SLFL plans aggressive expansion

Sampath Leasing and Factoring Limited, (SLFL) a fully owned subsidiary of Sampath Bank PLC, announced its financial results for the year 2010, which signalled a turnaround in its activities laying the platform for future growth and expansion of its activities.

The Company made a Pre tax profit of Rs 165.21 million and a Post tax profit of Rs 137.65 million for the 12 months ended December 31, 2010.

The recovery of delinquent accounts with a view to reducing the value of Non-Performing Advances (NPA's) resulted in the value of NPA's declining by Rs 124 million for the year 2010, resulting in a significant clean up of the Advances portfolio and a vast improvement in the Company's NPA ratio.

The Company has now orchestrated a strategic plan over a three year time horizon that seeks to achieve an exponential growth phase in its activities through a process of branch, channel expansion, aggressive and segment defined marketing programs, diversity in product lines and improvement of credit delivery speed and processes.