Orient Finance reaches Rs. 1 b mark in deposits

Monday, 27 January 2014 00:00 -     - {{hitsCtrl.values.hits}}

The Fixed Deposit Unit of Orient Finance PLC (OFP) was inaugurated in August 2012. Adding yet another landmark cornerstone to its robust journey, December 2013 marked the achievement of mobilising Rs.1 billion in deposits. This is certainly a noteworthy achievement both in terms of time taken to reach the one billion mark, which is 16 months and the relatively low number of branches through which these deposits were mobilised. Established as a specialised leasing company in 2003 with Leasing, Hire Purchase and Debt Factoring as its core businesses, the company broadened its product range to include Fixed Deposits and Gold Loans, subsequent to being licensed by the Central Bank as a Finance Company under the Finance Business Act No. 42 of 2011, in June 2012. Thus, the full product suit of the company now consists of Leasing and Hire Purchase,   debt factoring, gold loans, and the acceptance of fixed deposits. The leasing and hire purchase arm facilitates financing of all vehicles, be it a motor cycle, three wheeler, dual purpose vehicle, SUV or a luxury car. The company is also listed on the Diri Savi Board of the Colombo Stock Exchange, having obtained a BBB- rating from ICRA Lanka Ltd. OFP operates 13 fully fledged branches located in Ampara, Anuradhapura, Avissawella, Colombo, Galle, Gampaha, Kalutara, Kandy, Kegalle, Kochchikade, Kurunegala, Matara and Welisara and four window operations in Jaffna, Kilinochchi, Vavuniya and Batticaloa. The Welisara Branch of OFP pioneered 365 day leasing in the industry, servicing clients with all its products throughout the year. As per the audited financial statements Orient Finance PLC posted a profit after tax of Rs. 168.9 million for the financial year 2012/13. Orient Finance PLC is backed by the knowledge and experience of a dynamic management team and a Board of Directors consisting of leading professionals. The Board of Directors of the company consists of Dr. Dayanath Jayasuriya P.C. as Chairman, Prakash Schaffter, Ramesh Schaffter, Ananda Atukorala, Lakshmi Gunetilake, Anil Tittawella P.C. and Sarath Wikramanayake as Directors. Suresh Ameresekera functions as the Chief Executive Officer.