The company within one year has achieved a 300 % growth, company Managing Director Aruna Prasad Lekamge said at its 75th year celebrations held in Colombo.
The most remarkable achievement for the company during the recent past is its recovery after facing the results of the Ceylinco collapse. The Finance remained the leader among all financial companies until it faced a sudden descend as a result of the Ceylinco debacle in 2008.
However underpinning the strengths of the company, the Finance successfully faced the troubled period and has entered the path to recovery through a short period of time which is attributable to the prudent management of the present board of directors and the contribution by the members of staff.
The quarter July to September was exceptional and was considered the acid quarter, Executive Finance Director Ramesh Abeywickrama said. During the 2007/2008 financial year, as a result of the Ceylinco debacle TFC has to endure with a depleting asset base from Rs. 38 billion to Rs. 17.5 billion. After 05 years of recovery in 2014/15 the asset base had increased to Rs. billion, a clear indication of stability'. During the same period public deposits decreased from Rs. 28.5 billion to Rs. 20 billion in 2011/12 and today the number has bounced back to Rs. 27.7 billion - a clear indication of growing public confidence.
The troublesome period reduced the net interest income from a positive Rs. 1.5 billion to a negative Rs. 1.3 billion in 2013/14 financial year and the negative index has improved to be at Rs. 1 bn by the end 2014/15 financial year which is a clear indication of fast recovery.