PMF Finance PLC delivered a remarkable performance for the six months ended 30 September 2024, achieving substantial growth and progress through decisive actions that establish a strong foundation.

Key Highlights:

• A 500% increase in profits, underscoring the company’s robust financial health.

• Improved asset quality, with a drastic reduction in non-performing loans.

• Strategic initiatives driving operational efficiency and customer outreach.

Speaking about the company’s performance, the Chairman of PMF Finance PLC Chandula Abewickrama, stated:

“Our impressive results are a testament to the strategic decisions and resilience of our team. In a period marked by economic uncertainty, we remained committed to providing value to our stakeholders—regulators, investors, employees, customers, and society. This growth underscores our determination to navigate challenges and seize opportunities.”

Under the leadership of CEO Professor Ajith Medis, PMF Finance has undertaken a transformative journey. Since his appointment, the company has focused on cost optimization, branch efficiency, a substantial increase in disbursements, and enhanced customer engagement through digital channels and strategic partnerships.

Reflecting on the company’s achievements, Professor Ajith Medis shared: “Our results reflect the effectiveness of our restructuring efforts and our focus on customer-centric solutions. We set a solid foundation to capitalize on the market growth. Moving forward, we aim to expand our footprint and make financial services more accessible and efficient for communities across the country.”

PMF Finance has recently expanded its network with the opening of three more branches in Jaffna, Chillaw, and Galle and plans to launch additional branches in the coming months. The company also emphasizes its commitment to the SME sector, preparing for sustained growth by ensuring the right mix of talent, resources, and technological tools.

The board of directors, comprising seasoned professionals from diverse industries, continues to guide the company toward achieving its ambitious goals while maintaining the highest standards of governance.

With robust support from its Japanese investment arm, PMF Finance is poised for long-term success. The company aims to rekindle its international partnerships to enhance financial capacity and drive innovation.

As PMF Finance embarks on this new phase, it reinforces its position as a resilient and forward-thinking player in the financial services sector, committed to delivering impactful and inclusive growth.

By Steve A. Morrell.

CEO, Infinity Group, Gaurav Batra, was in Sri Lanka recently to facilitate educational facilities for Lankan students who look forward to furthering their education in foreign educational institutions.

Study locations included Australia, UK, Japan, the US and Malaysia. Wide choice of such locations was actively facilitated by the Infinity Group.

Batra when interviewed by the media recently said although student entrants applied for placings in these institutions, successes of entry was somewhat limited. Explaining further he said numerous factors prevented students from studying at institutions of their choice.

Batra said that though in Sri Lanka education in state universities was purported to be free, generally for the average Sri Lankan, education abroad was not generally affordable.

He agreed that the cost factor limited the number of local students enrolling in foreign universities. However, he said the factual position was that the Infinity Group’s track record for facilitating Sri Lankan students’ entry to foreign universities is impressive.

Batra added: ‘Educational disparity in Sri Lanka was evident. Out of over 350,000 students sitting the A/Level examination, reportedly 42,000 secured admission to local universities. Sri Lanka was one of the leading markets for UK universities in 2022.

‘The limited capacity of local universities was evidently a driving factor behind his trend. The UK recorded that Sri Lanka was one of top three fastest growing markets for its education.

‘The Infinity Group’s revenue is an estimated sum of some $14.4 million. The company employs 150 persons committed to re defining excellence in education.

‘Recruitment partners and education providers worldwide include UK, France, Canada, USA, South Africa, UAE, Sri Lanka, New Zealand, Australia, India, the Philippines, Bangladesh, Bhutan, Nepal.’

Ushering in the festive season Union Bank held its annual Christmas Carols at the St Andrew’s Scots Kirk church. The festive evening brought the Union Bank staff and their families together for a joyous occasion of fellowship and a cheerful rendition of carols.