Bartleet growth hits Rs 2.5b

Tamara Nissanka

The deposit base of Bartleet Finance has grown from 100 million rupees during its inception in 1983 to 2.5 billion rupees at present, Managing Director of Bartleet Finance Susantha Fernando said at a media briefing preceding the company's 25th anniversary.

The share capital base, which was 10 million rupees at the beginning, presently stands at 200 million rupees. "Last year's profit was 100 million rupees," he said.

The Fixed Deposit base exceeds 1.7 billion. Company's lending portfolio which exceeds 1.7 billion is wide-spread across the country's agriculture, manufacturing and transport sectors.

The Director told Daily News Business that the bankruptcy suffered by financial institutions several years back, was among the serious challenges faced by Bartleet Finance.

However, he said that the customers were not allowed to bear the loss as the company rapidly overcame this period of financial crisis. Speaking of future plans he mentioned that company aims to be the country's number one finance institution in the near future. Further plans include the deposit-base to 2.00 billion by year 2008.

The Bartleet Group of companies is over 100 years old, and presently operates under three major sectors - Bartleet Finance, Information Communication and Plantations. The company sponsors the Sing Along conducted by the Royal Commonwealth society at the BMICH on June 7 to commemorate its 25 years in business.

The event is organized as a CSR initiative of the Bartleet Group.