The Finance Company PLC can look back with satisfaction at the company’s performance over the last quarter, as it has been able to record a profit after a period of two and half years. The financial crisis that hit markets globally has been particularly harsh on the financial services industry whereas some local financial institutions also suffered severe setbacks during this period.
Given the scale on how firms were affected during this time and while the competition was still finding a foothold within a stricken market, it has been a remarkable turnaround achieved by The Finance.
The company is regarded by financial experts as a strong organization in the financial services industry.
One of the most significant factors that have been instrumental in the turnaround is the new Board of Directors who has taken charge of steering the organization with a new vision led by Chemanex PLC Managing Director Preethi Jayawardena.
The share issue which was oversubscribed and concluded in January 2011 saw important changes within the ownership structure of the company. More significantly it was the positioning of main players in the State banking sector namely, People’s Bank, Bank of Ceylon and Seylan Bank as the key shareholders of the company.
The pawning business which had seen a sharp rise during the last quarter ended with an impressive overall growth of 64 percent whereas the leasing and hire purchase product portfolio has found encouraging growth of 50 percent in the first quarter. The overall monthly investment business has reached the Rs 1 billion mark with over Rs 500 million coming in monthly as new deposits.
source - www.dailynews.lk
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