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| Sunday, 16 January 2005 |
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| News Business Features Editorial
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Sinhaputhra records growth by S.M. Jiffrey Abdeen, Kandy South Group Corr. Sinhaputhra Finance Limited, one of the finance companies in the country, licensed by the Central Bank of Sri Lanka with its head office in Kandy has registered a satisfactory growth in its core business of Finance Leasing during the first half of the current financial year ended 30th September, 2004 according to the company's Assistant General Manager (IT & Risk) Pandula Aluwihare. Aluwihare who commented further on the company's performance said: "Operations at Sinhaputhra differ to operations in other organisations. We concentrate more on the rural market and are therefore open to risk. Our portfolio of leases is mainly from the rural sector and we have spread ourselves to almost the entire country except the North and East. He said that as a specific, the company's main finance leasing product 'Sinha Shakthi Leasing' was launched several months ago. He expressed his confidence in the company's ability to build its market share over the next few years. He said the healthy lease portfolio of the company now backed by a brand name has attracted a large number of clients from the rural sector. Aluwihare stated that the scale of operations on Finance Leasing transactions has registered strong growth during the period. He elaborated on the company's Finance Leasing portfolio that generates above average returns even after stringent provisions for loan losses. He stressed that Sinhaputhra operates on a method that doubles the Central Bank requirement and makes provision well over the statutory requirement, equivalent to 100 per cent of all debts that are in arrears over six months. Speaking of the IT aspect he said that the company would be installing a sophisticated system which would be online real time. This entails the selection of the right IT partner. He further stressed that the IT solution in mind is one that is web and mobile ready and could give the company a clear competitive advantage over others in this field. "We are moving at a rapid pace, and therefore, would need a suitable IT system that could take care of the increasing volumes and also provide as with accurate and timely information. Such a system should be in place within the next ten to twelve months he added. The Assistant General Manager (Business Development) Saliya de Alwis in an interview with this correspondent said that Sinhaputhra Finance Limited has registered a deposit base of Rs. one billion as at the end of September 2004. This is a remarkable achievement for a company that has operated from its base in Kandy. He further stated that the company's flagship brand 'Sinha Sampath Deposit' has contributed immeasurably towards developing the deposit base and there is potential to further develop the deposit base in the year 2004/2005. |
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