TFC back on track

Rs 450 m new deposits in Q1/10

Kamal Yatawara

The Finance Company has attracted Rs 450 million in new deposits in the first financial quarter of 2010. The Finance Company (TFC) Director and CEO Kamal Yatawara said that this buoyancy seen in the performance of the company emphatically symbolizes the new levels of transformation and pragmatism it has risen to.

“Having been a company which saw a run on deposits due to the crisis that pervaded the financial services industry about two years ago, seeing TFC become one of the larger deposit attractors in this now competitive milieu is extremely encouraging,” he said.

Managing Agent of the Finance Company Merchant Bank of Sri Lanka (MBSL) Chairman, M R Shah was very complimentary of TFC’s performance, calling it a sure signal that the company is back on track and poised for growth. “We have seen steady progress in deposit mobilization, new investment, recoveries and also in real estate sales, spurred by management inputs from MBSL,” he said.

Yatawara said that having weathered the storms of the past, the company speedily infused strategic initiatives to get back on track. “The entirety of last year was spent on consolidating our operations and ensuring that we become a sustainable on-going business. We took steps to clear the balance sheet in the last financial year,” he said.