OFSCL to start trading today

Financial Services Corporation Limited (OFSCL) will start trading on the Diri Savi Board of the Colombo Stock Exchange today (7). The company will list 115,625,000 Ordinary Voting Shares.

The Company expects to expand customer reach points through service points and fully fledged branches in order to provide convenient access for potential and existing customers. OFSCL also intends to expand the portfolio of the Company to mid size corporate customers enabling the company to further increase its market share in the low risk category, thus maintaining the quality of its credit portfolio.

OFSCL is licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No.56 of 2000 as a Leasing establishment. In 2011 the Company posted its best performance since its inception, achieving Rs. 82.8 million profit after tax for the year ended 31.03.2011 compared to the previous year's profit of Rs. 40.7 million.

Return on Equity stood at 24.18% on par with the industry average and Return on Total Assets also recorded 6.2% as against the 2.71% in the previous year. Earnings per share (EPS) for the year was Rs. 3.45, which is a 102.9% increase over the previous year. OFSCL will focus on enhancing its lending portfolio under prudential norms in the coming years, mainly through geographical penetration and catering to niche markets.

The Board of Directors comprise of Dr. Dayanath Jayasuriya P.C. (Chairman), Prakash Schaffter, Ramesh Schaffter, Travis Waas, Ananda Atukorala, Mrs. Lakshmi Gunetilleke, Anil Tittawela P.C. and Sarath Wickramanayake