TFC marks 70 years

The Finance Company (TFC), Sri Lanka's oldest finance company with a history of over 70 years, is steady having regained public confidence by increasing its new deposit intake to Rs 530 million, an increase of 16.5 percent over its first quarter, while loan disbursements totaled to Rs 1,314 million, an increase of 42 percent over the previous quarter.

The company also opened seven new pawning centres at Horana, Anuradhapura, Kegalle, Dambulla, Elpitiya, Nikawaratiya and Nawalapitiya, while the company's land sales projects too showed growth with the number of blocks sold during the last three months increasing to 621.

"TFC's prospects are further enhanced by the directive of the Central Bank to recapitalize the company thus strengthening its capital and financial position," said the TFC Director/CEO Kamal Yatawara.

Yatawara said that they were determined to further improve their performance and stressed the role played by both the Central Bank as well as their Managing Agents, the Merchant Bank of Sri Lanka, a subsidiary of the Bank of Ceylon, in assisting TFC to re-establish itself on a firm footing.

"The buoyancy the company has experienced with respect to deposit mobilization, new investment, recoveries, as well as real estate sales, underline the fact that TFC, the country's oldest Finance Company is now back on track and in the forefront of the country's financial hub," he said.

Yatawara said that the TFC team had worked tirelessly in the last two years to ensure the company was once again firmly established on a stable footing and commended their dedication and initiative.

Real estate has rapidly gained momentum, whilst pawning too has seen significant progress.