The Finance Company has garnered public confidence by attracting Rs. 450 million in new deposits during the first quarter of the financial year. Director /CEO of The Finance Company (TFC), Kamal Yatawara said this buoyancy seen in the performance of the company symbolized the new levels of transformation and pragmatism it has risen to.
"Having been a company which saw a run on deposits due to the crisis that pervaded the financial services industry about two years ago, seeing TFC become one of the larger deposit attractors in this now competitive milieu is extremely encouraging," he said.
Chairman of Merchant Bank of Sri Lanka (MBSL), the Managing Agent of The Finance Company, M. R. Shah was happy with TFC’s performance, calling it "a sure signal that the company is back on track and poised for growth."
"We have seen steady progress in deposit mobilization, new investment, recoveries and also in real estate sales, spurred by management inputs from MBSL. What is most commendable is that the TFC Team has been extremely committed in ensuring that the company had a strong and stable outlook and they have worked tirelessly over the last two years to reach that goal," Shah said.
Yatawara elaborated, "The entirety of last year was spent on consolidating our operations and ensuring that we became a sustainable on-going business. We took steps to clear the balance sheet during the last financial year."
Yatawara said that TFC was a part of the group that struggled with the challenges of the pervasive crisis. "Some of the group companies too were unable to service their debts to us during this period due to poor cash flows. There were many elements that held us back, including legal issues preventing us from conducting daily business for nearly five months and the reduction of market values of some of our assets that impacted negatively on our accounts of the last financial year."
However, Yatawara, who now heads the country’s oldest finance company, was optimistic. "Not only have we attracted a considerable amount of deposits, regaining of public confidence, but by clearing our balance sheet, we are now on a very clean chapter to begin operations as a completely transformed company. This not only gives our customers and potential customers a solid foundation to work with, but at the same time, gives our TFC Team, which has remained extremely loyal and committed to ensuring that we got back on track, assurance of working for a company that will lead the sector within a short period."
"The company’s high yielding product, Real Estate, is once again gaining momentum and the projects undertaken by us in the recent past have brought in phenomenal returns. Pawning has also seen significant progress, with the introduction of seven new centers in the last three months and we have plans of introducing this service to more branches soon."
source - www.island.lk
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