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TRADE FINANCE | Cesar Tordesillas, India

Swarnamahal Financial to expand in Northern and Eastern Sri Lanka

Swarnamahal Financial Services hopes to establish five more new branches during the new financial year, mainly to improve accessibility to its services in the North and East. The North and East showed exceptional growth during the financial year with strong demand at existing branches in Vavuniya, Jaffna, Batticaloa and Trincomalee.

“Already the North and the East account for nearly one third of our total assets, due to very strong demand, in those locations. So we plan on increasing access to our services to more consumers in these areas,” S. M. Ganegoda, Director/CEO of Swarnamahal Financial Company.

The Group has added two new branches to its network during the year, in Batticaloa in the East, and at Aluthgama. The company says it

Swarnamahal Financial Services PLC reported a strong performance during the financial year 2011/12 with overall income growing by 49% to reach Rs. 1.06 billion, compared to the income of Rs. 713.1 million in the financial year 2010/2011.

During the year, SFS reported a before tax profit growth of 125%, with profits before tax reaching Rs. 218.9 million, from Rs. 96.9 million during the previous financial year. The company’s profit after tax meanwhile, more than doubled to Rs. 140.7 Mn in the 2011/12 financial year, from Rs. 62.7 Mn in the previous year. The company’s total asset base grew from Rs. 4 billion to Rs. 5.3 billion, an increase of Rs. 1.3 billion.

“As one of the most secure and stable financial service providers in the country, with nearly 65% of our total asset base backed by gold, we are happy to announce that the company has continued to show commendable growth during the last financial year,” said Sameera Ganegoda, Director/CEO of SFS.

SFS that has established an islandwide reputation for trust and security in the Sri Lankan market, particularly for pawning services and gold continued to be a golden investment for the company. During the 2011/2012 financial year its pawning services expanded by 39%, from Rs. 2.4 billion in, to Rs. 3.1 billion in the 2010/2011 financial year.

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