Vallibel Finance net profits grow 11% | Sunday Observer

Vallibel Finance net profits grow 11%

 S. B. Ranagamuwa and Dhammika Perera
S. B. Ranagamuwa and Dhammika Perera

Vallibel Finance PLC delivered a sterling performance in the financial year ending March 2019 with all key indicators posting outstanding impressions.

Net profits scaled the billion rupee summit again. Net profits recorded a growth of 11% over the previous figure while gross profits reached Rs. 2.3 billion, an increase of 21% over the previous financial year.

“Tough times define through character and I’m impressed how Vallibel Finance PLC continues to deliver outstanding results, year after year, befitting a true flag-bearer for the Vallibel Group,” said Dhammika Perera, the leader of the Vallibel conglomerate.

The company posted 24% growth in its asset base which rose to Rs. 47.6 billion from a previous Rs. 38.4 billion.

Deposits, the primary yardstick of public confidence, leapfrogged to Rs. 25.4 billion, weathering onslaughts from a volatile and competitive marketplace. Deposits grew by 15% over the previous year.

“The time for the annual report card is always a defining moment and the company’s ability to deliver consistently is a tribute to the unwavering commitment and tenacity of its team,” said Managing Director of Vallibel Finance, Jayantha Rangamuwa.

Vallibel Finance revenue reached Rs. 8.7 billion, a 26% growth over the previous year’s mark of Rs.6.9 billion. Net interest income clocked a 22% increase to reach Rs. 3.3 billion from the previous year’s Rs. 2.7 billion

Operating profits reached Rs. 2.3 billion, an increase of 21% from the previous year’s Rs. 1.9 Billion. The Non-performing loan ratio recorded as 3.02% at the end of the financial year from the previous year’s 2.27% mutes testimony to the economic upheaval experienced throughout the year with the company being able to mitigate the negative impact as best as possible through its well-administered systems and processes. Return on average equity moved to 25.73% from the previous year’s 34.77%.

“It’s no brainer that times are indeed difficult for the finance industry but Vallibel Finance has handled another year with great astuteness and accountability, striking a responsible balance between taking care of the diverse needs of our customers islandwide and our responsibility as financial stewards,” Rangamuwa said.

“We will take our achievements and insights into the new year as we set our sights on an even better year,” he said.