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| Tuesday, 04 January 2005 |
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Sinhaputhra Finance records satisfactory growth in leasing in 1H From Kandy South Group Correspondent Sinhaputhra Finance Ltd., has registered a satisfactory growth in its core business of Finance Leasing during the first half of the current financial year ended September 30, 2004 according to the Company's Assistant General Manager (IT and Risk) Pandula Aluwihare. Aluwihare said they concentrate more on the rural market and are therefore open to risk. Our portfolio of leases is mainly from the rural sector and we have spread ourselves to almost the entire country except the north and east. He said the Company's main finance leasing product "Sinha Shakthi Leasing" was launched several months ago. He expressed confidence in the company's ability to build its market share over the next few years. Aluwihare said that the scale of operations on Finance Leasing transactions has registered strong growth during the period. He elaborated on the company's Finance Leasing portfolio that generates above average returns even after stringent provisions for loan losses. Sinhaputhra operates on a method that doubles the Central Bank requirement and makes provision well over the statutory requirement, equivalent to 100 per cent of all debts that are in arrears over six months. Speaking of the IT aspect he said, that the Company would be installing a sophisticated system, which would be online real time. This entails the selection of the right IT partner. The IT solution in mind is one that is web and mobile ready and could give the company a clear competitive advantage over others in this field. "We are moving at a rapid pace and therefore wold need a suitable IT System that could take care of the increasing volumes and also provide as with accurate and timely information. Such a system, should be in place within the next ten to twelve months'" he said. Assistant General Manager (Business Development) Saliya de Alwis said that Sinhaputhra Finance Limited has registered a deposit base of Rs. one billion as at end September, 2004. This is a remarkable achievement for a company that has operated from its base in Kandy. The Company's flagship brand "Sinha Sampath Deposit" has contributed immeasureably towards developing the deposit base and there is potential to further develop the deposit base in 2004/2005. |
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