Bartleet Finance celebrates 25th anniversary

Bartleet Finance Ltd, a subsidiary of the reputed Bartleet conglomerate has unveiled plans for the future as it celebrates its 25th anniversary with a remarkably strong performance.

At present, the company claims an enviable fixed deposit base of Rs. 2.4 billion, which is expected to reach Rs. 3 billion by the end of this year. Their lending base has increased by 22% year on year, and currently stands at Rs. 3 billion.

Managing Director, Bartleet Finance, Susantha Fernando said they have achieved an annual profit of around Rs. 100 million during the past three years, adding that they intend increasing it to Rs. 500 million within the next three years. They expect to double their fixed deposit base to Rs. 5 billion within the same period. "We are well poised to achieve the targets we have in mind," he said.

According to Fernando, their objective is to be the most efficient finance company in Sri Lanka. The other aims include offering a very good return for shareholders and enhancing customer confidence in their fixed deposits.

Bartleet Finance started 25 years ago with an initial capital of Rs. 1 million, but today its market valuation is an astounding Rs. 2 billion. This is all the more remarkable given the fact that it was largely achieved not through infusion of new capital, but through growth in business.

Fernando said they are not worried about competition as Bartleet is well recognised and will hold them in good stead. He said their default rate (non-performing loans) is only around 2%, whereas even in banks the rate is well above that.

This is because the company has put in place a very stringent collection policy. The situation is expected to further improve shortly after they install a software system to keep track of their collection officers on the field throughout the country.