Asia Asset Finance PLC (AAF) is looking to almost double their profits (PAT) by next financial year.
The company posted Rs. 175 million PAT in and now has set up a Rs. 300 million target for 2017 March 31.
Muthoot Finance Ltd. (MFL) which acquired 51% equity shares of Asia Asset Finance PLC (AAF), and later increased it to 60% is also aggressively pursuing this goal and are jointly looking to introduce more financial tools.
The 128 year old Indian family owned company is India’s largest gold financing company.”We will certainly look at the Gold loan segment more aggressively and also look at more SME and Micro financing,”MFL Chief General Manager K.R. Benjamin told the Daily News Business. “We are also keen to enter the insurance segment in Sri Lanka.”
Asia Asset Finance [formerly known as the Finance and Land Sales Ltd], has been serving the Sri Lankan community since 1970 and with their strong presence we are also looking at introducing some of our other 15 fields to Sri Lanka.”
“The tie up with Muthoot Finance has enabled AAF to secure low cost diversified funding lines on top of the increasing customer deposit portfolio. It has also transferred technology and ‘business know how’ especially in the Gold Loan product which was hitherto not in the product offers of AAF. The strength in the treasury has enabled AAF to be more creative with the products being offered and also make products more flexible to cater to a bigger demographic,” said Chairman Asset Managemnt Manohan Nanayakkara. (SS)
The company posted Rs. 175 million PAT in and now has set up a Rs. 300 million target for 2017 March 31.
Muthoot Finance Ltd. (MFL) which acquired 51% equity shares of Asia Asset Finance PLC (AAF), and later increased it to 60% is also aggressively pursuing this goal and are jointly looking to introduce more financial tools.
The 128 year old Indian family owned company is India’s largest gold financing company.”We will certainly look at the Gold loan segment more aggressively and also look at more SME and Micro financing,”MFL Chief General Manager K.R. Benjamin told the Daily News Business. “We are also keen to enter the insurance segment in Sri Lanka.”
Asia Asset Finance [formerly known as the Finance and Land Sales Ltd], has been serving the Sri Lankan community since 1970 and with their strong presence we are also looking at introducing some of our other 15 fields to Sri Lanka.”
“The tie up with Muthoot Finance has enabled AAF to secure low cost diversified funding lines on top of the increasing customer deposit portfolio. It has also transferred technology and ‘business know how’ especially in the Gold Loan product which was hitherto not in the product offers of AAF. The strength in the treasury has enabled AAF to be more creative with the products being offered and also make products more flexible to cater to a bigger demographic,” said Chairman Asset Managemnt Manohan Nanayakkara. (SS)
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