Swarnamahal Financial Services brings golden harvest to Jaffna

The Jaffna Branch of Swarnamahal Financial Services Limited was ceremonially declared open last week by Dr. Soma Edirisinghe, the chairperson of EAP Group of Companies at No. 338, Hospital Road, Jaffna.

At the ceremonial opening, Dr. Soma Edirisinghe declared that Swarnamahal Financial Services Limited was proud about the opening of its Jaffna Branch as the community of Jaffna would be enriched with ample financial solutions which would provide immense support to their economic development.  

SFS offers a wide array of convenient and flexible financial solutions throughout  365 days of the year, namely— fixed deposits that offer the highest guaranteed interest in the market, where 1% extra interest  is offered to  senior citizens; SFS Pawning offers the highest pawning advance in the market at the lowest interest rate; SFS Leasing and Hire Purchase also offers the highly competitive interest rate in the market with easy documentation and flexible repayment plan to suit the repayment capacity of the clients. SFS also offers a wide array of savings accounts with the highest interest rates in the market without imposing conditions to limit withdrawals at any desired time.

Dr. Soma Edirisinghe said that friendliness, flexibility, trust and personalised service are the key aspects of SFS products and the Company was enriched with the industry best IT System. All the branches and pawning centres island wide are electronically linked with each other enabling real time transactions during 365 days of the year.  All the pawing centres including pawning divisions of branches are kept open365 days of the year from 8.30 a.m to 6 p.m.

SFS is enriched with well qualified and trained, young professional staff and provides regular training for employees to ensure and maintain superior service quality.

She further said that the company had strategically identified six most important potential business cities to open SFS Branches in the year 2010. This is the 4th consecutive branch that was opened during 2010 and the first ever branch in the Northern Province. Further a plan is underway to open two full-fledged branches in Vavuniya and another two pawning centres within the next quarter.

The chairperson further said that the investment in pawning advance which was          Rs. 545 mn as at 30 November 2009 in the financial year 2009/10 had drastically increased to Rs. 1,865 million as at 30 November 2010 in the financial year 2010/11 and the total deposit portfolio which was Rs. 1,868 mn as at 30 November 2009 had made a drastic growth of 59% reaching 2,976 mn as at 30 November 2010 while the total asset base of the company which was Rs. 2,189 mn as at 30 November 2009 had increased by 57% reaching Rs.3, 486 mn as at 30 November 2010.

She further added that the gross income which was Rs.256 mn., up to the month of November 2009 had significantly increased by 56%% reaching Rs. 400 mn up to the month of November 2010 and that the company had recorded a pre tax net profit of Rs. 65.8 mn up to 30 November 2010 in the current financial year as against Rs. 5.8 mn during the same period in the last financial year.

Swarnamahal Financial Services Limited now stands for sustainable growth with the trust and confidence that the clients’ have placed on SFS.  

Swarnamahal Financial Services Limited and its management are strengthened by the lead given by Chairman Dr. Soma Edirisinghe, together with the Board of Directors Deputy Chairman Jeewaka Edirisinghe; Executive Director Nalaka Edirisinghe; Director, Deepa Edirisinghe; Director, Asanka Edirisinghe; Director, Sunil Abayaratna;  Director, Mahendra de Silva;  and Director/CEO, Sameera Ganegoda.

Swarnamahal Financial Services Limited is an EAP Edirisinghe Company, incorporated in 2004 and registered with the Monetary Board of the Central Bank of Sri Lanka in August 2006. The Company’s main functions are pawing, leasing, and hire purchase, factoring cum cheque discounting, medium term loans, fixed deposits and savings accounts.