Sinhaputhra exceeds Rs. 5 b deposits

Wednesday, 1 October 2014 02:55 - - {{hitsCtrl.values.hits}}

Sinhaputhra Finance PLC has achieved a deposit base of over Rs. 5 billion with certain customer patronage exceeding three decades, indicating trust and confidence; and this was achieved without any expenditure on advertising. Director Operations Sarliya De Alwis commented that this growth has been based on personal relationships and word-of-mouth influences.

The company’s resilience has been demonstrated by its stability during economic downturns when larger establishments with hasty growth crumbled, leaving distressed depositors. With nearly 6,000 depositors and 7,521 savings accountholders, Sinhaputhra Finance PLC has established itself as a safe haven for depositors. Sinhaputhra has progressed steadily towards its Rs. 1 billon plus equity position and Rs. 8 billion in total assets. Sinhaputhra’s annual growth has been greater than 30% on average in its 35 years of operations. This position has been achieved with a long-term focus on customers. The lower rates offered by banks has created extremely high levels of excess liquidity in Registered Finance Companies, causing lower returns for depositors, yet Sinhaputhra Finance PLC is mindful that such times do not exist forever, and has focused on retaining its loyal and long-standing customers. Managing Director Ravana Wijeyeratne stated that even though bank loans are now offered at extremely low rates at 200 basis points below average rates paid to depositors, Sinhaputhra’s commitment to depositors and their lowering monthly revenues compels the Sinhaputhra team to offer the best rates they can.