The Finance share issue on January 11

The Finance Company (TFC), plans to make a notable comeback in 2011 with its share issue set to roll-out on January 11.

Director CEO Kamal Yatawara

The company is now backed by the Merchant Bank of Sri Lanka which is a fully owned subsidiary of Bank of Ceylon.

As a result of regaining its public confidence and the directive of the Central Bank to re-capitalize the company, TFC is poised to forge a solid financial momentum in the coming year.

The most noteworthy achievement of the company is the resilience it showed during the crisis in the financial sector experienced within the last two years and also at a time some international giants stumbled as a result of the global recession.

The third quarter forecast for 2010-11 financial year shows a consistent growth across all financial services and product categories of the company. Deposit new intakes have grown by 47 percent during the last quarter increasing the new deposits upto Rs 300 million in a month.

This is as a result of the confidence expressed by the depositors. TFC has also announced that 85 percent of its depositors are consenting to their deposits being renewed at maturity. As a result of increasing the number of pawning centers across the island during the last six months, the pawning business has recorded a growth of 50 percent during the last quarter.

In addition, one of TFC’s most recognized business ventures; the real-estate segment (land sales) has grown by a startling 173 percent giving a boost to the company’s overall revenue.