Banking
Asia Asset Finance gains momentum with pragmatic and ethical financial practices
View(s):Asia Asset Finance, a finance company and subsidiary of Sri Lanka’s Asia Capital group gained momentum following pragmatic and ethical financial practices catering to the needs of customers with non conventional solutions and innovative products, a top official of the company said
Asia Asset Finance., with a proud history of 47 years in business, is a Monetary Board licensed finance company of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011.
Rajiv Gunawardena
The company has already introduced a diversified set of products, which caters to a wider segment of customers. The company is growing significantly with the guidance, support and encouragement of the Board of Directors and its stake holders, Rajiv Gunawardena Director Chief Executive Officer said in an interview with Banking and Finance segment of Sunday Times.
The company is authorized by the Central Bank of Sri Lanka to provide a full range of financial services, which include leasing, hire purchase, loans, fixed deposits, and savings accounts. Asia Asset Finance a well-reputed finance company in Sri Lanka, is financially well positioned to the growing demands of the market, he added.
Mr. Gunawardena highlighted the inherent risk of the maturity mismatch against its liabilities and assets in sector. He emphasized the prudent mechanisms taken to minimize such risks within the company giving further confidence to its stakeholders.
The company has made investments in its core operations including leasing, hire purchase, corporate loans, mortgage loans consumer financing, and Project financing as well as micro finance and agricultural Finance. He further added that there is minimum exposure to gold related products.
Revealing immediate plans he noted that Asia Asset Finance is currently exploring the possibility of offering credit cards to its customers becoming one of the first to provide this facility in the Non Banking financial sector. The company is focusing on low and high-end customers alike in providing credit card facility with a difference he said adding that Asia Asset Finance is following non-conventional and innovative methods for long-term sustainability.
A plan to launch Sharia compliance to the SME sector is also in the pipeline he revealed. A properly constituted division for this purpose was a long felt need in the industry he added. Asia Asset Finance has become renowned for its friendly, helpful and flexible customer service and serves its clientele through its widespread branch network of eleven branches countrywide including the North and East
Manohan Nanayakkara, Chairman of Asia Asset Finance which is fully satisfied and confident with the company’s achievement and its business plan aimed at achieving high growth taking advantage of opportunities in the post-war economic recovery.
Mr. Gunawardena said that their branches in Jaffna implement several programmes to uplift the living standard people including widows in the North identifying their urgent requirements. The company expects to set up a childcare centre to look after children enabling their mothers or guardians to enage in self-employment or any other job for their livelyhood, he disclosed.
A computer center will also be set up for the benefit of children in Jaffna free of charge as a CSR project he added.
The company will penetrate non-traditional markets geographically, for example, markets such as Nellyady and Neluwa. It will offer the market products, which will be relevant to the client, based on the nature of the requirement and capacity, and taking into consideration the cultural aspects of the people.
Outlining the financial performances he noted that during the first quarter of the FY 2013/14 the interest income has increased by 34% compared with the same quarter in FY 2012/13, net interest income has also improved by 14% and the total asset base of the company has increased by 25% at the of the first quarter of FY 2013/14
The total deposit base of the company is also improved by 22% at the end of the first quarter of the FY 2014.
The Liquid Assets of the company increased by 25% during the first quarter of FY 2013/14. Confirming the company’s stability and the growth patterns.