stability inclusive of a superior information technology system are the attributes to the company’s unprecedented success story.

The financial arm of MI has seen tremendous growth from its simple beginnings. At present, it caters to the financial needs of the customers in the field of finance leasing, personal loans, hire purchases, vehicle loans, pledge loans, savings schemes and fixed deposit schemes, all extended with a dedicated, motivated and skilled management staff, ably guided by a visionary board of directors.

Truly believing in the maxim ‘the customer is king’, the efficient team at MI responds to the needs of each and every individual customer and provides the most appropriate solutions to them. Mercantile Investments and Finance believes that such customized innovations are essential for a true market leader, Fonseka added.

Financial News

Mercantile Investments deposit base surpasses Rs. 13 bn in 2014/15

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