Bimputh Finance demonstrates resilience while positioning for growth

Posted On 30 Oct 2020
Comment: Off
Bimputh Finance demonstrates resilience while positioning for growth

Bimputh Finance demonstrates resilience while positioning for growth

Deeply committed towards achieving a better tomorrow for all stakeholders, Bimputh Finance PLC, forges ahead, demonstrating great resilience, whilst continuing to offer convenient and innovative products that benefit customers and communities.

Incorporated in 2007 with a founding promise of building prosperity to enhance the quality of life of all stakeholders, Bimputh Finance is registered as a non-banking financial institution by the Central Bank of Sri Lanka. The company is among one of only 41 finance companies in the island currently recognised and regulated by the Central Bank. As a listed entity on the Colombo Stock Exchange since 2012, the company also complies with all corporate governance regulations.

Reflecting on the emerging needs of our citizens, Bimputh Finance which commenced operations as a micro finance lender, has today broadened its products to offer a range of lending and investment solutions to the retail and SME sectors.

Driving financial inclusion and supporting socio-economic empowerment across the country, enhancing the living standards of Sri Lanka’s rural population, Bimputh Finance provides customers with a diverse portfolio of products including Gold, SME, Microfinance, Corporate, Personal, Housing loans, Leasing products, Deposits and Foreign Currency encashment services.

Creating long-term value for all stakeholders, Bimputh Finance’s key competencies include an established track record and a strong island-wide branch network operating in 22 districts with 47 licensed locations across Sri Lanka and a customer base of approximately 150,000.

Bimputh Finance’s experienced, skilled, energetic and committed team is driven by dedication, focused on collaboration in helping customers achieve their goals. The Board of Directors, with wide expertise in the banking, legal, management and financial arenas offer leadership, reasonability and accountability to ensure long-term growth.

Recognised for delivering on promises to our customers and as a trusted brand, Bimputh Finance is the recipient of numerous prestigious awards.  Amongst its recent accolades was the award as ‘Asia’s Most Trusted Financial Services Company 2019 – Sri Lanka region’ presented by International Brand Consulting Corporation USA and the ‘Annual Report Awards 2019 for Finance companies & Leasing companies (Total asset up to LKR 20BN) – Compliance award’ by The Institute of Chartered Accountants of Sri Lanka at its 55th Annual Report Awards Ceremony.

In the aftermath of the Easter tragedy, Bimputh Finance was able to withstand the negative environment as its exposure towards the tourism industry was minimal.

Despite the Covid-19 pandemic having undoubtedly affected the whole nation, Bimputh Finance is thankful to the authorities, for the guidance and the current initiatives undertaken by the Central Bank of Sri Lanka, assistance by our bankers, customers and all other stakeholders during these challenging times.

Though the pandemic has affected Bimputh Finance’s bottom line due to cash inflows and loss of interest income, understanding clients’ predicaments, to-date the company has assisted around 40,000 customers negatively affected by the challenging economic downturn by providing a moratorium on their loans.

“Over the years, having maintained a sustainable and diversified business ready to withstand the headwinds in the sector, backed by ongoing prudent financial management, an agile mindset and the unrelenting drive of our people, we were able to respond quickly to correct our course and mitigate some of the impact of Covid-19 on our performance. It bears testament to the resilience and financial health of our organization,” noted, P. Niranjan, Chief Executive Officer, Bimputh Finance PLC.

In order to main strong business fundamentals, consistent with its mission, Bimputh Finance’s integrated strategy and unique business model has enabled the company to continue serving customers even in these uncertain times. Bimputh Finance’s capital infusion plan to meet the regulatory requirement is currently under consideration by the Central Bank. Ongoing prudent financial management has resulted in a positive June-September quarter and the company looks forward to continued growth in the future.

About the Author