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| Thursday, 28 October 2004 |
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The Finance profits grow 59% to Rs.116 million The Finance Company Limited (TFC), the oldest finance company in the country in its 64th year has performed exceptionally well during the last financial year. TFC has achieved a profit of Rs. 116 Million during the period under review, a growth of 59% over last year. TFC'S turnover has reached Rs. 5.9 Billion which is a growth of 53% over the corresponding period last year. This exceptional performance has pushed up earnings per share to Rs. 5.68 from Rs. 3.88 last year, a growth of 40%. TFC with the largest network of 33 branches and five service canters among all finance companies, has a strong sales staff to service their customers at the doorstep, at the customer's convenience. TFC with its long-standing association with its customer driven consumer service has market leadership in real estate which have helped more than 100,000 families to own lands and houses, to create a land and housing owning nation. Their lands with clear title and infrastructure facilities together with attractive financial terms has benefited a large cross section of the population. In addition, it has leadership in hire purchase which has grown by 70% during the last financial year. The lease investment stock too grew to Rs. 3.8 Billion in the last financial year and has made them a major player in the leasing market with their services at the customer's doorstep in the very competitive but growing leasing market. During the course of the year, their deposit based reached Rs. 11.9 Billion which is the largest among the non-banking financial institutions with a growth of 15% implying the trust and confidence on TFC placed by their customers. TFC too has added more benefits to the FD customers with free visa cards, the only finance company to issue credit cards. |
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