The company is now backed by the Merchant Bank of Sri Lanka, a fully owned subsidiary of Bank of Ceylon.
The most note worthy achievement of the company is the resilience it showed during the crisis in the financial sector experienced within the last two years and also at a time some international giants stumbled as a result of the global recession.
The 3rd quarter forecast for 2010-11 financial year shows a consistent growth across all financial services and product categories of the company.
Deposit new intakes have grown by 47 percent during the last quarter increasing the new deposits upto Rs. 300 million in a month.
TFC said that 85 percent of depositors are consenting to their deposits being renewed at maturity.
Director/Chief Executive Officer TFC Kamal Yatawara said "I want to thank the depositors who stood-fast with the company during the times of crisis by maintaining their deposits with us.
With all the financial discipline and the stringent management practices adopted, we perceive 2011-12 will be a turnaround year.
Our investments (lendings) are growing with efficient credit policies that has reduced the NPL (non-performing loans) of new investments to a meagre 0.2 percent.
We continue to see a growth in the new investments made, where we have recorded a growth of 42 percent during the 3rd quarter.
With the planned capital infusion, TFC's aim is to be in the Rs 1 billion profit category."
The company's on-going restructuring processes would allow it to gear up to its ambitious plans.
source - www.sundayobserver.lk
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