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Thursday, October 21, 2010

The Finance: 70 years strong and poised for growth

The Finance Company (TFC), Sri Lanka’s oldest finance company with a history of over 70 years, is back on its feet, having regained public confidence by increasing its new deposit intake to Rs. 530 million, an increase of 16.5 per cent over its first quarter, while loan disbursements totalled Rs. 1,314 million, an increase of 42 per cent over the previous quarter.

The company also opened seven new pawning centres at Horana, Anuradhapura, Kegalle, Dambulla, Elpitiya, Nikawaratiya and Nawalapitiya, while its land sales projects too showed phenomenal growth with the number of blocks sold during the last three months increasing to 621.

“TFC’s prospects are further enhanced by the directive of the Central Bank to recapitalise the company, thus strengthening its capital and financial position,” TFC Director and CEO Kamal Yatawara said.

Yatawara went on to say that they were determined to further improve their performance and stressed the role played by both the Central Bank as well as their Managing Agents, the Merchant Bank of Sri Lanka, a subsidiary of the Bank of Ceylon, in assisting TFC to “weather the storm” and re-establish itself on a firm footing.

“The buoyancy the company has experienced with respect to deposit mobilisation, new investment, recoveries, as well as real estate sales, underline the fact that TFC, the country’s oldest finance company, is now back on track and in the forefront of the country’s financial hub.”

Yatawara was quick to point out the fact that the TFC team had worked tirelessly in the last two years to ensure the company was once again firmly established on a stable footing and commended their dedication and initiative.

Real estate has rapidly gained momentum, whilst pawning too has seen significant progress.

Yatawara underlines the fact that TFC had contributed immensely towards the progress of small and medium scale entrepreneurs who had contributed to the growth of the country’s economy at a macro level.

“With a history that spans over 70 years and as Sri Lanka’s oldest finance company, TFC is a household name, one that has proven its resilience and is poised to gain its leadership position,” Yatawara added.

source - www.dailymirror.lk