Mercantile Investments and Finance tops Rs. 10 b deposits base
Thursday, 24 July 2014 00:00
-
- {{hitsCtrl.values.hits}}
Mercantile Investments and Finance plc has dedicated itself to being a versatile and trusted financial service provider in the country and celebrates 50 years in business this June. Today, MI looks to increase its current branch network of 25 to 28 facilities within the next couple of months, namely in Kegalle, Kotahena and in Moratuwa.
Managing Director Gerard Ondaatjie
Credit and Marketing (non-board member) Dhanushka Fonseka
Director – Credit and Marketing (non-board member) Dhanushka Fonseka said, despite being in a highly competitive sector, the company was able to increase business volumes substantially. The company has increased its lending portfolio by 17% and has reached a deposit base of over 10 billion with a growth of 36% in the 2013/14 financial year. Further the loan book increased to 16 billion during the period under review. The non – performing ratio of MI stood at a very low figure of 3.69%. MI further recorded a profit before tax of Rs. 824 million and a profit after tax of 675 million for the financial year.
As the company reached the milestone of 50 years, MI was recognised as one of the best places to work in the country by the Great Place to Work Institute, an internationally recognised organisation. Dhanushka stated that the unique style of management upholds a clear open door policy that encourages a free flow of information to pass down from management to staff and vice a versa. He further stated that the main objective of the company is to be recognised and rated as the number one finance company in terms of the service that is extended to the client and to draw strength and support from their customers and the community.
