Sinhaputhra deposit base tops Rs 5 b

Sinhaputhra Finance PLC has achieved a deposit base of over Rs 5 billion with some customers patronising the company for over three decades, indicating the trust and confidence placed in it.

This was achieved without any expenditure on advertising. Director Operations Sarliya de Alwis said that the growth has been based on personal relationships and word of mouth influence.

The company's resilience has been demonstrated by its stability during economic downturns when larger establishments with hasty growth crumbled, leaving depositors distressed. With nearly 6,000 depositors and 7,521 savings account holders, Sinhaputhra Finance has established itself as a safe haven for depositors, he said.

The company has progressed steadily towards the Rs. 1 billion equity position and Rs 8 billion in total assets. Sinhaputhra's annual growth has been over 30% on average in its 35 years of operations.

This position has been achieved with a long-term focus on customers.

The lower rates offered by banks has created high levels of excess liquidity in Registered Finance Companies causing lower returns for depositors, yet Sinhaputhra mindful that such times do not exist forever, has focused on retaining its loyal and long-standing customers.