The Multi Finance Company Ltd. yesterday announced a steady growth in its performance. The company was able to achieve a remarkable growth in terms of its profits both pre and post tax, in addition to the growth in its fixed deposit base and lending portfolios.
The non performing loans ratio declined sharply below 2% and it is considered as the best NPL ratio compared to the peers in the industry. This is mainly attributable to the carefully thought out credit appraisal system and credit guidelines of the company, which have been strictly implemented in the best interest of all stakeholders.
The company also announced that that there hadn’t been a single premature withdrawal of its deposits during the financial crisis period from years 2008 to 2010, simply due to the confidence the loyal depositors placed in The Multi Finance Company.
It was also one of the few companies which extended credit facilities for its clients during the stated crisis period. “This record proves we can even grow under hostile market conditions,” Group Executive Director/CEO A.H.M. Riyaz said.
“With the change of ownership and the new directorate, we are now poised for a new, exciting era, where we will focus on our growth strategies. Our growth plans include expanding our geographical presence, catering to new customers, introducing Shariah compliant products and delivering tailor made innovative services to individual and enterprises, which will make us different from all other financial service providers. In other words, our strategic focus would be building long-term relationships proactively with clients, which will make all our clients feel that they are exclusive.”
“With the implementation of the latest online IT systems, the company will be able to boost its client servicing to unprecedented heights,” he added.
Riyaz also said that the company had already obtained the listing approval from the Colombo Stock Exchange and the shares of The Multi Finance Company would commence trading shortly.
The Multi Finance Company is a subsidiary of Entrust Limited and is a Registered Finance Company with the Central Bank of Sri Lanka under the Finance Companies Act No. 78 of 1988. The company offers a wide range of financing options to its clients for personal needs, vehicles and equipment by way of leasing and hire purchase, in addition to business loans and other financial accommodations.
The company through its branch network also mobilises funds in the form of fixed deposits and savings accounts to serve its widespread client base.