Sinhaputhra Finance reaches milestone of Rs. 4 b in fixed deposits
Tuesday, 23 July 2013 00:46
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Sinhaputhra Finance PLC, a company licensed by the Monetary Board of the Central Bank of Sri Lanka headquartered in Kandy, has reached Rs. 4 billion in public and corporate deposits.
Saliya De Alwis, Director Operations, said this was an incredible achievement and was full of praise for his team of Customer Service Officers for their dedication prompt attention and kindness shown to depositors who come from all walks of life.
Sinhaputhra’s main focus is a word of mouth advertising strategy. He said that the company embarked on a deposit promotion from 16-30 April by giving valuable gifts to depositors who made new deposits. The campaign was a resounding success.
He went on to say that the company provides parking facilities to depositors. Other privileges that depositors and the public can avail themselves of are low rates on insurance and speedy claims. The company charges reasonable rates for the hire of air-conditioned venues to conduct functions.
Both corporate and public deposits took an upward trend in recent times and in wake of active competition from several contenders of repute, Sinhaputhra was able to achieve these results which are very creditable. The company also took pride in announcing that it has withstood many a storm.
Michael Cooke, Consultant – Investment Promotions, stated that Sinhaputhra’s resilience in times of crisis shows that it always keeps adequate reserves and is focused on a healthy cash flow at all times. Although it is argued that retention of cash flow in excess hampers profitability, this is a medium that Sinhaputhra is comfortable with.
With the opening of channels for foreign borrowing up to US$ 10 million, Sinhaputhra has attracted many Sri Lankan investors to participate in making small packet loans for them to enjoy a higher rate and to take on the currency risk, which Sinhaputhra does not want to hedge but will rather request the party to take on in exchange for Sri Lankan rupees based higher interest. Recent trends have in fact made it more favourable with such currencies as the Australian dollar falling in value over this period.
The Directors and Senior Board Consultants of Sinhaputhra Finance are N.N. Ratnayake (Chairman), K.R.B Wijeyeratne (Managing Director), K.G.D.S.J. De Alwis, E.A.D.P. Ekanayake, Dr. A.R. Karunaratne, K.H.K. Wijayadasa (Senior Consultant) and A.M.G. Weerakoon (Senior Consultant).
