Commercial Credit expands
Commercial Credit Limited is poised to expand and enhance its
presence in the country.
A change of management in October 2009 infused Commercial Credit with
new leadership, strength and vision, fuelled by a desire to propel the
company towards the highest echelons of the industry through a
pioneering corporate culture.
Commercial Credit CEO Roshan Egodage,
Additional Director Central Bank H. M. Ekanayake, Chairman
Commercial Credit Mrs. Vagdevi Fernando, Commercial Credit
Working Director, Mrs. Geya Egodage at the opening of the
Powered by a dedicated and empowered workforce striving to reach new
levels of performance and service. Commercial Credit is proving the
merit of this strategy through a rapidly multiplying customer base.
The re-launch of Commercial Credit’s presence in Ratnapura is an
extension of this service promise, as the company aims to build strong
customer relationships through an enhanced and extended portfolio of
services. Regional Manager Ratnapura Branch Ayesh Pitigala said “Our aim
is to help the people of Ratnapura realise their financial aspirations
through the variety of flexible services that we offer, facilitating the
district’s economic empowerment.”
Chief Guest, Additional Director Central Bank of Sri Lanka H.M.
Ekanayake, commended Commercial Credit for its remarkable performance,
with the Company being tipped to hit the Rs. 5 billion mark in its asset
base, bringing it into the category of Sri Lanka’s Large Finance
“The fact that Commercial Credit has recorded a remarkably low NPL of
2 percent is a laudable achievement and we look forward to the Company
taking its place as a stable leader in the country’s finance sector”.
Ekanayake said that the Central Bank would be introducing a new Act
to ensure the stability of all financial institutions in the country.
Commercial Credit’s Chief Executive Roshan Egodage said that company
would at all times aspire to not only reach but exceed the standards set
by the Central Bank.
The Interest Income and Interest Expenditure Gap - the core income of
a finance company, grew a staggering 700 percent from Rs. 10 million to
Rs. 70 million per month from 2009 to 2010, while the Cost to Income
Ratio fell from 85 percent to 45 percent, well below the industry
average of 83 percent.
Monthly collections recorded a 500 percent increase from Rs. 60
million in 2009 to 300 million at the end of 2010, while the Gross NPL
ratio fell from 12 percent to 2 percent.