The Finance Company records higher volume growth in 3Q -12/13

The Finance Company PLC, recorded a higher volume growth in third quarter 2012/13, despite the challenges caused by the high interest regime and tight liquidity prevalent in the market.

As a result of further expanding its presence in the island and the unwavering confidence of its loyal customers, the firm has been able to sustain the momentum that had upheld it in the past and thrive in its business operations within the non bank financial industry.

The total new investment in financial products have recorded a significant growth of 29% during this quarter compared to the previous quarter. Opening new pawning centers in selected locations with the latest being in Kiribathgoda and Kurunegala has held the company in good stead as this business area has again proven its worth as an exceptional contributor to the firm’s revenues. The pawning stock recorded a growth of 7 % during the same period while the total deposit intake recorded a growth of 23 %.

The new Real Estate projects has continued unhindered into the third quarter as well and the company is confident of maintaining it's market leadership position of this product which has contributed immensely to increase the land ownership in the country.

Within a challenging environment where market dynamics might not be exceptionally conducive to a finance company’s operations, a vigorous approach in providing a better service to its customers undoubtedly plays a significant role.

The aggressive branch modernizing and relocation in strategic business locations adopted by the company has resulted in The Finance branches, growing in their role to serve their communities more efficiently.

The most recent moves being shifting of Piliyandala and Negombo branches to more customer convenient locations. Plans are currently underway to relocate some more branches to more strategic locations in 2013. The dominating presence the firm has built over the years with its local communities has played a major part in the position of strength it enjoys today.

To note an exciting development, The company unveiled its all new Visa Debit Card and Advantage Loyalty Card to its Savings and Fixed Deposits customers. The two cards were launched on February 6 by Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka.

The Visa ATM card provides easy access to cash from over 2000 visa enabled ATMs island wide. It also allows savings customers to purchase directly using their The Finance Savings Account and is accepted at over 18,000 merchant outlets in the country. This includes travelling, restaurants, groceries, utilities, shopping, medical and leisure amongst others and ensures that The Finance customers enjoy a greater sense of security in cash management. The Advantage Card lets The Finance customers enjoy a world of rewards and discounts of up to 30% at over 150 merchants located all over Sri Lanka so that the firm’s customers can avail themselves to great rewards wherever they might be located.

The company has taken several measures to rationalise its operational cost to better face the prevailing market challenges by centralizing it's back office operation which will give the branch staff more quality time to give a better service to it's clients. The company has also set out on a business plan for the next five years with the help of an internationaly reputed consulting firm and expects a capital infusion in the near future to further grow its business operations in ensuring profitability, healthy bottom line and maintaining the position as a key player in the finance industry.

As to the future of the company the positive sentiments expressed by the monitoring authority could be taken into reference, “the investment that had been made in The Finance Company, will bear fruit in the medium to long term.”

The Finance Company PLC, which is the first registered finance company in the country, has fulfilled the lives of generations with over 73 years of business excellence and operates through a network of 60 branches island wide.