Daily News Online
   

Wednesday, 14 March 2012

Home

 | SHARE MARKET  | EXCHANGE RATE

 | TRADING

 | OTHER PUBLICATIONS   | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

Sampath Leasing and Factoring completes successful year

Sampath Leasing and Factoring Ltd, a fully owned subsidiary of Sampath Bank PLC has completed yet another successful year recording Pre Tax Profit of Rs 232.20 million for the financial year ended December 31, 2011.

The reported Profit after Tax (PAT) for the same period was Rs 192.39 million. This represents an increase of 51% in the PAT from the previous year. The increase in absolute profits demonstrates the company's ability to sustain its momentum of growth achieved last year.


W Senanayake - Chairman - Sampath Leasing and Factoring Ltd.Aravinda Perera - Managing Director - Sampath Bank PLC Bottom Left -Ranjith Samaranayake - Group Financial Officer and Executive Director - Sampath Bank PLC, Roshan Nanayakkara - Chief Executive Officer - Sampath Leasing and Factoring Ltd.

The reported profit of the company for the 12 months ended December 31, 2011 is the highest in its six year history. Arthur Senanayake, Chairman commenting on the progress said, "Leasing industry has seen unprecedented growth levels in an economic landscape boosted by a driving economy, which have created increased demand for commercial vehicles. This would create opportunities for the company to make further inroads into the leasing market through revolutionary innovations to the leasing industry. The company's strategic focus is to build its market share in a profitable niche market with its synergistic alliance with Sampath Bank".

The company closely aligns itself with its parent company, Sampath Bank PLC which is a bank with a very large regional presence. Taking cognizance of this expanding reach Aravinda Perera, Managing Director of Sampath Bank PLC highlighted that leasing services from Sampath Leasing and Factoring Ltd could be availed from its window offices located regionally.

Commenting on the growth of the company, Group Financial Officer and Executive Director of Sampath Bank PLC, Ranjith Samaranayake, commented, "Success of the company has been augmented by the significant increase in its loan book supplemented by the decline in the non-performing advances. This signifies the company's continued emphasis on qualitative lending". Elaborating further on the key financial performance indicators he noted that the company had increased its Return on Capital Employed and Return on Equity significantly.

Recognizing the need for an integrated information system the Company has developed an in house solution for its leasing applications, through its own group Company Sampath IT Solutions Ltd. This is recognized as a sustainable critical success factor of the Company in its strategy of growth and expansion. This would enable the company to improve its service levels significantly whilst expanding its geographical reach.

The size and quality of the company's lending portfolio also improved significantly judging by the overall increase in the lending portfolio by 167% during the year and the improvement in the non- performing advances ratio, which closed at 2.40% as at December 31, 2011. The NPL ratio achieved is also well below the reported industry average of 3.28% for specialized leasing companies.

The company's lending portfolio consists of leasing, hire purchase and factoring operations.

During the year 2011, the Company introduced revolutionary new product variants to the leasing market. Roshan Nanayakkara, Chief Executive Officer of the Company elaborated that "Click to Drive" is one of the products, which the Company forayed where the leasing customers could directly order a vehicle from the auctions in Japan.

During the year the company achieved significant growth levels in its factoring portfolio wherein it focuses on lending to the small and medium term businesses on its book debts. The company is ranked amongst the top five players in the factoring market and plans to make significant in-roads to the market in 2012 in its efforts to build market share significantly. Through the product styled "Support Cash" businesses could avail itself of a funding line, which is flexible and grows in line with the expansion of the turnover levels.

 

EMAIL |   PRINTABLE VIEW | FEEDBACK

Sri Lankan Wedding Magazine online
www.srilanka.idp.com
www.news.lk
www.defence.lk
Donate Now | defence.lk
www.apiwenuwenapi.co.uk
LANKAPUVATH - National News Agency of Sri Lanka
www.army.lk
Telecommunications Regulatory Commission of Sri Lanka (TRCSL)

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2012 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor