Vallibel Finance pre-tax profits grow by 38.8% | Page 2 | Sunday Observer

Vallibel Finance pre-tax profits grow by 38.8%

Dhammika Perera and Jayantha Rangamuwa
Dhammika Perera and Jayantha Rangamuwa

Vallibel Finance PLC returned its customary impressive half-year report card with growth in all key indicators, including Interest income exceeding Rs.2.9 billion and assets surpassing Rs. 32.7 billion. Pre-tax profit climbed to Rs. 807 million with a 38.8% growth over Rs.581 million in the corresponding period of the previous financial year.

The name-bearer of the colossus Vallibel Group, the robust finance company continues to prove that it has the ability to sustain its ascendency and grow faster even through challenging times in the market.

Public confidence in the company continued to be in the ascendancy, as well, with deposits reaching Rs.19.7 Billion, a noteworthy growth of 18.5% over the previous figure of Rs. 16.7 Billion. The loan book reflected the deep-rooted commitment of Vallibel Finance to serve as a growth catalyst to Sri Lankans in far corners with total portfolio value reaching Rs. 26.9 Billion. This reflected a growth of 24% from the previous figure of Rs. 21.7 Billion.Interest income was bullish growing at 31.3% against 19.2% recorded the previous year. Interest income climbed to Rs.2.9 Billion, whereas the earlier figure was Rs. 2.04 Million.

Making a firm commitment to creating value through prudent financial stewardship, Vallibel Finance ensured that its total assets augmented its well-established processes governing its expanding product portfolio. Assets grew to Rs. 32.7 Billion, growing by 27.8% over the corresponding period of the previous year, where the figure stood at Rs. 25.6 Billion. Vallibel Finance kept its eye on the Non-performing Loans column keeping it at a gross of 3.22% from a figure of 3.49% of the same corresponding period of previous year, further improving and consolidating the loan book.

“The regular report cards, year on year, speak volumes for the robust and well-rooted brand of financial stewardship we at Vallibel Finance have established. Our successes have been built on public confidence which we continue to garner through one of the most far-sighted and people-friendly financial product portfolios,” said Jayantha Rangamuwa, Managing Director of Vallibel Finance.

Founder Chairman Dhammika Perera said, “We are impressed and delighted that Vallibel Finance has achieved continued success in both financial performance and also brand recognition since its inception and this is a result of level of operational efficiency achieved and strategy adopted by company.”