George Steuart Finance ends FY 14 with strong final quarter
Friday, 4 July 2014 00:50
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George Steuart Finance PLC said yesterday it has recorded an excellent fourth quarter in the company’s bottom line by posting a profit of Rs. 26 million in the final quarter of FY 2013/14 to close the year at a profit after tax of Rs. 6.9 million.
The company also expanded its deposit base by 52% over the last year to reach Rs. 1.065 billion by focusing heavily on retail deposits and also the launch of the savings product in 2013.
Under the new leadership of veteran banker Eastman Narangoda, in January 2014 the company altered its strategic focus onto its core competencies to gain significant advantages despite being a small player in a crowded and competitive market. During the last year the company also adopted stringent and meticulous risk mitigation and provisioning policies to increase its resilience to any market changes.
Commenting on the performance of the company, CEO Uditha Ranaweera said: “I am confident that this growth momentum will continue with the launch of new hybrid products and also due to measures implemented to differentiate the company’s product portfolio to cater to niche markets while maintaining liquidity and offering stability to its deposit holders. Growing a healthy un-concentrated deposit base is an essential element of growth and expansion.”
In the process of wealth creation, George Steuart Finance PLC has pledged to be committed to meet the expectations of all its stakeholders while exploring seamless opportunities offering handsome returns.
Furthermore, the company also followed robust provisioning and cleaned up its portfolios while concentrating on better quality products with an appropriate mix in an effort to maintain its high yield on advances. Paramount emphasis was placed on developing systems and structures while complying with all regulatory requirements. Industry best practices were adopted in order to minimise both foreseen and unforeseen risks.
