The Finance makes profits in 1Q 2011
The Finance Company PLC 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.
The Finance Company PLC needed a steadying factor to weather the
storms it faced, which came through the guidance of the Central Bank of
Sri Lanka along with the members of the Cabinet sub committee appointed
for resurrecting the finance sector and managing agents who were
appointed to oversee the operations of the company.
With the stability brought in by these State owned institutions The
Finance Company was able to attain a position of stability and
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 Company PLC
in such a short period.
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.
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.