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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2736

Merchant Credit income up by 20 percent

By Quintus Perera - Asian Tribune

Colombo, 04 December, (Asiantribune.com): The income for the last 10 months has grown by 20 percent compared to 2007, despite the difficult economic period. This was revealed at a press conference held to announce its 25th Anniversary, held at Cinnamon Grand Hotel.

Janaka Ratnayake, Chairman, Merchant Credit said that their deposit base has grown to Rs 2.2 billion and the income derived from loans and advances have grown by 81 percent compared to the corresponding period in 2007. He said that they expect to end the year on a positive note in terms of profitability

Merchant Credit has obtained the Fitch rating of ‘BBB(lka)'. The ratings are primarily based upon the credit strength and financial flexibility which stem from its parents - the state-owned
Bank of Ceylon.Janaka Perera, Chairman, Merchant Credit  of Sri Lanka  launches the new website of the Merchant Credit while Hafeez Rajudin, CEO and Gamini Karunatilleke, COO, Merchant Credit look on. Janaka Perera, Chairman, Merchant Credit of Sri Lanka launches the new website of the Merchant Credit while Hafeez Rajudin, CEO and Gamini Karunatilleke, COO, Merchant Credit look on.

Merchant Credit's core business is the provision of vehicle finance in the form of finance leases and hire purchase (HP) which together represented 75% of its asset base at 2007. In addition Merchant Credit also offers several products and services including Term Loans, Acceptance of Term Deposits, Import and Export Financing, Real Estate Development etc.

- Asian Tribune -

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