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DateLine Friday, 26 December 2008

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CIFL asset base shoots to Rs. 1.5b


Aspic Group Chairman Deepthi Perera launching the web site with CIFL, CEO Sharm Fernando and Deputy Chairman S.H.Piyasiri. Picture by Saliya Rupasinghe

Central Investment and Finance Limited (CIFL) has gone up its asset base to Rs 1.5 billion from Rs 29 million within a period of four years, its Director/Chief Executive Officer, Sharm Fernando said.

"Having reached the Rs 1 b milestone in deposit mobilization, our next ambitious but achievable target is to reach the Rs 2 b mark this year, while driving our customers base towards the 20,00 mark. The company is firmly backed by Aspic group," Fernando told at a media conference to launch of its corporate web site yesterday.

He said the companies lending went up to Rs 1.6 b from Rs 29 m while lending went up to Rs 515 m from Rs 9 m since it its inception in 2004. This was due to the recruitment of dynamic professionals and adopting of proper marketing strategies in the sector. Within this scenario, to expect to increase core capital to Rs 200 m before July 31 as required by the Central Bank's regulations, proved to be quite a challenging.

Fernando said that CIFL is maintaining a 15 per cent liquidity ratio stipulated by the Central Bank backed by other two financial institutes namely Industrial Finance and Next Finance (Formally part of Janashakthi Insurance).

He said that one of the main initiatives in the process of comprehensive risk management was the establishment of a credit committee tasked with evaluating all credit proposals extensively given the current macro market concerns, he said.

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