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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Vallibel Finance profits up 114%

Vallibel Finance profits up 114%

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1Vallibel Finance profits up 114% Empty Vallibel Finance profits up 114% Tue May 22, 2012 12:48 am

CSE.SAS

CSE.SAS
Global Moderator
Vallibel Finance PLC has recorded a 114 percent increase in net profits for the recently concluded Fiscal Year 2011/2012, recording exponential growth in profits, asset base, public deposits and branch expansion.

Total Interest Income of Vallibel Finance grew by 86 percent year-on-year

from the Rs. 595 million recorded as at March 31st 2011, to stand at Rs. 1,105 million as at March 31st 2012. Pre-Tax Profits rose to Rs. 404 million as at the end of the Fiscal Year, ascending 75 percent from the previous year’s figures of Rs. 231 million. Profit After Taxation too doubled, rising by 114 percent over the year to stand at Rs. 230 million at the end of the year, the finance company announced.

"The positive trajectory of the company’s profits is certainly very encouraging for all of us at Vallibel Finance", stated Jayantha Rangamuwa, Managing Director. He opined that the upward trend has been made possible through careful investment in profit-worthy ventures as well as diligent management of overheads by the company. "We have also be able to increase our asset base by a pronounced 72 percent over the year", states Rangamuwa as the company records a total asset base of Rs. 6.6 billion at the end of the current financial year, a steep climb from the previous year’s Rs. 3.8 billion and moreover, well above the industry average.

Fixed Deposits form an important part of the portfolio and with the public’s increasing trust in the financial arm of the powerful Vallibel group, Total Deposits which were Rs. 2.5 billion last year grew significantly by 51 percent to reach Rs. 3.9 billion at end-March 2012. Net Non-Performing Loan Ratio (NPL) stood at an industry-benchmark steady 0.77 percent, evidence of successful due diligence and a prudent credit management policy.

FY 2011/2012 was also a period of considerable geographical expansion for the young company; following a strategy of aggressive expansion, new branches and Service Centres started operations in localities including Matara, Kurunegala, Negombo, Kiribathgoda and most recently, Gampaha, with the aim of improving the access of the public to its unique financial service portfolio. Vallibel Finance deals chiefly in Fixed Deposits, Hire Purchase, Leasing and Microfinance products deployed vis-a-vis a cutting-edge technological framework.

The young company is headed by Dhammika Perera (Chairman-Sampath Bank), Sumith Adhihetty (Managing Director-LB Finance) and Nimal Perera (Chairman-PABC Bank).

The Vallibel Group has interests in PABC Bank, Hayleys PLC, Delmege Fosyth and Company Limited, Amaya Resorts, Royal Ceramics PLC, LB Finance and Fortress Resort.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=52465

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