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In Badulla

Apr 30, 2011 2:39:56 PM - thesundayleader.lk

Commercial Credit Ltd. Chairperson Mrs. Vagdevi Fernando cuts the ribbon at the opening of the new Badulla Branch. Also in the picture are left to right AGM Anil Manawadu, Director/CEO Roshan Egodage and Branch Manager Mrs. Safaya Doole.

Continuing to set a trailblazing path as it makes it mark in the country’s financial landscape, Commercial Credit Ltd. is continuing its record-breaking story of success and acclaim as it spreads its reach across Sri Lanka.
A relatively new entrant into the financial services industry, the company’s rapid turnaround to become one of the most notable success stories in recent history has garnered it the industry’s trust, recognition and respect.  Relentless in its excellence pursuance, a rapidly growing customer base and increasing business portfolio, has seen the company embark on a strategic but fast paced expansion
programme. This expansion targets the country’s main regions and cities as Commercial Credit seeks to imprint its own unique service and corporate leadership brand countrywide.  Moving towards a liberated corporate mindset powered by a dedicated and empowered workforce striving to reach new levels of performance and service, Commercial Credit’s indisputable success is proving the merit of its pioneering vision and strategies.
The company which has been going from strength to strength since late 2009 when a change in management marked a new chapter in its history, has now extended its presence to Sri Lanka’s provincial capital and one of its most prominent cities-Badulla.  The new branch will be an extension of the company’s promise to “Build Leaders Who Uplift Lives through Simple Acts of Love.”  Speaking at the launch, Commercial Credit Chairperson Mrs. Vagdevi Fernando (Chief Guest) said, “The new branch opening will enable the company to extend the same superior levels of service and customer relationship that our customers in its other 18 locations are currently privy to”.
Assistant General Manager-Operations Anil Manawadu who is in charge of the Badulla area added that customers in Badulla would also benefit from a rapidly expanding portfolio which now includes services such as micro-finance, pawning, real estate, short term loans, educational loans, “Quick” Cash (a hire purchase facility granted within one hour and with minimum documentation), etc. in addition to the company’s existing portfolio of financial services. “’Our aim is to empower the Badulla people and help uplift their lives through the variety of flexible services that we offer, facilitating the district’s economic empowerment while taking pride in the personal successes of our customers”, he said.
Despite being a relatively new entrant into the finance sector, the company’s performance under the new management has proved the strength of its revolutionary strategy.  The Interest Income and Interest Expenditure Gap- a finance company core income, grew a staggering 980% from Rs. 10 million to Rs. 98 million per month from 2009 to 2010, while the Cost to Income Ratio fell from 85% to 40%, well below the 83%industry average. Meanwhile monthly collections recorded an 800%
increase from Rs. 60 million in 2009 to 480 million at end March 2011, while Gross NPL ratio fell from 12% to 2%.  Operating an asset base of Rs. 1.5 billion at the time of takeover, the company’s current asset base stands at Rs. 5.4 billion. From a loss making year in 2009 Commercial Credit delivered a Rs. 350 million staggering profit  at the end of the financial year, which is an unprecedented growth, Commercial Credit’s CEO, Roshan Egodage pointed out. He also added that the company will list on the Colombo Stock Exchange next month (June 2011) to keep in line with the requirement of its regulator, Central Bank of Sri Lanka.