George Steuart Finance shows steady growth
George Steuart Finance Limited has shown steady growth in its core
business with an increase in its Net Interest Income by 38% for the
first half of the year. This growth in the Net Interest Income has been
driven by the growth of the total asset base by over 13.1%. The Deposit
Base has also grown by over 500Mn.
Lakshman Uduwara, Director/CEO stated that the company implemented
several intense business expansion plans during the year which includes
opening its 7th branch in Kandy. The company also had to make several
necessary, proactive and stringent provisions (factoring in the
prevailing economic sentiments) to ensure that the asset quality at GSF
is always maintained at the highest level. These provisions have been
carried out strictly as per the guidelines of the Central Bank of Sri
Lanka.
GSF also commenced offering micro financing services through its
recently opened Kurunegala branch in order to reach out to the
enterprising rural youth and support them with financial assistance and
managerial/technical inputs to improve their economic fortunes. It was
due to these factors that the overall profitability showed a decline
compared to the preceding year.
"Our focus is on quality over volume and in reinvesting on our
expansion and consolidation centered on steady, calculated growth whilst
taking all necessary precautions to ensure our customers get the best
long term solutions. Our primary objective is the stay true to
ourselves, our valued investors and all our stakeholders. We assure all
investors that we would always maintain the asset quality at its optimum
level," he said.
Considering the ongoing interest rate regimes and economic outlook,
we preferred to make the required provisions rather than rescheduling to
post higher profitability.
|