PMF Finance expands with newest branch in Narahenpita

From left: Chairman Chandula Abeywickrama, Branch Manager Anushka Gunarathna, and CEO Terrance Kumara

PMF Finance opened its newest branch at Narahenpita on 10 August. 

With this new addition to the branch network, the company strengthens its geographical footprint with a network of 14 branches across the island. 

This modern branch is in a well-accessible location in Narahenpita, which is a residential area as well as a convenient hub with several landmarks such as hospitals and government offices. This new branch will offer a seamless service whilst providing a range of financial solutions to a wider segment. Equipped with all modern conveniences and technology the branch is geared to provide a superior service to its expanding clientele. 

Over the last three years, PMF Finance has made transformative pathways towards many new initiatives. Strengthened by the investment made by Sterling Capital Investments the company has surpassed capital adequacy and other statutory requirements listed by the Central Bank of Sri Lanka. The strength of this investment, along with the company’s defining presence across four decades has positioned the company towards its growth trajectory supported by its expanding physical presence and significant investments in technology. 

PMF Finance Chairman Chandula Abeywickrama addressing the distinguished gathering shared valuable insights on how many businesses and individuals faced significant challenges due to the pandemic and in some cases, irrecoverable losses. He stated that this situation opened new opportunities to be creative and explore sustainable ways of conducting business. He shared his experiences on how he personally observed how business pivoted towards resilient models whilst demonstrating admirable growth in the potential of people’s creativity, unity and capacity to survive. Articulating the company’s unique positioning he stated that the company aims to go beyond the profit motive to support and empower entrepreneurs to create and build more sustainable and resilient businesses. The Nawodaya loan facility is a special initiative by PMF to support and strengthen the local economy by offering financial facilities for the SME sector. This will undoubtedly encourage entrepreneurship which will directly impact the nation’s progressive revival. 

Chief Executive Officer Terrance Kumara shared the company’s platform of strength which has been powered by the investment of Rs. 250 million by Sterling Capital Investments in 2019. He highlighted that this has enabled the company to create a strong foundation creating a path of growth and progress. Expanding the branch network is one strategy that the company hopes to pursue to further that led them to open this new branch which brought their total number of branches to 14. 

During the last three years, PMF Finance has demonstrated a steady growth trajectory with an impressive Rs. 12 billion in assets, Rs. 10 billion in fixed and savings deposits and Rs. 3 billion in capital the company. As an institution registered with and approved by CBSL as a deposit taking and lending institution, PMF offers a wide spectrum of lending products to its customers. Their deposit products are attractive and offer great returns with enduring trust and stability. 

The company has strengthened the composition of the board of directors and senior management team with professionals with substantial knowledge and expertise in the field of banking and finance. These professionals who possess 30+ years of experience in their respective fields are responsible for the new strategic direction the company has embarked on. 

The company hopes to maintain its expansion strategy in 2023 by adding three more branches which will bring the total number of branches to 17. PMF Finance envisions a branch network that will cover all districts in Sri Lanka to nurture and empower entrepreneurs.