Sri Lanka's The Finance Company recently announced that it was "back on its feet" and had "regained public confidence" as indicated by new deposit intake of Rs. 530 million and loan disbursements totalling Rs. 1,314 million, increases of 16.5% and 42% respectively over its previous quarter.
Also revealed was that the company's land sales projects had experienced "tremendous" growth, with 621 blocks of land sold over the last three months alone. In addition, seven new pawning outlets in Horana, Anuradhapura, Kegalle, Dambulla, Elpitiya, Nikaweratiya and Nawalapitiya were also opened.
Additionally, according to the company's Chief Executive Kamal Yatawara; “TFC’s prospects are further enhanced by the directive of the Central Bank to recapitalise the Company thus strengthening it’s capital and financial position." It also emerged that the company had experienced "buoyancy" in the areas of deposit mobilisation, new investments and recoveries.
Formerly controlled by Lalith Kotelawala's failed Ceylinco group, the company is now managed by Bank of Ceylon subsidiary, Merchant Bank of Sri Lanka. |
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