George Steuart Finance shows steady growth

George Steuart Finance Limited has shown steady growth in its core business with an increase in its Net Interest Income by 38 percent for the first half of the year. This growth in the Net Interest Income has been driven by the growth of the total asset base by over 13.1 percent.

The deposit base has also grown by over 500 m. Director and CEO, Lakshman Uduwara said that the company implemented several business expansion plans during the year which included opening its seventh branch in Kandy.

The company also had to make several necessary, proactive and stringent provisions (factoring in the prevailing economic sentiments) to ensure that the asset quality at GSF was always maintained at the highest level. These provisions have been carried out strictly as per the guidelines of the Central Bank.

GSF also commenced micro financing services through its recently opened Kurunegala branch to the enterprising rural youth and support them with financial assistance and managerial and technical inputs to improve their economic fortunes.