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Sunday, 30 January 2011

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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 Ratnapura branch.

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 companies.

“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.

 

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