Sinhaputhra Finance doubles profits

Sinhaputhra Finance PLC has doubled its profits for the first quarter ended 2010 against that of the previous year.

The company paid a sum of Rs 387 million being interest on deposits during the financial year 2009/10. It was a trying period consequent to the failing of certain unregistered finance companies and the loss of confidence in the private financial sector in resulted in heavy capital withdrawals. Sinhaputhra was able to sustain itself and maintain public confidence said Director (Operations) Saliya de Alwis. Today the company’s deposit base stands at Rs 2.5 billion.

Sinhaputhra savings accounts with a high rate of interest calculated on a daily basis without discounting the rate based on withdrawals is of assistance to a wide spectrum of the public. Sinhaputhra has through the use of SMS technology linked its savings product to a wide range of ATMs both locally and globally.

The company went public on June 2 and traded its shares in the stock market. During the period under review Sinhaputhra opened a branch at Trincomalee, upgraded its collection office at Kurunegala and will be commencing a collection office at Bandarawela.