Central Finance Company ranked 9th in ‘Business Today Top 30’ list

4 April 2018 by CF Staff

Further consolidation of strengths to build resilience placed Central Finance Company at 9 in the Business Today TOP 30, 2016 – 2017.

The Company’s top line grew by 11 per cent to 18.1 billion rupees over the previous year’s 16.3 billion rupees. This enabled the bottom line to grow to 4.9 billion rupees, an increase of 19.4 per cent over the previous year. Notably, total expenses increased by 9.5 per cent, reflecting positive economic conditions in the retail sector. Impairment charges were at 161.2 million rupees, a substantial decrease over the previous year.

The loan book grew to 65 billion rupees from 60.4 billion rupees and total assets of the company increased to 84.4 billion rupees. This was driven by a deeper focus on the Company’s penetration in the SME segment. Deposit liabilities stood at 35.5 billion rupees. Funds attributable to equity holders increased to 31.7 billion rupees, a growth of 15 per cent.

Meanwhile, the revenue of Central Industries increased to 2.4 billion rupees, an increase of five per cent, while PBT declined to 201.3 million rupees. PAT was also down to 139 million rupees when compared to 180.2 million rupees recorded in the previous year. For the CF Insurance Brokers gross premium turnover stood at 2.43 billion rupees, an increase of 8.9 per cent. PAT grew to 177.5 million rupees in 2016.

Considering Mark Marine Services, dry weather impacted the capacity of energy generation, which was 12.5 per cent lower in terms of units generated when compared to the previous year. Revenue declined by 11.2 per cent, while, PBT dropped to 32.6 million rupees and PAT reduced to 27.2 million rupees.

Central Finance Company launched value enhancements such as the new “Hospital Cash” insurance scheme and instant loan facility to depositors. Focusing on IT development, the Company went live on the CEFTS real time money transfer platform enabling online payments and real time updates. Most significantly, a branchless banking model was rolled out with the first phase aimed at supporting the recovery process. The vehicle hire division successfully expanded its fleet by 34.4 per cent and also began building competencies to provide integrated fleet management solutions to the corporate sector.

Amidst a challenging market with rising interest rates, increased vehicle duties as well as currency depreciation, Central Finance remains optimistic. It is up to corporates such as Central Finance to forge ahead through difficult conditions to create new opportunities and embrace new technology.