Mercantile Investment and Finance ends FY13 on strong note; envisions greater success

Thursday, 25 July 2013 00:44 - - {{hitsCtrl.values.hits}}

Having made significant progress, especially in 2012/13, Mercantile Investment and Finance Plc is gearing itself to be 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. 8 billion 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. 14 billion. The non-performing lending ratio of MI therefore stood at a very low figure of 3.1 %. It has also recorded a gross profit of Rs. 732 million for 2012/2013. “Our vision is 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 Mercantile Investments and Finance General Manager – Credit and Marketing Dhanushka Fonseka. Mercantile Investment and Finance (popularly known as MI) was incorporated in Sri Lanka on 15 June 1964 under the Companies Ordinance No. 51 of 1938. It was further reincorporated under the Companies Act No. 7 of 2007 and listed on the Colombo Stock Exchange. It is a licensed finance company under the provisions of the Finance Companies Act No. 78 of 1988 and the Finance Business Act No. 42 of 2011 and is permitted by the Monetary Board of the Central Bank of Sri Lanka to operate as an authorised finance company to accept deposits from the public. 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. With the support of a young and energetic team, the company has increased its branch network up to 20 across the island. These locations have been selected after careful analysis and were concluded to be lucrative locations for the business of hire purchase and lease financing. 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 fields of finance leasing, personal loans, hire purchase, vehicle loans, pledge loans, savings schemes and fixed deposits 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 customised innovations are essential for a true market leader, Fonseka added.