TFC share issue opens Jan 11
The Finance Company (TFC), with a history of 70 years of operations,
is planning to make a come-back with its share issue set to commence
11th January.
The company is now backed by the Merchant Bank of Sri Lanka, a fully
owned subsidiary of Bank of Ceylon.
The most note worthy achievement of the company is the resilience it
showed during the crisis in the financial sector experienced within the
last two years and also at a time some international giants stumbled as
a result of the global recession.
The 3rd quarter forecast for 2010-11 financial year shows a
consistent growth across all financial services and product categories
of the company.
Deposit new intakes have grown by 47 percent during the last quarter
increasing the new deposits upto Rs. 300 million in a month.
TFC said that 85 percent of depositors are consenting to their
deposits being renewed at maturity.
Director/Chief Executive Officer TFC Kamal Yatawara said "I want to
thank the depositors who stood-fast with the company during the times of
crisis by maintaining their deposits with us.
With all the financial discipline and the stringent management
practices adopted, we perceive 2011-12 will be a turnaround year.
Our investments (lendings) are growing with efficient credit policies
that has reduced the NPL (non-performing loans) of new investments to a
meagre 0.2 percent.
We continue to see a growth in the new investments made, where we
have recorded a growth of 42 percent during the 3rd quarter.
With the planned capital infusion, TFC's aim is to be in the Rs 1
billion profit category."
The company's on-going restructuring processes would allow it to gear
up to its ambitious plans.
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